Fixed Cash ISA – 2 Years

A cash Individual Savings Account (ISA) that pays you tax free interest at a fixed rate if you put away your money for the two year term.

Deposit a lump sum and watch your savings grow tax free.

At a glance

Interest rates

Features and benefits

Keep in mind

Withdrawals

Access

0.50% tax free/AER fixed for 2 years from account opening

  • Minimum opening deposit of £500 and up to £20,000, less any amount invested in a stocks & shares ISA and/or a lifetime ISA and/or an innovative finance ISA in the same tax year.
  • Transfers into our cash ISAs take advantage of our ISA promise.
  • Choose for your interest to be paid monthly (may be at a different rate) or annually on anniversary of account opening.

All deposits and transfers must be completed within 60 days of account opening.

  • You can only save into one cash ISA in a tax year. Read our guide to ISAs for more information.
  • After 2 years the account will automatically change to an ISA Saver (PDF). Before this happens, we'll contact you to explain your options and the next steps.
  • You have to make your initial deposit within 60 days of opening the account.
  • The minimum opening deposit is £500.
  • You can also transfer an existing ISA to us.
  • You need your National Insurance number to apply.
  • You can’t withdraw money from this account, but you can close the account early. It’s important to note that if you do close the account early or transfer money to another ISA, you’ll be charged the equivalent of 180 days’ tax-free interest. This means you may get back less than you put in.
  • Online
  • Branch
  • Phone

0.50% tax free/AER fixed for 2 years from account opening

Features and benefits

  • Minimum opening deposit of £500 and up to £20,000, less any amount invested in a stocks & shares ISA and/or a lifetime ISA and/or an innovative finance ISA in the same tax year.
  • Transfers into our cash ISAs take advantage of our ISA promise.
  • Choose for your interest to be paid monthly (may be at a different rate) or annually on anniversary of account opening.

All deposits and transfers must be completed within 60 days of account opening.

Keep in mind

  • You can only save into one cash ISA in a tax year. Read our guide to ISAs for more information.
  • After 2 years the account will automatically change to an ISA Saver (PDF). Before this happens, we'll contact you to explain your options and the next steps.
  • You have to make your initial deposit within 60 days of opening the account.
  • The minimum opening deposit is £500.
  • You can also transfer an existing ISA to us.
  • You need your National Insurance number to apply.

Withdrawals

  • You can’t withdraw money from this account, but you can close the account early. It’s important to note that if you do close the account early or transfer money to another ISA, you’ll be charged the equivalent of 180 days’ tax-free interest. This means you may get back less than you put in.

Access

  • Online
  • Branch
  • Phone

Summary Box - Fixed Cash ISA

1. What is the interest rate?

It’s a fixed rate as shown in the table below

Your balanceAnnual interest
Tax freeAER
£1+ 0.50% 0.50%
  • You can choose to have your interest paid monthly or annually on the anniversary of the account opening.

2. Can Bank of Scotland change the interest rate?

No.

This account has a fixed rate of interest so the rate won’t change during the term.

3. What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

Initial depositTax free rateBalance after 24 months
£1000.00 0.50% £1010.02

This example assumes that:

  • You don’t withdraw any money and interest isn’t paid out of the account.
  • You make your initial deposit payment on the day you open the account.
  • You don’t make any further deposits.
  • Interest is paid annually.

4. How do I open and manage my account?

This account can be opened and managed in branch, by phone or online.

Opening this account

  • You must be 16 or over and resident in the UK for tax purposes.
  • You can only open this account in your sole name.
  • The minimum opening deposit is £500. You can also transfer an existing ISA to us.
  • The term starts on the day you open the account.
  • You have to make your initial deposit within 60 days of opening the account.
  • You can make as many deposits as you like within these 60 days.
  • After the 60 days are up, you won’t be able to make any more deposits.

Managing the account

  • ISAs have an annual limit of £20,000 per tax year. This means that you can't pay more than this into any combination of ISAs within the same tax year.
  • You can choose to use your ISA allowance across a range of ISAs but keep in mind that you can only save into one cash ISA in a tax year. This includes the Help to Buy: ISA and any cash ISAs held outside Bank of Scotland.

5. Can I withdraw money?

You can’t withdraw money from this account, but you can close the account early. It’s important to note that if you do close the account early or transfer money to another ISA, 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 transferred out of your ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in future.

After the 2 year term ends, the account will automatically change to a variable rate ISA Saver.

Before this happens, we'll contact you to explain your options and next steps.

6. Additional information

Tax free is the rate of interest payable to you where your interest is exempt from income tax.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.

Open a two year Fixed Cash ISA today.


FSCS


Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk/. You can also visit our Financial Services Compensation Scheme page for more details.

FSCS logo

Open a two year Fixed Cash ISA today.

Apply for a Fixed Cash ISA

If you are looking to invest for more than 5 years why not consider investing in our managed funds.

We recommend that you download and read the account conditions (PDF) carefully as they form a legal contract with us. If there is anything you do not understand, please contact us before you agree to them (as part of the application).

Tax treatment depends on your individual circumstances and may change.

Please note: Rates of interest are subject to change, please check before opening. Rates are fixed on account opening. Rates effective from 0.00am on 01/12/2017

For a definition of AER, tax free and other terms please view our savings glossary.