Tuck your savings away with a Fixed Rate ISA
Available until 20 January 2020
Please note that these issues may be withdrawn early due to limited availability.
Our Fixed Rate ISA
Choose a term that suits you – either one or two years
When you choose a longer term you will benefit from a higher rate of interest
Interest is paid directly into your account and is tax-free, helping your savings grow faster
Have complete certainty over what your savings will earn with a fixed rate of interest
Account name: Fixed Rate ISA
What is the interest rate?
AER/Tax-free p.a. (fixed)
Can Royal Bank of Scotland change the interest rate?
No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.
What would the estimated balance be at maturity based on a range of deposits?
Deposit at start date
Balance at maturity date
How do I open and manage my account?
To apply for this Fixed Rate ISA you must:
- Be at least 16 years old and a UK resident for tax purposes.
- Hold the account in your name only.
- Not have subscribed to another cash ISA (including a Help to Buy: ISA with another provider)
- Have not invested the maximum amount in any combination of permitted ISAs in the same tax year.
- If you already have a current account with us you can open your account on our mobile app, online or in branch.
- If you don’t have a current account with us you can open your account online or on our mobile app (you need to register for online banking before you can get our mobile app).
- We will need your email address and mobile number to open your account.
Balance and ISA allowance
You can make deposits into your account until 7 February 2020. You must deposit at least £1,000 (the “Minimum deposit”) by this date. There is no Maximum deposit and no maximum balance; however, there is a limit on the amount you can pay into your account each tax year (“ISA allowance”). This limit is set by the Government and may change from time to time. The ISA allowance is £20,000 for the 2019/2020 tax year.
If you pay in more than the limit any excess money will be returned to you.
If you make a payment into your Fixed Rate ISA you will not be able to make any further payments for that tax year into any other cash ISA.
Opening and managing your account
To make your initial payment into your Fixed Rate ISA, you will need to set the account up as a new payee, using the account number and sort code via your online banking. Following payments can be made through onling banking, in branch and by telephone.
We will send you a certificate of deposit within 14 days of the Start Date.
Can I withdraw money?
You can withdraw money from your account (in branch or by telephone) until 7 February 2020 at 3.30pm. Partial withdrawals are not permitted after this time.
If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving written notice to your branch. An Early Closure Charge will apply, except in the event of your death.
The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.
The Early Closure Charge will be deducted from the balance of your Fixed Rate ISA.
The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Start Date. For example, if you have earned 50 days’ interest you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest you will only be charged an Early Closure Charge equivalent to 90 days’ interest.
For more information on closing, please see the Fixed Rate ISA Terms (Term 8).
On the Maturity Date (or if the Maturity Date is not a business day the next business day), we’ll convert your account to an Instant Access ISA. You’ll be able to access your money on the Maturity Payment Date. Please see Term 5 of the Fixed Rate ISA Terms for more information.
You can transfer your ISA to another ISA manager. If the transfer is before the Maturity Date, we’ll convert your ISA to an Instant Access ISA and an Early Closure Charge will apply. If you want to transfer your ISA without incurring an Early Closure Charge the transfer must be dated at least the day after the Maturity Date, when your money is accessible.
The interest payable on the money held in your account is tax-free.The tax treatment may be subject to change in the future and depends on your individual circumstances.
AER: stands for Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year.
Tax-free: This means interest payable is exempt from UK income tax.
p.a.: per annum (per year)
Statements at your fingertips
We'll send you an email when your statements are ready to view in Online Banking. You can check it whenever you want.
Get ready to apply
Before you apply, we need to check you're happy with a few things. And ask you a few questions up front. Then we can make your application as quick and simple as it can be.
First things first. Please take a look at the important legal info:
If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet. Please take some time to review, print and/or save the important information.