Fixed Rate ISAs

A Fixed Rate Cash ISA is a savings account that allows you to save up to your annual ISA allowance without paying tax on the interest you earn, and the interest rate will be fixed over the term of the account. Partial withdrawals are not allowed, but you can withdraw the full balance and close your account early, this will mean you will incur an interest penalty and you may get back less than you paid in.

A Fixed Rate Cash ISA offers several benefits that can help you with your savings:

• Tax-free savings: A main advantage of a Fixed Rate ISA is that by using your annual ISA allowance you won’t pay any tax on the interest you earn.
• Guaranteed interest rate: With a Fixed Rate Cash ISA, you lock in a guaranteed interest rate for the full term of your account. This stability can be valuable if you’re saving for a specific goal, as you can be confident in the amount of money you’ll end up with at the end of the fixed term.

You can have more than one Fixed Rate Cash ISA from previous tax years and, as of 6 April 2024, you can now also open multiple Fixed Rate Cash ISAs each tax year.

Yes, you have the flexibility to transfer existing ISAs from previous tax years and other providers into a Skipton Fixed Rate cash ISA through an ISA transfer. Visit our ISA transfer page for more information on how to do this.

You can deposit up to your annual ISA allowance, for this tax year the allowance is £20,000. For more information visit our ISA allowance page.

When choosing an ISA, the key things to consider are the interest rate, the length of the term, and the access you’ll need to your money. The right fixed rate ISA for you depends on your needs and goals. Consider these factors:

• How long can you commit your money? Different fixed rate cash ISAs have different terms (1 year, 2 years, etc.). Choose a term that aligns with your savings goals and when you’ll need access to the money.
• Do you need occasional access to your savings? Some ISAs allow limited withdrawals during the term, while others may not. Choose an option that offers the access you need without incurring penalties.

We understand choosing an ISA can be confusing. Get support from one of our experienced colleagues. To find out how and what else you can talk to us about, visit our My Money Review page.

Yes, you can withdraw the full balance of your Fixed Rate Cash ISA and close your account at any point during the term. However, it's important to note that if you close your account after 14 days from opening, you'll have to pay an interest penalty, which may mean you get back less than you paid in.