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Fixed Cash ISA
Lock your money away for up to 2 years in this cash ISA. It pays you a fixed rate of tax-free interest. Read the summary box before applying.
Features and benefits
Let's break it down
Summary box for the Fixed Cash ISA
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1-year term
3.40% AER/tax-free fixed interest on balances of £1 or more for 1 year from account opening when interest is paid annually.
3.40% AER/3.35% tax-free fixed interest on balances of £1 or more for 1 year when interest is paid monthly.
2-year term
3.30% AER/tax-free fixed interest on balances of £1 or more for 2 years from account opening when interest is paid annually.
3.30% AER/3.25% tax free fixed interest on balances of £1 or more for 2 years when interest is paid monthly.
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No. This account has a fixed rate of interest so the rate won’t change during the term.
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For example, if you deposit £1,000 when you open a 1-year term account, the balance after 12 months will be £1,034.00.
For example, if you deposit £1,000 when you open the account, the balance after 24 months will be £1,067.08.
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.
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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 30 days as long as you don't go over your ISA allowance. After the first 30 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 2-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 1 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.
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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 1-year term account you’ll be charged the equivalent of 90 days’ tax-free interest. For the 2-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 2-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.
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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
You should read the summary box and the account conditions (PDF, 622KB) before you apply.
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Do you want to apply offline?
If you’d prefer to speak to someone, give us a call or visit your nearest branch.
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