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Fixed rate ISAs are a great way to grow your savings. While simply having money in a cash ISA means that you can earn tax-free interest, having your money in a 3, 4 or even 5 year fixed rate ISA means that you can benefit from some of the highest savings rates available.
A 4.00% fixed rate ISA is equivalent to a 5.00% fixed rate bond if you pay basic rate tax, or 6.67% if you’re a higher rate taxpayer.
You may only be able to make a single deposit and/or transfer to your fixed rate ISA when you open it. Some ISAs let you make deposits after the initial account opening, but as soon as the ISA is withdrawn for sale to new investors you won’t be able to make any further additions.
You are allowed to hold more than one cash ISA at once, although you can only open one every tax year (6 April to the following 5 April). So you wouldn’t be able to open a 5 year fixed rate ISA, then an easy access ISA in the same tax year.
If you want to transfer your ISA or withdraw your money during the term of your fixed rate, you’ll have to forfeit a fair amount of interest or pay a penalty fee.
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