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Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme. The maximum level of protection will be reducing from £85,000 to £75,000 from 1 January 2016.
If you don’t want to commit your money for too long, but are looking to earn a better rate of interest than is available on short term ISAs, a 2 year fixed rate ISA could be for you.
All cash ISAs have to allow you to transfer your money to another provider, at any point during the term. However, a sizeable interest penalty will be charged if you do – typically anything up to 180 days’ loss of interest.
As with all fixed rate ISAs, it’s important that you’re certain you can commit your money for the full term.
In the 2014-15 tax year (6 April 2014 – 5 April 2015), you can deposit up to £5,940 into a cash ISA. You are only allowed to open one new cash ISA per tax year so if you opt for a 2 year fixed rate ISA, you would not be able to open another cash ISA until April 2015.
When opening a fixed rate ISA, you’ll normally only be allowed to make a single deposit. So if you don’t deposit your full cash ISA allowance, and wished to make a further deposit later, you may only be able to contribute to a pre-existing easy access cash ISA as you’ll likely be unable to make further contributions to your fixed rate ISA pot.
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