Co-operative Bank Fixed Rate Cash ISAs

The Co-operative Bank Fixed Rate Cash ISA

Interest paid annually

5.59% tax-free / AER for a 1 year Fixed Rate Cash ISA

5.18% tax-free / AER for a 2 year Fixed Rate Cash ISA

Interest is calculated daily and is paid annually on the anniversary of the start of the fixed term. If this date doesn’t fall on a Business Day, it will be paid on the next available Business Day.

Your fixed term will start from the date we receive and accept your initial deposit, or the date we receive the transfer value for your existing cash ISA — whichever is earlier.

Interest can either be paid into this account or another account of your choice, with us or another provider.

The fixed rate you receive will be the rate on offer for the term you select on the date your application is received.

No, the interest rate is fixed. It won’t change until the account matures at the end of your term.

Balance at end of fixed term

£5,279.50 would be the balance after a 1 year fixed term

£5,531.41 would be the balance after a 2 year fixed term

This calculation is for illustrative purposes and assumes:

• You haven’t made any additional deposits or withdrawals
• You’ve chosen to add your interest to the account.

Open an account

To open an account you must be a UK resident aged 16 or over. Please note: this account can only be opened as a sole account.

You can open an account:

• Online
• In branch
• By post.

How much can I deposit?

If you are using your 2023/2024 tax year ISA allowance, the minimum deposit is £5,000. But if you’re transferring in previous tax years’ ISA allowances only, then the minimum deposit is just £1. This is to be paid within 30 days from account opening — you can do this in one lump sum, or through multiple payments.

The maximum deposit is £20,000 if you are using your 2023/2024 tax year ISA allowance. But if you’re transferring in ISAs from previous tax years’ ISA allowances, the maximum balance is £1,000,000.

There is a maximum balance of £1,000,000.

How do I pay into this account?

If you’re using your 2023/2024 ISA allowance

You can pay your initial deposit(s) into this account by cash, cheque or transfer from another account held with us or another provider. You can also pay cheques in at the Post Office®.

If you’re transferring an existing cash ISA you have (with us or elsewhere) to this account

You can do this by providing us with a completed Cash ISA Transfer Authority Form. You’ll receive the form with your welcome letter so just complete it, return it to us and we’ll arrange the transfer on your behalf.

You must not withdraw the funds yourself to transfer to this account as they will lose their tax-free status.

You’ve got 30 days from when we open your account to pay in the minimum deposit. You can do this in one lump sum, or through multiple payments up to the maximum amounts above. If after 30 days you haven’t met the minimum deposit, we’ll close the account and return any funds to you.

No further deposits are allowed after 30 days from account opening. So if you’re using any of your 2023/2024 ISA allowance, but you deposit less than your annual ISA limit within the 30 days, this will restrict the amount you can hold in a cash ISA in this tax year. This is because you can only pay into one cash ISA in each tax year, and you won’t be able to pay any more into this Fixed Rate Cash ISA.

However, you will still be able to invest in another type of ISA (e.g. a stocks and shares ISA) with another provider, up to the annual ISA limit, if you wish.

How do I manage this account and get in contact?

You can contact us, and manage this account:

• Online
• Over the phone
• In branch
• By post.

Yes — however, if you withdraw before your maturity date, you’ll be charged the value of 180 days’ interest on the amount you withdraw (using the account’s interest rate). This charge will be taken from interest you’ve earned, but hasn’t been paid. But if you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).

Any withdrawn money that you want to replace (whilst within the 30 days from account opening) will count towards your ISA subscriptions for the current tax year, and you are only allowed to deposit up to the maximum ISA limit in a tax year.

So, for example, if you have deposited £10,000 and then withdraw £1,000, you will only be able to deposit a further £10,000 in that tax year.

You can withdraw money:

• In branch
• By telephone
• By requesting a bankers cheque — there is a charge for this.

At the end of the fixed term, your account matures and your money will be put into a variable rate instant access cash ISA — unless you provide us with other maturity instructions.

We’ll send you a letter before your maturity, to remind you of your maturity date and to let you know what options are available to you (such as re-investing or withdrawing).

On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app, if registered.

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

If you are or have previously been made bankrupt, you are eligible to apply.

Interest earned from this account will not count towards any of your available Personal Savings Allowance.

All interest earned from your ISA will be tax-free.

You cannot subscribe to a cash ISA with us if you have already contributed to another cash ISA using this tax year’s ISA allowance, or if you have already invested the full ISA allowance in another type of ISA this tax year.

For more information about ISAs in general, please read our ISA Allowance and information guide.