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Fixed Rate ISA

Tuck your savings away with a Fixed Rate ISA

Available until 5pm on 06 December 2023 to new customers and 11 December 2023 to Existing Customers.  Please note that these issues may be withdrawn early due to limited availabilty.

Our Fixed Rate ISA

Choose a term that suits you – either one or two years.

Interest is paid directly into your account and is tax-free, helping your savings grow faster.

Have complete certainty over what your savings will earn with a fixed rate of interest.

Opening your Fixed Rate ISA 

Whether you are a new or existing customer, you can still open a Fixed Rate ISA with us. T&Cs apply.

Summary Box

Account name: Fixed Rate ISA

What is the interest rate?

Term

1 year issue 336
2 year issue 337

Balance

+£1,000
+£1,000

AER/Tax-free p.a. (fixed)

4.85%
4.65%
Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.

Can Royal Bank of Scotland change the interest rate?

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.

What would the estimated balance be at maturity based on a range of deposits?

Term

1 year issue 336
1 year issue 336
2 year issue 337
2 year issue 337

Deposit at start date

£1,000
£20,000
£1,000
£20,000

Balance at maturity date

£1,048.50
£20,970.00
£1,095.16
£21,903.25

Interest earned

£48.50
£970.00
£95.16
£1,903.25
These are only examples and do not take into account your individual circumstances, or any interest earned prior to the Start Date.

How do I open and manage my account?

 

Your eligibility

You must be aged 16 years or over and resident in the UK for tax purposes.

You must

•  Not have subscribed to another cash ISA (including a Help to Buy: ISA with another provider) or invested the maximum amount in any combination of permitted ISAs in the same tax year; and

•  Hold the account solely in your name.

You can open and manage your account on our mobile app, online or by telephone.

To open in branch you must bring your own digital device such as a mobile or tablet and our staff can assist you opening the account yourself.

We will need your email address and mobile number to open your account.

You can make payments through the Mobile app,  Digital banking, in branch and by telephone. We will send you a certificate of deposit within 14 days of the Start Date.

You can transfer all or part of any ISA held with another provider to us. Click here to find out more.

Balance and ISA allowance

Your deposit must reach your account by 29 December 2023. You must deposit at least £1,000 (the “Minimum deposit”) by this date. There is no Maximum deposit and no maximum balance; however, there is a limit on the amount you can pay into your account each tax year (“ISA allowance”). This limit is set by the Government and may change from time to time. The ISA allowance is £20,000 for the current tax year.

If you pay in more than the limit any excess money will be returned to you.

If you make a payment into your Fixed Rate ISA you will not be able to make any further payments for that tax year into any other cash ISA.

Key dates

Key dates

Closing date to open your account - Existing Customer
Closing date to open your account - New Customer
Last date for receipt by us of external ISA transfer requests
Last date for receipt by us of NatWest internal ISA transfer requests
Last date to make payments or withdrawals
Start Date

11 December 2023
06 December 2023
11 December 2023
27 December 2023
29 December 2023
02 January 2024

Maturity Date
Maturity Payment Date

1 Year

02 January 2025
03 January 2025

2 Year

02 January 2026
03 January 2026

Can I withdraw money?

You can withdraw money from your account (in branch or by telephone) until 29 December 2023 at 3.30pm. Partial withdrawals are not permitted after this time.

If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving written notice to your branch. An Early Closure Charge will apply, except in the event of your death.

The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.

The Early Closure Charge will be deducted from the balance of your Fixed Rate ISA.

The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Start Date. For example, if you have earned 50 days’ interest you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest you will only be charged an Early Closure Charge equivalent to 90 days’ interest.

For more information on closing, please see the Fixed Rate ISA Terms (Term 8).

On the Maturity Date (or if the Maturity Date is not a business day the next business day), we’ll convert your account to an Instant Access ISA. You’ll be able to access your money on the Maturity Payment Date. Please see Term 5 of the Fixed Rate ISA Terms for more information.

You can transfer your ISA to another ISA manager. If the transfer is before the Maturity Date, we’ll convert your ISA to an Instant Access ISA and an Early Closure Charge will apply. If you want to transfer your ISA without incurring an Early Closure Charge the transfer must be dated at least the day after the Maturity Date, when your money is accessible.

Additional information

The interest payable on the money held in your account is tax-free.The tax treatment may be subject to change in the future and depends on your individual circumstances.

Definitions

AER: stands for Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year. 

Tax-free: This means interest payable is exempt from UK income tax.

p.a.: per annum (per year)

Statements at your fingertips

We'll send you an email when your statements are ready to view in Digital Banking. You can check it whenever you want.

How do I get additional support with my banking?

Banking My Way is a free service that allows you to record information about the support or adjustments you need to make banking easier. You can also let us know any additional support you may need to ensure all of our colleagues are aware of this. The information will be shared on our internal systems and therefore you will not need to repeat these requirements every time you interact with us.

Once your account is open, you can record this through Digital Banking or with our colleagues in branches or over the phone.

Learn more about Banking My Way

Get ready to apply

Before you apply, we need to check you're happy with a few things. And ask you a few questions up front. Then we can make your application as quick and simple as it can be.

First things first. Please take a look at the important legal info:

If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet. Please take some time to review, print and/or save the important information.

How your information might be used

It’s important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

All okay? You're nearly ready to start.

To speed up your application for our Fixed Rate ISA account, we need to do a few final checks with you. They'll only take a minute.

Continue
Are you an existing Royal Bank of Scotland Customer?
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You're all set

You’ll need these bits of info handy for your application:

  • Have your National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
  • Be at least 16 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
  • Have a phone number and email address we can contact you on.
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Do you use Digital Banking?
If you log in to Digital Banking we can pre-fill some of the application for you.
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Do you hold a current account with Royal Bank?
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You're all set

Remember, to apply for a Fixed Rate ISA, you must: 

  • Have your National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
  • Be at least 16 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
  • Have a phone number and email address we can contact you on.
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You're all set

Remember, to apply for a Fixed Rate ISA, you must: 

  • Have your National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
  • Be at least 16 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
  • Have a phone number and email address we can contact you on.
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Register for Digital Banking

You'll need to sign up for Digital Banking with us in order to apply for the Fixed Rate ISA account online. The good news is that it normally takes just 5 minutes.

What you'll need
You'll need your sort code and account number, and your Royal Bank debit card if you have one.

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