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Britannia Fixed Rate Cash ISA - fixed until 31 January 2016

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 can open it with any amount between £5,000 and £15,000 if using your 2014/2015 ISA allowance, 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 1.35% tax free/AER until 31/01/2016 so if you leave your tax free savings to grow, you'll get a fixed amount when the account matures.

It is not possible to add to this account once the product has been withdrawn so if you are depositing less than your annual ISA limit of £15,000 this will restrict the amount you can hold in a cash ISA in this tax year.

Withdrawals or transfers out before the fixed end date will incur 180 days loss of interest on the amount withdrawn.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 31/01/2016
Annual interest
Minimum Balance AER Tax-free
£5,000 1.35% 1.35%
The above fixed rates apply to the Fixed Rate Cash ISA launched on 8 January 2015 and are fixed until 31/01/2016.

Summary box

Key Product Information for our Savings Account
Account name Fixed Rate Cash ISA - fixed until 31/01/2016
Interest rates (AERs) A minimum opening balance of £5,000 up to the maximum of £15,000 if using the 2014/2015 tax year allowance and/or £1 if transferring previous years' cash ISAs with Britannia or other providers. Annual interest rate of 1.35% tax-free/AER is fixed until 31 January 2016.
Tax status Interest is tax free
Condition for bonus payment No bonus payments exist for this Account
Withdrawal arrangements Withdrawals or closures before 1 February 2016 will be subject to a charge equivalent to 180 days loss of interest at the fixed rate on the amount withdrawn.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 1.35% tax free, until 31 January 2016
  • will mature on 1 February 2016 when your money will be transferred into a variable rate Cash ISA (or equivalent)
  • can be opened with £5,000 up to the maximum of £15,000 if using the 2014/2015 tax year allowance and/or £1 if transferring previous years' cash ISAs with Britannia or other providers.
  • pays interest into your account after close of business on 31 January 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, so if you are depositing less than your annual ISA limit of £15,000 this will restrict the amount you can hold in a cash ISA in this tax year (however, you will still be able to invest in a stocks and shares ISA with another provider, up to the annual ISA limit, if you wish).
  • 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