| What is the interest rate? |
| Term |
Interest rate |
| 18 Month |
4.40% Tax Free / 4.50% AER (fixed) |
| 2 Year |
4.05% Tax Free / AER (fixed) |
| 3 Year |
4.00% Tax Free / AER (fixed) |
| Interest is calculated each day. Interest is paid yearly on the anniversary of opening your account and at maturity for terms of whole years (e.g. 2 or 3 years) and paid monthly and at maturity for part year terms (e.g. 18 months). |
| Can TSB change the interest rate? |
No, we can't change the interest rate during the fixed term of your Fixed Rate Cash ISA. |
| What would the estimated balance be after the fixed term based on a £3,000 deposit? |
Based on a £3,000 deposit, with no deposits or withdrawals made from the account, and variable interest rates remaining the same: |
| Initial deposit |
£3,000 |
| Fixed Rate Cash ISA - 18 Months |
Interest earned at 4.40% Tax Free / 4.50% AER (fixed) |
£191.11 |
| Estimated balance after 18 months |
£3,191.11 |
| Fixed Rate Cash ISA - 2 Years |
Interest earned at 4.05% Tax Free / AER (fixed) |
£247.92 |
| Estimated balance after 2 Years |
£3,247.92 |
| Fixed Rate Cash ISA - 3 Years |
Interest earned at 4.00% Tax Free / AER (fixed) |
£374.59 |
| Estimated balance after 3 Years |
£3,374.59 |
| This is an example only and doesn't take into account your individual circumstances. |
| How do I open and manage my account? |
Ways to open |
|
| Who can open |
You must be:
- 16 or over; and
- A UK resident
|
| Open with |
- £1 minimum opening balance
- Maximum subject to the annual ISA allowance (£20,000 for 2023/2024), plus transfers in from other existing ISA's.
- All deposits, including transfers, must be received within 30 days of opening your account.
- If you want to add further deposits, you can open a new Fixed Rate Cash ISA assuming you have not yet used your full yearly ISA allowance.
|
| Manage your account |
- In branch
- Over the phone
- Online
- Mobile app
|
| Can I withdraw money? |
Withdrawals allowed |
Yes |
| Notice period |
None |
| Withdrawal charges |
Yes |
| Term |
Withdrawal charge |
| 18 Months |
Equivalent to 135 days’ interest on the amount taken out or transferred |
| 2 Years |
Equivalent to 180 days’ interest on the amount taken out or transferred |
| 3 Years |
Equivalent to 270 days’ interest on the amount taken out or transferred |
| For example: if you had an account with a 2 year term and took out £2,000, the charge would be the amount of interest you’d earn on the £2,000 for 180 days. |
| How to withdraw |
- Cash
- Bankers draft
- Transfer to TSB current or savings account
(Service charges may apply, see our Banking Charges guide for more information)
|
| You can withdraw and replace money from your Fixed Rate Cash ISA without it counting towards your yearly ISA allowance for that year, as long as the repayment is made in the same tax year as the withdrawal, and paid into a new Fixed Rate Cash ISA or Cash ISA Saver. |
| Additional information |
- Accounts can only be opened in a sole name.
- You can only pay into a cash ISA with one provider in each tax year.
- Opening a Fixed Rate Cash ISA will limit the amount that can be invested in a stocks and shares or innovative finance ISA. To find out more about this, speak to a Partner in your local branch or call us.
- The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.
- Your account will mature into a Cash ISA Saver (off bonus) at the end of the term. We'll contact you before this happens with your options.
- If you aren't happy with your Fixed Rate Cash ISA, you can cancel within 14 days without charge. You'll still be able to open another cash ISA account in the same tax year with us or another provider.
- You can also close your account after 14 days subject to the charge above, but you won't be able to open or subscribe to a cash ISA with a different provider until the next tax year.
Rates and information correct as at 08/02/2024.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Tax free rate is the contractual rate of interest payable where interest is exempt from income tax.
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