Britannia Fixed Rate Cash ISA for maturing customers
- Earn a fixed rate of interest, with a choice of 2 maturity dates available.
- You can open an account with £1 if you're re-investing/transferring your previous years' ISA allowances with Britannia or another provider.
- You can also open an account with/pay in between £5,000 and £20,000, if using any of your 2023/2024 ISA tax allowance.
- No further deposits are allowed into this account after the product has been withdrawn, so if you are depositing less than your annual ISA limit this will restrict the amount you can hold in a cash ISA in this tax year.
- You can make withdrawals before the account reaches maturity by post or in branch, but you'll lose 180 days' worth of interest on the amount you withdraw.
If you've earned enough interest to cover this charge, the funds in your account will not be affected.
However, if you withdraw from or close this account before you've earned enough interest, we'll take the remainder of the charge from the funds in your account.
- Available as a sole account only.
- Comes with a passbook.
- When your account matures your money will be transferred to a variable rate instant access cash ISA.
This is a limited issue product and may be withdrawn without notice at any time.
Summary Box for Britannia Fixed Rate Cash ISA for maturing customers
Account name
Britannia Fixed Rate Cash ISA for maturing customers
What is the interest rate?
| Tax Free / AER | Maturity Date |
|---|
| Fixed Rate Cash ISA - fixed until - 30/11/2024 | 5.62% | 01-Dec-24 |
| Fixed Rate Cash ISA - fixed until - 30/11/2025 | 5.21% | 01-Dec-25 |
Interest is calculated daily and will be paid into your account annually after close of business on 30 November each year.
Can Britannia change the interest rate?
No. The interest rate is fixed. It won't change until the account matures at the end of your term.
What would the estimated balance be at the end of the fixed term, based on a £5,000 deposit?
| Balance at end of fixed term |
|---|
| Fixed Rate Cash ISA - fixed until - 30/11/2024 | £5,281.00 |
| Fixed Rate Cash ISA - fixed until - 30/11/2025 | £5,534.57 |
This calculation is for illustrative purposes only and assumes:
- You made a £5,000 deposit on an account opening date of 1 December 2023
- You haven’t made any additional deposits or withdrawals
- We added interest to your account at the close of business on 30 November each year.
How do I open and manage my account?
Can I apply for this account?
To apply, you must be a UK resident aged 16 or over and have held one of the following accounts, which has matured within the last one month period (i.e if you matured on 1 January, you would have until 1 February):
- A Britannia Fixed Rate Cash ISA
- A Britannia Fixed Rate bond
- Another Britannia or Co-operative Bank fixed term savings account
This account can only be opened as a sole account.
How do I apply for this account?
If you have a maturing Britannia Fixed Rate Cash ISA, you can re-invest in this account by:
- Post by completing and returning the reinvestment form sent within your pre-maturity pack
- In Branch.
If you have a maturing Britannia Fixed Rate Bond or other Britannia or Co-operative Bank fixed term savings account, you can re-invest in this account by visiting a branch.
Is there a minimum and a maximum balance?
If you are using any of your 2023/2024 ISA allowance, the minimum balance is £5,000.
But if you're only transferring in previous tax years' ISA allowances - then the minimum balance is just £1.
If you are using any of your 2023/2024 ISA allowance, the maximum amount you can pay in is £20,000.
But if you're transferring in ISAs from previous tax years, the maximum balance is £1,000,000.
How do I make deposits into this account?
If you're re-investing any of your existing maturing Fixed Rate Cash ISA - you can transfer these funds into this account by providing us with your re-investment instructions.
If you're using any of your 2023/2024 ISA allowance - you can make deposits by cash, cheque or transfer from another account held with us or another provider.
If you're transferring another cash ISA to us - you can do this by providing us with a completed ISA transfer authority form.
You can make as many deposits as you like up to the maximum amounts above. However, we can withdraw this product at any time without notice and once it has been withdrawn, you cannot make any more deposits.
So if you are using any of your 2023/2024 ISA allowance, but you deposit less than your annual ISA limit, and we then withdraw the product, 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 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 your account:
- By telephone
- In branch
- By post.
Can I withdraw money?
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 haven't yet 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 (while the product is still available) 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 make withdrawals:
- In branch - you can withdraw cash, cheques or make internal transfers
- By post - You can send us withdrawal requests and we will send your money to you by cheque in the post or we can make internal transfers. You can request withdrawal forms over the phone or in branch or download them online.
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 when your fixed term is coming to an end. It'll remind you of your maturity date and let you know what options are available to you (such as re-investing).
Additional information
This is a limited issue product and may be withdrawn without notice at any time.
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.
To apply, you need to be:
- A UK resident
- 16 or over
- Have held one of the following accounts, which has matured within the last one month period (i.e. if you matured on 1 January, you would have until 1 February):
- A Britannia Fixed Rate Cash ISA
- A Britannia Fixed Rate Bond
- Another Britannia or Co-operative Bank fixed term savings account.
How can I re-invest?
We'll write to you a few weeks before your existing Britannia Fixed Rate Cash ISA matures. In this letter we will detail the interest rates offered to you if you want to reinvest and the ways in which you can do so.
If you have a maturing Britannia Fixed Rate bond, another Britannia or Co-operative Bank fixed term savings account, you will need to visit us in branch in order to re-invest your maturing funds in this Britannia Fixed Rate Cash ISA for maturing customers.
Important information
Please read the important documents below and save copies of them for future reference.
PDF documents
Britannia Fixed Rate ISA reinvest terms, conditions, keyfacts and summary box (PDF)
Managing your Britannia Savings account (PDF)
Britannia savings general terms and conditions (PDF)
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.
Savings terms explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Business day is usually Monday to Friday excluding bank holidays.
Calendar month means from midnight on the first day of a month to 11.59pm on the last day of the month.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of The Co-operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.
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