Fixed Rate Cash ISA
This account has been designed for people who are happy to put away their savings away for a set length of time, without making any withdrawals.
In exchange you’ll get a fixed interest rate throughout the savings term.
- The Britannia Fixed Rate Cash ISA has a choice of 2 maturity dates available
No further deposits are allowed into this account after the product has been withdrawn, so if you are depositing less than your annual ISA limit this will restrict the amount you can hold in a Cash ISA in this tax year.
- Open your new account with any amount between £5,000 and £20,000 if you are using any of your 2022/2023 ISA allowance.
If you’re only transferring in your previous year’s Cash ISA, you can open an account with just £1
- On maturity, your money will be moved into an instant access cash ISA that pays a variable interest rate
- You can withdraw from this account before your maturity date, but remember: you’ll be charged the equivalent of 180 days interest on the amount you withdraw.
- This charge will be taken from interest earned but not yet paid. If you withdraw from, or close, your account before enough interest to cover this charge has been earned, the balance will be taken from the funds in your account.
- Available only as a sole account
- Comes with a passbook
A passbook is a useful way to keep track of interest payments on your savings account. It can be used when you first open your ISA.
This is a limited issue product and may be withdrawn without notice at any time
Summary Box for Britannia Fixed Rate Cash ISA
The information provided below is a summary of the key features of our Britannia Fixed Rate Cash ISA and is not intended to be a substitute for reading its terms and conditions.
Account name
Britannia Fixed Rate Cash ISA
What is the interest rate?
Fixed Rate Cash ISA - fixed until 5 April 2023:
0.15% Tax-free / AER variable
Maturity date 6 April 2023
Interest is calculated daily and will be paid into your account annually after close of business on 5 April each year.
Fixed Rate Cash ISA - fixed until 5 April 2024:
0.21% Tax-free / AER variable
Maturity date 6 April 2024
Interest is calculated daily and will be paid into your account annually after close of business on 5 April each year.
Can Britannia change the interest rate?
No - the interest rate is fixed. It won't change until the account matures.
What would the estimated balance be at the end of the fixed term, based on a £5,000 deposit?
| Initial deposit | Balance at end of fixed term |
|---|
| Fixed Rate Cash ISA - fixed until - 5 April 2023 | £5,000.00 | £5,007.50 |
| Fixed Rate Cash ISA - fixed until - 5 April 2024 | £5,000.00 | £5021.02 |
We have worked this out assuming:
- You made a £5,000 deposit on an account opening date of 6 April 2022
- You haven't made any additional deposits or withdrawals.
- We added interest to your account at the close of business on 5 April each year.
How do I open and manage my account?
Can I apply for this account?
To apply, you must be a UK resident aged 16 or over.
- This account can only be opened as a sole account.
How do I apply for this account?
You can apply for this account:
- Online.
- Over the phone.
- In branch.
Is there a minimum and a maximum balance?
If you are using any of your 2022/2023 ISA allowance, the minimum balance is £5,000.00.
But if you're only transferring in previous tax years' ISA allowance - then the minimum balance is just £1.
If you are using any of your 2022/2023 ISA allowance, the maximum amount you can pay in is £20,000.00
But if you're transferring in ISAs from previous tax years, the maximum balance is £1,000,000.
How do I make deposits into this account?
If you're using any of your 2022/2023 ISA allowance - you can make deposits by cash, cheque or transfer from another account held with us or another provider.
If you're transferring another cash ISA to us - you can do this by providing us with a completed ISA transfer authority form.
You can make as many deposits as you like up to the maximum amounts above. However, we can withdraw this product at any time without notice and once it has been withdrawn, you cannot make any more deposits.
So if you are using any of your 2022/2023 ISA allowance, but you deposit less than your annual ISA limit, and we then withdraw the product, 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 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 contact you to discuss this account?
You can contact us by telephone, or at any Co-operative Bank branch.
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 haven't yet 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 (while the product is still available) 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 make withdrawals through the following ways:
- In branch - you can withdraw cash, cheques or make internal transfers.
- By post - You can send us withdrawal requests and we will send your money to you by cheque in the post or we can make internal transfers. You can request withdrawals forms over the phone or in branch or download them online.
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 another maturity instructions. We'll send you a letter when your fixed term is coming to an end. It'll remind you of your maturity date and let you know what options are available to you (such as re-investing).
Additional information
This is a limited issue product and may be withdrawn without notice at any time.
Interest earned from this account will not count towards any of your available personal savings allowance.
All interest earned from your ISA will be free of both Income and Capital Gains Tax.
You cannot subscribe to a cash ISA with us if you have already contributed to another cash ISA in the same tax year, or if you have already invested the full ISA allowance in another type of ISA in the same tax year.
Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.
Tax-free - The contractual rate of interest payable where interest is exempt from income tax.
AER - Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Tax-year - A tax year runs from 6 April to 5 April the following year.
Apply for this Fixed Rate Cash ISA
To apply, you need to be:
- 16 or over.
- A UK resident.
Approval is based on an assessment of your personal circumstances.
Ready to apply?
Please read our terms and conditions and other important documents before applying.
All the information you’ve read so far (e.g. features, eligibility) can be found in the important documents below. We recommend that you save a copy of these important documents for future reference.
Transfer in
If you would like to transfer an existing cash ISA account (held with us or another provider), please print and complete the ISA Transfer application pack below. You’ll find the return address provided in the pack.
- Make sure to name which ISA you are transferring into when filling out the final section of the ‘ISA Transfer Application Form.’ i.e ‘Fixed Rate Cash ISA fixed until 5 April 2023.’
- Please note, to transfer in you will need to meet the same eligibility criteria, and acknowledge the same recommendations, as new savings customers.
Important documents
Product Specific Terms and Conditions, Keyfacts & Summary Box (which contains interest rates) (PDF)
Britannia Savings General Terms & Conditions (PDF)
Fixed Rate Cash ISA - ISA Transfer application pack (PDF)
Managing your Britannia Savings account (including Charges) (PDF)
How we use your personal information (PDF)
The Financial Services Compensation Scheme Information Sheet and Exclusion List (PDF)
Important
- Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.
- The Co-operative Bank reserves the right to decline or accept any application and/or deposit.
- You cannot subscribe to a cash ISA with us if you have already contributed to another cash ISA in the same tax year, or if you have already invested the full ISA allowance in another type of ISA (i.e. stocks & shares ISA) in the same tax year. You can, however, transfer in your cash ISA funds held with us or other providers.
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 depends 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 click here for further information or visit www.fscs.org.uk