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The Best Fixed Rate Cash ISAs

Updated: 21st May 2020

Cash ISAs provide the advantage of tax free savings. If you’re willing to sacrifice some flexibility with your money, fixed rate cash ISAs offer better rates 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 best fixed rate Cash ISAs:

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

Post Office Money offers 1.10% interest on it’s 1 year fixed rate cash ISA, which pays interest annually. If you are looking to transfer money in from an existing ISA, this account could be a good option as it has no upper limit to the amount of money you can transfer across. As with all ISAs however, you can only pay in up to the statutory limit of £20,000 each tax year.

HIGHLIGHTS

  • Minimum deposit £500
  • Maximum account balance - no upper limit for ISA transfers
  • 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
  • Interest paid annually in March
  • 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):

    1.10%
  • Account Type:

    1 Year Fixed Rate ISA
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £500

what we like

  • Competitive fixed interest rate
  • No upper limit for ISA transfers
  • Tax-free savings up to the current limit of £20,000 each tax year

HIGHLIGHTS

  • Minimum deposit £500
  • Maximum account balance - no upper limit for ISA transfers
  • 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
  • Interest paid annually in March
  • 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
5 stars question mark

Paragon offers 1.20% interest on it’s 3 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):

    1.20%
  • Account Type:

    3 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

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

You’ll get a steady 1.15% interest (paid monthly or annually) on your money over 2 years with this cash ISA from Paragon Bank. From the date of application you have 28 days to pay in your cash, which should be done in one deposit. As with all fixed rate accounts, after this time your money will be fixed for the term and you won’t be able to make any further deposits or withdrawals. If you do need to access your money early, it will be subject to a loss of interest.

HIGHLIGHTS

  • Minimum deposit £500
  • Maximum account balance £500,000
  • Fixed interest rate
  • You have 28 days from the date of application to make your initial deposit - by one payment
  • Quickly transfer your existing ISA from other providers
  • Choice of monthly or annual interest payments
  • Save up to the annual statutory limit of £20,000 each tax year
  • Early withdrawals are subject to a penalty
  • Interest Rate (AER):

    1.15%
  • Account Type:

    2 Year Fixed Rate ISA
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £500

what we like

  • Competitive fixed interest rate
  • Quickly transfer your existing ISA from other providers
  • Choice of monthly or annual interest payments

HIGHLIGHTS

  • Minimum deposit £500
  • Maximum account balance £500,000
  • Fixed interest rate
  • You have 28 days from the date of application to make your initial deposit - by one payment
  • Quickly transfer your existing ISA from other providers
  • Choice of monthly or annual interest payments
  • Save up to the annual statutory limit of £20,000 each tax year
  • Early withdrawals are subject to a penalty

DISCLAIMER

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