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Britannia Fixed Rate Cash ISA - fixed until 30 November 2015

Our merger with Britannia means you can take advantage of more accounts, including Britannia Fixed Rate Cash ISAs.

If you like your savings to be both simple and smart then our Fixed Rate Cash ISA could be for you. It’s simple because you open it with your ISA allowance for the 2014/2015 tax year, and the taxman can’t touch a penny of your interest. It’s smart because while you’re out enjoying life, your savings can continue growing.

With our Fixed Rate Cash ISA there are no surprises. The interest rate is fixed at 1.40% tax free/AER until 30/11/2015 so if you leave your tax free savings to grow, you’ll get a fixed amount when the account matures. Withdrawals or transfers out before the fixed end date will incur 180 days loss of interest on the amount withdrawn.

Alternatively, you can apply for this account by calling 0808 156 1208 or visit your local branch. Please remember to check the opening times as these may vary and we'd recommend calling your branch before you visit, to ensure availability.

If you choose to apply in branch it is advisable to take sufficient identification with you.

Interest rates

Interest rates for Britannia Fixed Rate Cash ISA - fixed until 30/11/2015
Annual interest
Minimum Balance AER Tax-free
£15,000 1.40% 1.40%
The above fixed rates apply to the Fixed Rate Cash ISA launched on 9 October 2014 and are fixed until 30/11/2015.

Summary box

Key Product Information for our Savings Account
Account name Fixed Rate Cash ISA - fixed until 30/11/2015
Interest rates (AERs) The minimum opening balance for this account is £15,000 if using 2014/2015 tax year’s allowance or £1 if transferring previous tax years’ balances
Tax status Interest is tax free
Condition for bonus payment No bonus payments exist for this Account
Withdrawal arrangements Withdrawals or closures before 1 December 2015 will be subject to a charge equivalent to 180 days loss of interest at the fixed rate on the amount withdrawn. The charge will be taken from interest earned but not yet paid; if you withdraw from or close your account before enough interest to cover this charge has been earned, the balance will be taken from the funds in your account.
Withdrawals of capital cannot be replaced
Access Branch or by post

Features

  • gives you a fixed rate of 1.40% tax free, until 30 November 2015
  • will mature on 1 December 2015 when your money will be transferred into a variable rate Cash ISA (or equivalent)
  • can be opened with your full ISA allowance for the 2014/2015 tax year (£15,000) and/or transfers from previous years’ cash ISAs with Britannia or other providers
  • pays interest into your account after close of business on 30 November each year
  • is issued with a passbook

This is a limited issue product and may be withdrawn without notice.

Risks and restrictions

Remember you can subscribe to a Co-operative Bank/ Britannia Cash ISA as long as you have not subscribed to another cash ISA with another provider in the current tax year.

Are there any risks or restrictions?

  • The Fixed Rate Cash ISA has a fixed end date. If you make a withdrawal or transfer out before the account matures, the withdrawal or transfer out will be subject to a charge equivalent to 180 days loss of interest at the fixed rate on the amount withdrawn.
  • This is a limited issue product and may be withdrawn at any time.
  • No further deposits are allowed into this account after the product has been withdrawn. A partial investment of a tax year’s allowance would prevent you from using the remainder of your ISA limit for that tax year, therefore if you wish to pay in for a tax year, you must use that tax year’s full allowance. This also means that subscriptions for future tax years cannot be made once the product has been withdrawn.
  • Over time, inflation will reduce the true value of your savings.
  • Whether general interest rates rise or fall, this cash ISA pays interest at a fixed rate.
  • Remember you can subscribe to a Co-operative Bank/ Britannia Cash ISA as long as you have not subscribed to another cash ISA with another provider in the current tax year.

Definitions

AER - AER Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Gross - The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

Net - The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).

Tax free - Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

Tax year - A tax year runs from 6 April to 5 April the following year.

The tax information provided is based on our current understanding of current law and HM Revenue & Customs practice which can change. Tax treatment depends on an individual’s personal circumstances

The Co-operative Bank reserves the right to decline to accept any application and/or deposit.

Remember you can subscribe to a Co-operative Bank/ Britannia Cash ISA as long as you have not subscribed to another cash ISA with another provider in the current tax year.

FSCS logosmile, The Co‑operative Bank and Britannia are trading names of The Co‑operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).  Find out more