If you like the idea of being able to save tax free and you want the reassurance of a fixed rate of interest, our Fixed Rate Cash ISAs are well worth a look.
A Fixed Rate Cash ISA meets your needs if:
- You have savings which you don’t need immediate access to.
- You want the security of a fixed rate of interest guaranteed for the term of the investment, rather than a variable rate which can move up and down.
- You want to choose between leaving your interest to build up the value of your ISA or receiving your interest monthly.
Key Features of our Fixed Rate Cash ISAs include:
- A minimum opening balance of just £500 by cash (branch only), debit card, cheque, internal transfer from another Skipton Building Society non ISA account or ISA transfer from another provider.
- Provided you have not already subscribed to another cash ISA in the current tax year, you can invest your 2014/2015 tax year allowance of £5,940 until the product becomes closed to investments which may be at any time and without notice. From 1 July 2014 the maximum investment for the 2014/2015 tax year will increase to £15,000. The rules are also changing from this date and this will mean you can split your new ISA allowance as you like between a Cash ISA and a Stocks and Shares ISA, as long as you don't subscribe to more than one Cash ISA and more than one Stocks and Shares ISA each year.
- Skipton will allow you to top up your 2014/2015 ISA allowance to £15,000 between 1 July and 31 July. No transfers in will be allowed at this time. Subject to the Budget announcement becoming law.
- You can only invest in subsequent tax years where the product has not become closed to investments.
- Subsequent payments into your account can be made by cash (branch only), debit card, cheque, internal transfer from an existing Skipton Building Society non ISA account or electronic payment from another bank or building society.
- Full balance withdrawals, including transfers to other ISA managers, and subsequent closure of your account can be made subject to the loss of 180 days (240 days for the 5 Year term) interest. The loss of interest will be taken from the capital invested if there is insufficient accrued interest on the account. This means that you may get back less than you paid in.
- Partial withdrawals and transfers out are not permitted.
Choose how your interest is paid
The interest you earn on a daily basis can, at your request, be paid into your account. Alternatively, you can have your interest paid into another suitable Skipton account, or other UK bank or building society account.
If you want to transfer funds from existing providers please see our Transferring your ISA to us page, which provides a step by step guide and full details.
What happens on maturity of your ISA?†
We will contact you with your maturity notice at least 14 days prior to the maturity date of your ISA to explain the options open to you.
These will include:
- Continue your investment in a new 1 Year Fixed Rate ISA† (the 'do-nothing' option);
- Transfer your investment into an alternative Fixed Rate ISA;
- Transfer to an easy access ISA;
- Add extra funds to the above three options;
- Withdraw your funds (in full or in part).
If you 'do-nothing' we will add any interest due to your account and we will contact you within seven days of your Fixed Rate ISA maturity to confirm your investment. You will have 21 days from maturity to cancel this investment.
Where our 'do-nothing' option applies your investment will continue in a 1 Year Fixed Rate ISA. No partial withdrawals are permitted. You can withdraw or transfer out the full balance and close your account subject to 180 days loss of interest. If you decide to close your ISA you will lose your ISA allowance on the funds invested. If you do require access to your savings during the fixed rate term please contact us to discuss other ISAs and savings products which may better suit your needs.
If the 'do-nothing' option applies, the Further Terms and Conditions shall continue to apply, as well as the Investment Account Terms and Conditions except that the rate of interest, the date that interest will be applied to your account and the minimum and maximum investment limits may differ. Should your investment balance on maturity fall outside the minimum or maximum investment limits, you will be able to continue your existing investment. Any new transactions will be subject to these limits.
†The exact maturity date of your ISA will be confirmed in your maturity notice.
Tax free means the interest paid where interest is exempt from Income Tax.
Your tax treatment will depend on your individual circumstances and may be subject to change in future.