Fixed Rate ISA

Tuck your savings
away with a
Fixed Rate ISA

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

Summary Box

Account name: Fixed Rate ISA

What is the interest rate?

Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.

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?

These are only examples and do not take into account your individual circumstances, or any interest earned prior to the Start Date.

How do I open and manage my account?

 

Your eligibility

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, in branch or by telephone.
  • 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 5 July 2019. 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

You can make payments in branch and by telephone.

We will send you a certificate of deposit within 14 days of the Start Date.

You can transfer all or part of any ISA held with another provider to us. Click here to find out more.

Key Dates

Can I withdraw money?

You can withdraw money from your account (in branch or by telephone) until 5 July 2019 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.

Additional information

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.

Definitions

AER: This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

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.

Ready to apply?

Before you start your application, we need to check a few things.

 

Are you...

Please make sure...

  • You have a National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
  • You’re at least 16 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
  • You have a mobile phone number and email address we can contact you on.

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

It’s important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

Are you ready to continue?

Great. Let's get your application started.

Do you use Digital Banking?

Please make sure...

  • You have a National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
  • You’re at least 16 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
  • You have a mobile phone number and email address we can contact you on.

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

It’s important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

Please make sure...

You have a National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.

You’re at least 16 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.

You have a mobile phone number and email address we can contact you on.

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

It’s important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

Are you ready to continue?

Great. Let's get your application started.

Transferring your ISA

You can transfer all or part of any ISA by completing an ISA Transfer form.

Financial Services Compensation Scheme

Your eligible deposits with Royal Bank of Scotland are protected up to a total of £85,000, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.

Find out more about the scheme and how it protects your money.

Tips to help you start saving

If you're not sure where to start, our guide to managing your money can help you get on the right track.

Something else we can help you with?