Summary Box - Fixed Cash ISA
1. What is the interest rate?
It’s a fixed rate as shown in the table below
- 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?
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:
||Tax free rate
||Balance after 24 months
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.
- To transfer an existing ISA into your new account from either Bank of Scotland or another Bank, you must complete the ISA Transfer Request.
- 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.