Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to open an account today. Products shown with a yellow background are sponsored products.
Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme up to a maximum level of protection of £85,000 per person per institution.
If you normally deposit your whole cash ISA allowance in one go, and don’t make any withdrawals during the tax year, a 1 year fixed rate ISA could be for you.
Paying a guaranteed rate of interest, a fixed ISA can help you maximise your returns as it can pay more than a variable rate notice or easy access cash ISA, as well as more than an equivalent fixed rate bond after tax has been taken into consideration.
For example, a 2.00% 1 year fixed rate ISA is equivalent to a 2.75% 1 year fixed rate bond if you are a basic rate taxpayer (5.00% if you pay higher rate tax).
You may only be able to make a single deposit and/or transfer in to your 1 year ISA when you open the account. You might be permitted to make further deposits into the ISA, but this is only while the product remains on general sale. However, as soon as the fixed rate ISA is withdrawn from sale to new customers, you won’t be able to put any further money into it.
Although you will be able to transfer money out of your ISA, there will usually be a hefty interest penalty to pay. If you think you’ll need access to your money within the 1 year term, look instead at an ISA that will allow easy access, or penalty-free access after a notice period has been served.
Don’t open a 1 year fixed rate ISA if you think you’ll need access to your money during the term. If you make a withdrawal the interest penalty charged could mean that you’ll earn less interest on your ISA savings than if you had opted for the top paying easy access cash ISA instead.
Best cash ISA rates
Use our whole of market savings search to find your ideal cash ISA
Download your free moneyfacts.co.uk guide to ISAs
Please send me emails with the latest Moneyfacts news, best buy products and specially selected third party offers
It's been a pretty good week for savings rates, what with the long-term fixed rate seeing the larges... More
ISA season is nearly upon us. While we’re not expecting much this year, with rates still largely at ... More
Are you familiar with the range of ISAs available? Do you wish the system was simpler? If so, you’re... More
The current tax year is rapidly drawing to a close, which means if you haven’t yet utilised your ISA... More
Approaching retirement means more thought needs to be put towards funding your golden years, and for... More
Cash ISAs are a special type of savings account that pay interest tax-free. Each tax year you get an... More
Download your FREE Guide to ISA allowances for the 2015-16 tax year. Find out everything you need t... More
Cash ISA transfers can allow you to get a better interest rate and bring your ISAs together in one p... More
Nationwide BS has launched a number of new fixed rate products, including a five-year ISA which has ... More
Principality BS has amended a number of its fixed rate products, increasing rates by as much as 0.20... More
Virgin Money has amended selected ISAs, which has seen its one-year deal take the number two spot in... More
Newcastle BS has launched a new one-year ISA, which thanks to its competitive rate has earned a high... More
Virgin Money has launched new two-year fixed bonds and ISAs, which sees its online-only ISA take ove... More
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.