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One-year fixed rate ISAs are an excellent way to get a better rate of interest than might be possible with a notice or easy access account. Of course, if you do decide to invest in a one-year fixed rate ISA it’s important to be sure that you won’t need to access those savings for a whole year. While early access might be possible you’ll penalised with a hefty, if not total loss of interest.
In the 2021/2022 tax year (a tax year runs from 6 April to the following 5 April), you can deposit up to £20,000 into a cash ISA. You are only allowed to open one new cash ISA per tax year, so if you opt for a 1-year fixed rate ISA, you will not be able to open another cash ISA until the next tax year. The only exception to this is if a provider allows you to ‘share’ your ISA allowance across their range of cash ISAs.
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 However, as soon as the fixed rate ISA is withdrawn from sale to new customers, you won’t be able to put any further money into it.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.
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This guide outlines the pros and cons of investing in an ISA or pension.
An overview of what ISA season is and how it impacts your savings
ISAs have restrictions on how much you can put in each tax year and when you’re allowed to open a new account versus move your funds. To help, we’ve gathered together information on the 2021/22 tax year’s ISA allowance, as well as many other important taxation considerations.
A short guide detailing the 2021-22 ISA allowances.
Our ISA glossary offers straightforward explanations of a wide variety of ISA terms and types. Understand the different options available to you before applying today.
Our ISA glossary offers straightforward explanations of a wide variety of ISA terms and types.