Our Fixed Rate Cash ISAs
How do Fixed Rate Cash ISAs work?
What happens at the end of the fixed term?
Our Fixed Rate Cash ISAs transfer into a new 1 year Fixed Rate Cash ISA at the end of the fixed term, unless you tell us otherwise.
What are Fixed Rate Cash ISAs?
A Fixed Rate Cash ISA allows you to achieve a guaranteed rate of interest on your savings for a fixed term. As with all ISAs, there’s no tax to pay on the interest you earn.
Can I withdraw from a Fixed Rate Cash ISA?
You can’t make partial withdrawals from your Fixed Rate Cash ISA for the term of the product. You can withdraw the full balance and close your account early if you need to. But you would have to pay an interest penalty, and so may get back less than you paid in.
Frequently Asked Questions
When your ISA reaches maturity, your fixed term ends, you have a few options:
Withdraw your money.
Do nothing (we’ll automatically transfer your money to a similar 1 year fixed rate ISA at the end of the fixed term).
Transfer your money into another Skipton Building Society account (in your name).
Choose a new savings product, from our savings range, to transfer your money into.
You can have more than one Fixed Rate Cash ISA from previous tax years. As of 6 April 2024, you can also open multiple Fixed Rate Cash ISAs each tax year. However, you can’t pay in more than your ISA allowance each tax year overall (which for the current tax year is £20,000).
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 should know there is a limited window of when you can transfer savings into a Fixed Rate Cash ISA. Details of the last paying in date can be found by selecting a product above.
You can pay in up to your annual ISA allowance. For this tax year, the allowance is £20,000. For more information visit our ISA information page.
The right Fixed Rate Cash ISA for you depends on your needs and goals.
How long can you commit your money? Different fixed rate cash ISAs have different terms (1 year, 2 years, etc.). Choose a term that suits how long you have to achieve your savings goals and when you’ll need access to the money.
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. This could mean you get back less than you paid in.
Other ways to save
If a Fixed Rate Cash ISA is not right for you, we have a range of other types of savings accounts.
You're protected up to £85,000
Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.
Jargon explained
AER
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. All ISA interest is paid tax-free, which means it’s exempt from income tax. We pay all non ISA savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future. Please be aware that products can be withdrawn at any time and without notice.