Which Fixed Rate Cash ISA providers do we work with?
We compare a wide range of Fixed Rate Cash ISA providers in the UK, including:
With a fixed-rate cash ISA, you have peace of mind knowing that your rate remains fixed and will not change during the time you save. Any savings up to £85,000 are protected through the Financial Services Compensation Scheme. If you already have an cash ISA in place, you can transfer to a new one quite easily.
Start investing from as little as £1, but note that with fixed accounts, you money is not easily accessible, unless stated otherwise.
In the majority of cases, fixed-rate cash ISAs can offer better rates in comparison to other kinds of cash ISAs and savings accounts. In addition, you can also benefit from the guarantee of a fixed rate for a specific period of time that suits your needs.
It is possible for you to save part, or all of your ISA allowance in a fixed rate cash ISA each tax year if you so wish, meaning any interest you accumulate within this allowance is completely tax-free. For the 2018/2019 tax year, the allowance is £20,000 in total, which means that you will not pay any tax on any savings you make up to this amount.
It is possible for anyone to get a fixed rate cash ISA, providing that they are over the age of 16 and they are a UK resident. You can only have one cash ISA open at any point (and not having multiple ISAs open), so if you are looking to move from one to another, you can do what is called a transfer.
However, it is important to keep in mind that with some providers, you can only get a fixed rate cash ISA if you are already an existing customer. Usually, you can benefit from higher interest rates than if you were a brand new customer.
When looking for the best fixed-rate cash ISA, we recommend that you consider the following:
We aim to be as approachable as possible for our customers, and will always do our very best to assist you with any and all queries you may have concerning any part of our application process and more.
Our online application only takes minutes to complete, with decisions being made very quickly after this. A member of staff will contact you to help you proceed with the final steps.
Each and every one of the providers we work with are fully checked to ensure their reputability, their trustworthiness, and furthermore their competency in helping to provide you with the financial services you require.
The Proper Finance comparison site is free to use and there are no upfront fees for filling in our online application.
With many fixed rate cash ISAs on the market, it is possible for you to apply online. However, some accounts are only available by visiting a branch.
Yes, if you already have existing ISAs, it is possible. However, if you already have an existing fixed rate cash ISA, you will usually be required to wait until the entire term ends before being able to make a transfer. Or, you may be able to do it early, but will have to pay a penalty.
Yes, the majority of cash ISAs are protected under the Financial Services Compensation Scheme (FSCS).
Yes, the scheme will cover money in a cash ISA for up to £85,000 per provider.
Yes, it is possible to benefit from a foreign compensation scheme, but you need to check with the provider first if this is the case, as it is not always available. Some foreign compensation schemes could provide cover for up to €100,000.
Yes, however providers will only allow you to pay new money into one, single cash ISA per tax year.
No, an ISA bond and a fixed rate cash ISA are the same thing. An ISA bond is a cash ISA that enables you to tie up your savings for a specific amount of time and comes with a fixed interest rate.
No, you cannot do this with a fixed rate cash ISA. The only circumstances in which you can do this is if you decide to close the account, but this will mean you will have to pay an interest penalty. This amount is based on the full fixed rate cash ISA term.
No, this is because when you decide to open a fixed rate cash ISA, you will receive the rate you applied for through the entire term of the account.
Yes, high returns are available through investment ISAs of around 3-4% and peer to peer investments of up to 12%, but these may come with risks and may not be covered by the Financial Services Compensation Scheme.
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