Fixed Cash ISA

Lock your money away for up to two years in this cash ISA. It pays you a fixed rate of tax-free interest.

Who this account is for

  • Ideal for savers who are happy to not access their savings for two years and are ready to save at least £500.
  • You can only open this account if you’re 18 or over and a UK resident for tax purposes. You need a national insurance number.
  • You must not have already saved in a cash ISA this tax year with Bank of Scotland, unless you're going to complete an ISA transfer. ISA regulations allow multiple cash ISAs to be funded in a tax year. However, the Bank of Scotland conditions only allow you to fund one cash ISA with us in a tax year.

The benefits

  • Earn 4.15% AER/tax free interest for one year on balances of £1 or more.
    Earn 4.00% AER/tax free interest for two years on balances of £1 or more.
  • An extra 0.20% AER/tax free for the one year term or 0.05% AER/tax free for the two year term will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
  • It's a fixed interest rate so it won't change. 
  • Choose whether you'd like your interest paid each year or each month.

How it works

  • Open with £500 or more. Then save what you like within the first 60 days as long as it's within the ISA allowance. This is £20,000 this tax year across all your ISAs. Learn more about ISAs.
  • You can't withdraw money. You can close the account early or transfer your money to another ISA but you would be charged. The charge will be the same as 90 days’ worth of tax free interest on a one year term account or 180 days' worth of tax-free interest on a two year term account.
  • After the fixed term ends, the account will change to an ISA Saver.

Summary box for the Fixed Cash ISA

  • 1 year term

    4.15% AER/tax free fixed interest on balances of £1 or more for one year from account opening when interest is paid annually. An extra 0.20% AER/tax free will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.

    4.15% AER/4.07% tax free fixed interest on balances of £1 or more for one year when interest is paid monthly. An extra 0.20% AER/tax free will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.

    2 year term

    4.00% AER/tax free fixed interest on balances of £1 or more for two years from account opening when interest is paid annually. An extra 0.05% AER/tax free will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.

    4.00% AER/3.93% tax free fixed interest on balances of £1 or more for two years when interest is paid monthly. An extra 0.05% AER/tax free will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.

     

  • No. This account has a fixed rate of interest so the rate won’t change during the term.

  • For example, if you deposit £1000.00 when you open a one year term account, the balance after 12 months will be £1041.50.

    For example, if you deposit £1000.00 when you open the account, the balance after 24 months will be £1081.60.

    This assumes:

    • You make the deposit on the day you open the account.
    • You don’t add any more money.
    • You don’t withdraw any money.
    • Interest is paid each year.
    • You keep your interest in this account.
  • This account can be opened and managed:

    • online
    • on our app
    • in branch
    • by phone.

    You can open this account if:

    • You’re 18 or over and resident in the UK for tax purposes.
    • You have a national insurance number.
    • You haven’t paid into a cash ISA this tax year with Bank of Scotland, unless you plan to transfer the money into this account.

    Bear in mind:

    • You need to open the account with at least £500. Then save what you like within the first 60 days as long as you don't go over your ISA allowance. After the first 60 days you can't add more money.
    • You can transfer an ISA you have with us or another bank. Find out how to transfer an ISA.
    • The account has a two year term which starts on the day you open it.

    Things to know about ISAs

    As with all ISAs, there are some rules:

    • ISA regulations allow multiple cash ISAs to be funded in a tax year. However, the Bank of Scotland conditions only allow you to fund one cash ISA with us in a tax year.
    • The ISA allowance is £20,000 this tax year. This means you can save up to £20,000 in total across your ISAs this tax year. Learn more about ISAs.
    • ISAs cannot be made joint.
  • You can’t withdraw money. You can close the account early or transfer money to another ISA but you would be charged. The charge for the one year term account you’ll be charged the equivalent of 90 days’ tax free interest. For the two year term account you’ll be charged the equivalent of 180 days’ tax free interest. This means you may get back less than you put in.

    Any money you move to an account that isn't an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

    If you change your mind, you have 14 days from opening the account to cancel it. You will get your money back without being charged.

    After the two year term ends, the account will change to an ISA Saver. Before this happens, we'll contact you to explain your options and next steps.

  • Tax free means you will not pay income tax on your interest.

    AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

    For more definitions, view our savings glossary.

Open a Fixed Cash ISA today

You should read the summary box and the terms and conditions (PDF, 182KB) before you apply. 
 

Open a 1 Year Fixed Cash ISA

Open a 2 Year Fixed Cash ISA

Other ways to apply:

Call us on 0345 602 0304. Lines are open  9am – 6pm Monday – Saturday.

Or, book an appointment at your local branch at a time to suit you.

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The Financial Services Compensation Scheme (FSCS) protects your money.

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