Co-operative Bank Fixed Rate Cash ISAs
With a Fixed Rate Cash ISA from The Co-operative Bank, you can save tax-free, and earn a fixed rate of interest for 1 or 2 years.
Features
With a Co-operative Bank Fixed Rate Cash ISA, you can:
- Lock in your tax-free interest rate for 1 year, at a rate of 4.75% tax-free / AER fixed
- Or, lock in your tax-free interest rate for 2 years, at a rate of 4.40% tax-free / AER fixed
- Deposit a minimum of £5,000 and up to a maximum £20,000 if using your 2023/2024 tax year ISA allowance
- Deposit as little as £1 and up to £1,000,000 when transferring previous tax years’ ISA allowances from an existing cash ISA. Your existing ISA could either be with us, or another provider
- Reinvest all or part of your money at the end of your chosen term
- Manage your account online, by mobile, over the phone, in branch, or by post.
Please note:
- To apply, you must be a UK resident aged 16 or over
- It’s only available as a sole account, not a joint account
- This product can be withdrawn at any time
- You’ve got 30 days from when we open your account to pay in the minimum deposit. You can do this in one lump sum or through multiple payments
- After your account’s been open for 30 days, no further deposits are allowed. So if you’re using any of your £20,000 tax-free ISA allowance for 2023/2024 and you deposit less than £20,000 within the first 30 days, that’ll be the maximum amount you can put into any cash ISA this tax year. This is because you can only put money into one cash ISA, per tax year
- Withdrawals during the fixed term are subject to 180 days’ loss of interest on the amount of money withdrawn
- At the end of your term, your money will be transferred to a variable rate Co-operative Bank Cash ISA, or another account of your choice.
Not the right account for you? Take a look at our other savings accounts.
The account summary information is displayed in the summary box below — you must read it before applying. You can also download this information in a PDF format.
Fixed Rate Cash ISA terms, conditions and summary box (PDF)
Summary Box for Co-operative Bank Fixed Rate Cash ISA
Account name
The Co-operative Bank Fixed Rate Cash ISA
What is the interest rate?
Interest paid annually
4.75% tax-free / AER for a 1 year Fixed Rate Cash ISA
4.40% tax-free / AER for a 2 year Fixed Rate Cash ISA
Interest is calculated daily and is paid annually on the anniversary of the start of the fixed term. If this date doesn’t fall on a Business Day, it will be paid on the next available Business Day.
Your fixed term will start from the date we receive and accept your initial deposit, or the date we receive the transfer value for your existing cash ISA — whichever is earlier.
Interest can either be paid into this account or another account of your choice, with us or another provider.
The fixed rate you receive will be the rate on offer for the term you select on the date your application is received.
Can The Co-operative Bank change the interest rate?
No, the interest rate is fixed. It won’t change until the account matures at the end of your term.
What would the estimated balance be after 12 months based on a £5,000 deposit?
Balance at end of fixed term
£5,237.50 would be the balance after a 1 year fixed term
£5,449.68 would be the balance after a 2 year fixed term
This calculation is for illustrative purposes and assumes:
- You haven’t made any additional deposits or withdrawals
- You’ve chosen to add your interest to the account.
How do I open and manage my account?
Open an account
To open an account you must be a UK resident aged 16 or over. Please note: this account can only be opened as a sole account.
You can open an account:
- Online
- In branch
- By post.
How much can I deposit?
If you are using your 2023/2024 tax year ISA allowance, the minimum deposit is £5,000. But if you’re transferring in previous tax years’ ISA allowances only, then the minimum deposit is just £1. This is to be paid within 30 days from account opening — you can do this in one lump sum, or through multiple payments.
The maximum deposit is £20,000 if you are using your 2023/2024 tax year ISA allowance. But if you’re transferring in ISAs from previous tax years’ ISA allowances, the maximum balance is £1,000,000.
There is a maximum balance of £1,000,000.
How do I pay into this account?
If you’re using your 2023/2024 ISA allowance
You can pay your initial deposit(s) into this account by cash, cheque or transfer from another account held with us or another provider. You can also pay cheques in at the Post Office®.
