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ISA Overview
Fixed Rate ISAs

My Fixed Rate ISA has ended

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You must be a UK resident aged 18+. You can only subscribe to one cash ISA with Royal Bank of Scotland in any tax year up to £20,000. Tax free interest means interest payable is exempt from UK income tax. Tax reliefs referred to are those applied under current UK legislation, which may change.

What's next for my savings?

Now that your Fixed Rate ISA has ended, we’ve automatically changed your account to an Instant Access ISA.

Your account number and sort code is still the same and your remaining interest has been paid into your new instant access account the day after it matures.

Here’s what you can do next, depending on your savings goals.

Open a new Royal Bank Fixed Rate ISA

Know the amount of interest you'll get paid by fixing your savings

Fix for one year and earn 3.80% AER/tax free p.a. (fixed)
Fix for two years and earn 3.40% AER/tax free p.a. (fixed)

Transferring money from your Cash ISA as part of opening a new Fixed Rate ISA won’t count towards this tax-year’s ISA allowance. For more information on allowance please refer to Your ISA allowance.
You can bring your ISAs together by transferring all or part of any ISA held with another provider to us once your account is opened.

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Leave your money in your new Instant Access ISA

Instant access to your savings and pay money in as you go

For balances up to £24,999 - earn 1.60% AER/tax-free p.a. (variable)
For balances over £25,000 - earn 3.00% AER/tax-free p.a. (variable)
You can use mobile banking, Digital Banking, direct banking or any branch to pay money into your Instant Access ISA within your ISA allowance.
You can also choose whether you want to pay in lump sums or set up a monthly standing order to help you save more regularly.

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Move your ISA to another provider

Follow the ISA transfer process to keep your savings tax-free

An ISA transfer lets you move your ISA savings to a new provider.
Remember, when transferring your ISA, it's really important to go through the ISA transfer process so you don't lose out on any of the tax benefits of your ISA account.
You can transfer your ISA to another bank or building society by following their ISA transfer process. You'll need to check with them how their ISA process works, but once you’ve started the transfer they'll get in touch with us so we can work with them to get your ISA savings transferred over.

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For Fixed Rate ISA no withdrawals or deposits during the term. Available to new customers until 11 December 2024. Available to existing customers until 16 December 2024. Please note that these issues may be withdrawn early due to limited availability. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date. Early closure fees may apply.

Your ISA allowance

You get a new ISA allowance every tax year, which is set by the UK Government. This ISA allowance for the current tax year is £20,000. You can pay anything up to this amount in a Cash ISA, or split between the different types of ISAs. You’re responsible for not going over the current yearly subscription limit of £20,000 across all ISAs.

Any money you’ve paid into an ISA from previous tax years won’t be included in the current tax year allowance.

See our ISA guide for more information.

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Take a look at other saving options

We have a range of other savings accounts available, check out all the options we've got to see if one might be right for you.

Please remember that once you move your money from an ISA to a non-ISA account the money it will no longer have tax free status.

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Frequently asked questions

What's the difference between a Fixed Rate ISA and an Instant Access ISA?

We offer two different types of cash ISAs:

Our 1 year or 2 year Fixed Rate ISAs give you a fixed rate of interest so you know how much interest you'll earn. You can’t pay in or take money out once the term has started or an Early Closure Charge may apply. You'll need to be 18 or over and a UK resident to apply. Minimum deposit required.

Our Instant Access ISA is an instant access savings account with variable interest rates. This means the interest rate can go up or down but you can access your savings whenever you want. You'll need to be a UK resident aged 18 or over to apply and you can only open one Instant Access ISA with Royal Bank of Scotland in any tax year.

How many ISAs can I have?

You can have more than one ISA open at the same time. Mixing and matching could help you work towards different goals.

Also, you can now fund multiple ISAs of the same type, in the same tax year, with different providers but you can only pay into one cash ISA (instant access or fixed rate) with us each tax year.

If you have opened a cash ISA with another provider you can still open a cash ISA with us. You are responsible for ensuring you do not exceed the current yearly subscription limit of £20,000 across all ISAs.

How can I apply for a Fixed Rate ISA?

You can only apply for a Fixed Rate ISA through the mobile app or Digital Banking.

How can I top up my instant access ISA?

You can use mobile banking, Digital Banking, direct banking or any branch to pay funds into your Cash ISA.

Additionally, you can choose whether you want to pay in lump sums, or set up a monthly standing order to help you save more regularly.

If you've got more than one type of ISA, just make sure you're not paying in more than your ISA allowance of £20,000 for the current tax year across all your ISAs. Tax years run from 6th April to 5th April the following year.

How do I pay money into my Fixed Rate ISA account?

To make your initial payment into your Fixed Rate ISA, you’ll need to set up the account as a new payee, using the account number and sort code, via Digital Banking or mobile banking.

Your next payments can be made through Digital Banking, in-branch and by telephony until your new term starts.

We will send you a certificate of deposit within 14 days of the Start Date.

How do I get additional support with my banking?

You can get additional support with Banking My Way. This 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 about any additional support you may need to ensure all our colleagues are aware. The information will be shared on our internal systems, so 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, with our colleagues in branches or over the phone.

Definitions

Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.

Compound interest is interest that is earned on interest that’s already been paid.

Gross means the interest rate you are paid on your savings with no compounding.

p.a. per annum (per year).

Tax-free. We pay all savings interest without the deduction of tax. You do not pay any UK tax on interest earned in ISAs. You may have to pay tax on interest earned in non-ISA accounts depending on your Personal Savings Allowance. The tax treatment may be subject to change in the future.

Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of Royal Bank of Scotland are protected up to a total of £85,000, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Find out more (PDF, 3k KB) about the scheme and how it protects your money.

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