Fixed Rate ISAs
What is the interest rate?
AER/tax-free (fixed). The interest rate we pay depends on the length of the term.
|Term||Tier||AER/tax-free (fixed)||AER based on funds deposited by||Maturity date|
AER is based on funds deposited by 1 January 2024. If you pay money in before or after this date, you may earn more or less interest than this.
- We work out the interest we’ll pay on your account each day.
- We’ll pay interest into the account once a year and at the end of the term. It will be available to you the next day.
Can Santander change the interest rate?
No, the interest rate is fixed during the term.
What would the estimated balance be after 12 and 24 months based on a £1,000 deposit?
|Account name||Balance||Interest earned||Balance at the end of the term of the account|
|1 Year Fixed Rate ISA||£1,000||£47.00||£1,047.00|
|2 Year Fixed Rate ISA||£1,000||£94.12||£1,094.12|
To work out the estimated balance, we’ve assumed that:
- The account is opened and the initial payment into the account is made on 1 January 2024.
- You don’t pay in any more money or take any out.
These illustrations are only examples and don’t take into account individual circumstances.
How do I open and manage my account?
You can have this cash ISA if you’re 16 or over and a UK resident. You can only open this account in your sole name – joint ISAs aren’t allowed.
How to open the account
You can apply for an account in branch, by mobile or online.
Managing the account
You can manage your account in a branch or by phone. You can also view your account in Online and Mobile Banking but you can’t manage it that way.
Paying money in
Under UK law, you can only pay into one cash ISA each tax year, either with us or another ISA provider.
If you pay into this Fixed Rate ISA you won’t also be able to pay into another cash ISA this tax year. A tax year runs from 6 April in one year to 5 April the next.
The UK government sets an ‘annual allowance’ which is the maximum you can pay into all of your ISAs in any tax year, either with us or another provider. The ISA allowance for the 2023/24 tax year is £20,000 and deposits can be made up to and including 31 January 2024. No further deposits will be allowed.
You can subscribe your ISA allowance into a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA or a combination of the four.
- Minimum balance: £500. You can open the account with a zero balance if you are transferring in existing ISAs with a balance of at least £500.
- Maximum balance: £2,000,000 – but you can only pay in up to your ISA allowance each tax year.
You can pay money in until 31 January 2024. You can do this electronically or in cash in branch, over the phone or through Online Banking.
We won’t accept any deposits after that date. You can also transfer in existing Santander cash ISAs and existing ISAs held with external ISA providers.
For ISA transfers from another provider, we’ll need to receive:
- your application within 14 days of your account being opened, and
- the money from the ISA you’re transferring within 30 days of your account being opened.
If you’re transferring in a Santander cash ISA, we’ll need to receive your application by 31 January 2024.
We recommend reading the information on our ISA transfers support page before requesting an ISA transfer.
This product doesn’t accept additional permitted subscriptions.
Can I withdraw money?
Yes, you can take out all, but not some, of your ISA balance. You can do this by closing your account or transferring your ISA to another provider. We’ll charge you a fee equal to 120 days’ interest if you do.
This ISA isn’t flexible. That means if you take money out, it will lose its tax-free status. If it’s repaid into an ISA, it’ll count towards your ISA allowance for the current tax year.
You can transfer your cash ISA to another provider by contacting the new ISA provider.
At the end of term
The term of this account is 12 or 24 months – you select this when you open the account. You can choose what you want to do with the money in your cash ISA up to 28 days before the term ends.
If you don’t tell us what you want to do, we’ll transfer your account to an ISA Saver. We’ll give you more details, including your new interest rate, closer to the time.
Tell us if you change your mind
You can cancel your account at any time during your ‘cancellation period’ – we won’t charge you for it. This is 14 days, starting the day after we confirmed your account is open.
If you do this, we’ll return your money together with any interest we owe you. We’ll do this as soon as we can (and within 30 days from when you tell us).
If you transferred money from another ISA provider and you cancel this account, that provider may not accept the return of the money. If that happens, you can keep the account open or transfer your money in full to another ISA provider. You’ll need to contact your new ISA provider to arrange the transfer.
You can also close your account at any other time outside this cancellation period but we’ll charge you a fee equal to 120 days’ interest if you do.
An ISA allows you to earn interest on your savings without paying tax. That means any interest you receive won’t contribute towards your Personal Savings Allowance. ISAs are subject to the Individual Savings Account Regulations 1998 and other government rules.
If you don’t follow those rules, your ISA might become ‘void’ and you may need to pay tax on interest paid.
Statements and other information
We’ll send you a statement once a year in March.
We’ll send you a certificate or email confirmation after you’ve opened the account.
The favourable tax treatment of ISAs may change in the future and is subject to individual circumstances.
Subject to availability and may be withdrawn without notice. Rates and information correct as at 4 December 2023.