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.
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.
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
During June inflation rose to 1.9%, an increase of 0.4% from May – the sharpest rise in consumer pri... More
The NISA gets its official launch date today, meaning you can now save up to £15,000 without the tax... More
It’s official – the NISA is with us. This new ISA sees the tax-free limit raised to £15,000 and the ... More
Changes are coming to the ISA market. In less than a week’s time the amount you’ll be allowed to sav... More
It’s official – in less than a week’s time the NISA will be with us, and people everywhere are wonde... 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 2014-15 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
Kent Reliance has reviewed its ISA range and increased rates by up to 0.30%, with two of its product... More
BM Savings has increased the rate on its variable rate ISA by 0.30% and it moves into the Moneyfacts... More
AA have launched a new two year ISA which heads straight into the Moneyfacts best buys.... More
Barclays Bank has introduced a new two-year ISA paying a competitive rate of interest.... More
Halifax has reviewed rates on its range of ISAs with its one-year and variable rate accounts both mo... More
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.