If you've already got a Fixed Rate Cash ISA with us that's about to mature, you might be thinking about what to do with your funds.
If you're wanting to reinvest all or just some of it, our Maturity Fixed Rate Cash ISA could be an option for you. You could save tax-free with a fixed rate of interest up to 5.62% tax-free/AER, depending on your chosen term.
We'll offer an interest rate guarantee if you decide to take out a Maturity Fixed Rate Cash ISA with us. This means that if our rates increase or decrease between the date we send out your maturity pack and the date your original Fixed Rate Cash ISA matures, we'll give you the better rate — as long as you let us know your decision before the maturity date.
Please note, if the interest rate on this page is different to the one in your maturity pack, you'll automatically receive the higher rate if you decide to apply.
If you already have a Fixed Rate Cash ISA with us, we'll post you a maturity pack about 4 weeks before its maturity date. In this pack, you'll find:
If your Fixed Rate Cash ISA's maturity date is more than 30 days away, please do not apply to reinvest online, as your application will not be valid. You must wait until 30 days before the maturity date to apply — you'll also have 30 days to apply after the maturity date, however you may receive a lower interest rate.
Reinvest all of your funds in a Co-operative Bank Maturity Fixed Rate Cash ISA.
With this option:
Reinvest some of your funds in a Co-operative Bank Maturity Fixed Rate Cash ISA, and withdraw the remainder.
With this option:
If you decide not to reinvest, you can also choose to withdraw your funds and close your existing Fixed Rate Cash ISA once it's matured.
You'll be able to access your funds on your maturity date. If this date doesn't fall on a business day, your funds will be available on the next business day.
From this date, you will be able to withdraw your funds:
Any money you withdraw from your existing ISA will lose its tax-free status. If you then decide to repay it back into another ISA, this'll count towards your £20,000 tax-free ISA allowance for the current tax year.
If you want to transfer your funds to an ISA with another provider, please contact your new provider to set up the transfer.
They will need your existing ISA's sort code and account number, which can be found in your maturity pack.
You can transfer all or just some of your existing ISA funds to a new provider. You could also transfer them to a stocks and shares ISA — it does not have to be another cash ISA.
It's important that you use your new ISA provider's transferring service to do this — if you withdraw money from the ISA yourself, it will lose its tax-free status.
Avoid investment scams!
If you're planning on transferring your ISA funds to another provider, it's important you check that the individual or company are authorised by the Financial Conduct Authority (FCA). The FCA holds a warning list of individuals or companies who are not regulated, and operating without authorisation. This could prevent you falling for an investment scam, and help you keep your money safe.
The Co-operative Bank reserves the right to decline or accept any application or deposit.
If you like, you can transfer money from an existing cash ISA into a Co-operative Bank Maturity Fixed Rate Cash ISA. Your existing ISA might be with us, or another provider.
If your existing cash ISA is with another provider, they may have restrictions relating to ISA transfers — we recommend checking this before requesting a transfer to us.
You must not withdraw the money and transfer it to us yourself, as it will lose its tax-free status.
To do this, you'll need to:
Please note: your term will start on the date your funds are reinvested.
The account summary information is displayed in the summary box below — you must read it before applying. You can also download this information in a PDF format.
Co-operative Bank Maturity Fixed Rate Cash ISA
1 Year Maturity Fixed Rate Cash ISA
5.62% tax-free / AER
2 Year Maturity Fixed Rate Cash ISA
5.21% tax-free / AER
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.
Interest can either be paid into this account or another account of your choice, with us or another provider.
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
£5,281.00 would be the balance after a 1 year fixed term
£5,534.57 would be the balance after a 2 year fixed term
This calculation is for illustration purposes and assumes:
To open an account you must be:
This account can only be opened as a sole account.
You can open and re-invest in this account by:
You can reinvest all or part of your maturing Fixed Rate Cash ISA funds.
If you are adding additional funds 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 – to be paid within 30 days from the start of the fixed term, 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, then there is a maximum balance of £1,000,000.
If you’re reinvesting any of your existing maturing Fixed Rate Cash ISA – you can transfer these funds into this account by providing us with your reinvestment 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. 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 have 30 days from the start of the fixed term to add additional funds. 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 for additional funds, we will return the additional funds to you.
No further deposits are allowed after 30 days from the start of the fixed term. So if you are 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 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:
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 (whilst within the 30 days from the start of the fixed term) 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:
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 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.
If you're eligible for a Co-operative Bank Maturity Fixed Rate Cash ISA, you can apply either online, by post, or in branch.
To apply, you must:
If you’d prefer to apply by post, you can fill in and send us the postal form you received in your maturity pack.
If you want to put away money regularly, have instant access to your savings, or earn tax-free interest on the money you save, check out some of our other types of savings accounts.
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.
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.
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