If you’re transferring an existing cash ISA you have (with us or elsewhere) to this account
You can do this by providing us with a completed Cash ISA Transfer Authority Form. You’ll receive the form with your welcome letter so just complete it, return it to us and we’ll arrange the transfer on your behalf.
You must not withdraw the funds yourself to transfer to this account as they will lose their tax-free status.
You’ve got 30 days from when we open your account to pay in the minimum deposit. You can do this in one lump sum, or through multiple payments up to the maximum amounts above. If after 30 days you haven’t met the minimum deposit, we’ll close the account and return any funds to you.
No further deposits are allowed after 30 days from account opening. So if you’re using any of your 2023/2024 ISA allowance, but you deposit less than your annual ISA limit within the 30 days, this will restrict the amount you can hold in a cash ISA in this tax year. This is because you can only pay into one cash ISA in each tax year, and you won’t be able to pay any more into this Fixed Rate Cash ISA.
However, you will still be able to invest in another type of ISA (e.g. a stocks and shares ISA) with another provider, up to the annual ISA limit, if you wish.
How do I manage this account and get in contact?
You can contact us, and manage this account:
- Online
- Over the phone
- In branch
- By post.
Can I withdraw money?
Yes — however, if you withdraw before your maturity date, you’ll be charged the value of 180 days’ interest on the amount you withdraw (using the account’s interest rate). This charge will be taken from interest you’ve earned, but hasn’t been paid. But if you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).
Any withdrawn money that you want to replace (whilst within the 30 days from account opening) will count towards your ISA subscriptions for the current tax year, and you are only allowed to deposit up to the maximum ISA limit in a tax year.
So, for example, if you have deposited £10,000 and then withdraw £1,000, you will only be able to deposit a further £10,000 in that tax year.
You can withdraw money:
- In branch
- By telephone
- By requesting a bankers cheque — there is a charge for this.
At the end of the fixed term, your account matures and your money will be put into a variable rate instant access cash ISA — unless you provide us with other maturity instructions.
We’ll send you a letter before your maturity, to remind you of your maturity date and to let you know what options are available to you (such as re-investing or withdrawing).
On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app, if registered.
Additional information
This is a limited issue product and may be withdrawn without notice at any time.
If you are or have previously been made bankrupt, you are eligible to apply.
Interest earned from this account will not count towards any of your available Personal Savings Allowance.
All interest earned from your ISA will be tax-free.
You cannot subscribe to a cash ISA with us if you have already contributed to another cash ISA using this tax year’s ISA allowance, or if you have already invested the full ISA allowance in another type of ISA this tax year.
For more information about ISAs in general, please read our ISA Allowances and information guide.
Transferring an existing cash ISA
If you like, you can transfer money from an existing cash ISA into a Co-operative Bank Fixed Rate Cash ISA. Your existing ISA might be with us, or another provider.
If your existing cash ISA is with another provider, they may have restrictions relating to ISA transfers — we recommend checking this before requesting a transfer to us.
You must not withdraw the money and transfer it to us yourself, as it will lose its tax-free status.
I want to open and transfer money to a new Co-operative Bank Fixed Rate Cash ISA
If you wish to transfer an existing cash ISA held with us or another provider to a new Fixed Rate Cash ISA, you’ll need to:
- Apply for a new Fixed Rate Cash ISA
- Complete the Co-operative Bank Cash ISA Transfer Authority form, which’ll arrive with your welcome letter or download it
- Return the completed form to us.
Apply in branch
If you’d rather not apply online, you also have the option to apply in one of our branches.
Important documents
Please read the important documents below and save copies of them for future reference.
Fixed Rate Cash ISA terms, conditions and summary box (PDF)
Co-operative Bank savings general terms and conditions (PDF)
Savings terms explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if it were paid and added to your account each year.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Business day is usually Monday to Friday excluding bank holidays.
Any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline to accept any application and/or deposit.
Protecting your money
Your eligible deposits with The Co-operative Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website