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5 Year Fixed Rate Cash ISAs

Updated: 21st May 2020

Cash ISAs provide the advantage of tax free savings. If you’re able to put your money away for 5 years, these fixed rate cash ISAs could offer you better interest rate than their easy access relatives. Note that while you can withdraw from a fixed rate cash ISA, the heavy penalties make it a good idea to avoid that unless absolutely necessary.


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Here are MyWalletHero’s picks for the fixed rate bonds:

Great for: Competitive fixed rate ISA interest
4.5 stars question mark

Shawbrook Bank offers 1.37% interest on it’s 5 year fixed rate cash ISA. You can also choose between annual or monthly interest payments with this account. One thing to note: if you want to transfer money in from an existing ISA, make sure to request this during application, as later requests may be denied.

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum account balance £250,000
  • Competitive fixed interest rate
  • If you want to transfer money from an existing ISA into this account, make sure to request this during application, as later requests may be denied
  • Choice of monthly or annual interest payments
  • Save up to the annual statutory limit of £20,000 each tax year
  • Withdrawals ahead of term will be subject to a loss of interest penalty
  • Interest Rate (AER):

    1.37%
  • Account Type:

    5 Year Fixed Rate ISA
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1,000

what we like

  • Competitive fixed interest rate
  • Choice of monthly or annual interest payments
  • Tax-free savings up to the current limit of £20,000 each tax year

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum account balance £250,000
  • Competitive fixed interest rate
  • If you want to transfer money from an existing ISA into this account, make sure to request this during application, as later requests may be denied
  • Choice of monthly or annual interest payments
  • Save up to the annual statutory limit of £20,000 each tax year
  • Withdrawals ahead of term will be subject to a loss of interest penalty

DISCLAIMER

Great for: Competitive fixed rate ISA interest
4 stars question mark

Hodge Bank offers 1.20% interest on it’s 5 year fixed rate cash ISA. You can also choose between annual or monthly interest payments with this account. One important thing to note: if you’re looking to transfer money in from an existing ISA, this will need to be done via a postal application, not online. Otherwise, the account can be opened and managed online.

HIGHLIGHTS

  • Minimum deposit £1,000
  • Competitive fixed interest rate
  • If you want to transfer money from an existing ISA into this account, you need to submit an application via post. Otherwise you can apply and manage the account online.
  • Choice of monthly or annual interest payments
  • Save up to the annual statutory limit of £20,000 each tax year
  • Withdrawals ahead of term will be subject to a loss of interest penalty
  • Interest Rate (AER):

    1.20%
  • Account Type:

    5 Year Fixed Rate ISA
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1,000

what we like

  • Competitive fixed interest rate
  • Choice of monthly or annual interest payments
  • Tax-free savings up to the current limit of £20,000 each tax year

HIGHLIGHTS

  • Minimum deposit £1,000
  • Competitive fixed interest rate
  • If you want to transfer money from an existing ISA into this account, you need to submit an application via post. Otherwise you can apply and manage the account online.
  • Choice of monthly or annual interest payments
  • Save up to the annual statutory limit of £20,000 each tax year
  • Withdrawals ahead of term will be subject to a loss of interest penalty

DISCLAIMER

Great for: Competitive fixed rate ISA interest
4 stars question mark

Paragon offers 1.30% interest on it’s 5 year fixed rate cash ISA. You can start saving from £500 and choose between monthly or annual interest payments. Set up and manage your account online and transfer any existing ISAs from other providers easily.

HIGHLIGHTS

  • Minimum deposit £500
  • Maximum account balance £50,000
  • Competitive fixed interest rate
  • Choice of annual or monthly interest payments
  • Save up to the annual statutory limit of £20,000 each tax year
  • Withdrawals ahead of term will be subject to a loss of interest penalty
  • Interest Rate (AER):

    1.30%
  • Account Type:

    5 Year Fixed Rate ISA
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £500

what we like

  • Competitive fixed interest rate
  • Set up and manage your account easily online
  • Tax-free savings up to the current limit of £20,000 each tax year

HIGHLIGHTS

  • Minimum deposit £500
  • Maximum account balance £50,000
  • Competitive fixed interest rate
  • Choice of annual or monthly interest payments
  • Save up to the annual statutory limit of £20,000 each tax year
  • Withdrawals ahead of term will be subject to a loss of interest penalty

DISCLAIMER