Fixed Rate Cash ISA is provided by OneFamily, savings in Post Office Money® Cash ISAs are deposited with Bank of Ireland UK
The Post Office Fixed Rate Cash ISA is currently unavailable
As we're nearing the end of the current tax year we're working hard to get everything updated for the 2020/21 tax year. To apply for a Fixed Rate Cash ISA in the new tax year please try again on 6th April.
Our Fixed Rate Cash ISA may be right for you if you want:
A fixed interest rate and have a minimum of £500 to invest
No access to your savings until the end of the agreed fixed term
To make use of your ISA allowance and earn tax-free interest
Our Fixed Rate Cash ISA may not be right for you if you:
Have already invested your full ISA allowance of £20,000 for the current tax year in another type of ISA
Want to add to your savings on a regular basis
Want to be able to access your savings whenever you need them
Please note: The tax advantages of ISAs depend on your individual circumstances and the tax treatment of ISAs may change in the future.
Fixed Rate Cash ISA Interest rates
1 year at 1.10% tax-free/AER fixed
2 years at 1.15% tax-free/AER fixed
Interest is calculated daily and paid annually on the anniversary of the account opening. After the end of the fixed rate term, interest is paid annually in March.
For help with product information and key terms used, please see the 'Important information' section below.
How it works
Our Fixed Rate ISA is designed to give you a fixed rate of interest for a chosen period.
In order to open an account, you can either;
Open with a single deposit from £500 to £20,000 (subject to contributions in other types of ISAs). If you invest in a cash ISA it will reduce the amount that can be invested in another type of ISA. You can't make any additional deposits, so, if your deposit is less than the maximum you are allowed to pay in, you will lose the rest of your cash allowance for the tax year. Or;
Transfer an existing Post Office ISA or an ISA with another provider - there is no upper limit to the value of ISAs you can transfer but it must be at least £500. Before making a decision to transfer your ISA to us, you should check whether your current provider will charge a fee.
Before you apply
Please make sure you're eligible by checking the below information:
You're a UK resident for tax purposes and aged 16 or over
The minimum deposit must be at least £500
You have not already paid into a cash ISA this tax year
What you need to apply
Your home address including postcode (we don't accept c/o or PO box addresses)
Your National Insurance Number
Your debit card, if you want to open your Fixed Rate Cash ISA using this method
Details of your existing Post Office Money account if you want to use this money to open your ISA
If you're aged 16 - 18, you'll need to verify your name - call us on 0800 169 7500 for a list of acceptable ID.
Managing your account
You can obtain the current value and any other details about your account by calling or writing to us.
AER:AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Variable: A variable rate of interest can go up or down throughout the lifetime of a savings account
Fixed: A fixed rate of interest remains the same and doesn't change for the duration of the term.
Tax-free: Tax-free means the interest paid will be free from UK Income Tax and Capital Gains Tax. The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.
Nominated Account:A Nominated Account is a current account that we link to your savings account so that you can transfer money between accounts safely and securely whenever you like. It should be a UK personal bank or building society account in your name(s) that accepts Direct Debits / Direct Credits.
Breakage charge: A charge applied if you close or transfer your account, or your account or any deposits are voided, within the fixed rate term.
0345: Calls to 0345 numbers will cost no more than calling a standard geographic number starting with 01 or 02 from your fixed line or mobile and may be included in your call package dependent on your service provider. Calls may be monitored or recorded for training and compliance purposes.
0800: All calls to 0800 numbers are free of charge whether made from a landline or mobile phone. Calls may be monitored or recorded for training and compliance purposes.
Applications can only be accepted by OneFamily if they are completed in full and ID checks are successful. The last date to apply in-branch is the 25th March 2020 when funding from an existing Post Office Money Savings account by cheque, debit card or ISA transfer. If you are sending your application by post the last recommended date to post us your application is the 26th March 2020. Reminder: The ISA allowance for the 2019/20 tax year is £20,000 (subject to contributions in other types of ISAs). Any unused ISA allowance cannot be carried forward into the next tax year.
If you are applying for the 2019/20 tax year but miss the deadline, we will be unable to open a Fixed Rate Cash ISA for the 2019/20 tax year. We will write to let you know if this has happened and send you an application form for the 2020/21 tax year. If you change your mind, you’ll be able to cancel your Fixed Rate Cash ISA within 14 days of account opening and any deposit will not count towards your ISA allowance. For more information please see the cancellation section in the Key Information Pack (which includes the Key features and Terms & Conditions.
You can deposit up to the maximum annual ISA limit set each tax year (that's from 6 April to 5 April) subject to contributions in other types of ISAs. The annual limit for the 2019/20 tax year is £20,000. For example, if you deposit half of this years' limit in a cash ISA with one provider, you can invest the other half into a stocks & shares ISA with the same or another ISA provider. You can only make deposits and/or invest in one of each type of ISA each tax year.
The sooner you invest in an ISA, the sooner you'll start making use of your tax-free benefits. To take advantage of this year's ISA allowance you can open an account whenever you want. However, you must use it by 5th April each year or you will lose your allowance for that tax year.
For more information about how savings in the Fixed Rate Cash ISA are protected, please read the Deposit Information Sheet. This sets out details of how your money is protected with Bank of Ireland UK, who is the `deposit taker' for the Fixed Rate Cash ISA.
If you make payments directly to us, we will initially pay these into an account held with NatWest. We will then transfer this money to Bank of Ireland UK. This is also what happens if we receive a transfer cheque from another ISA provider. Please note that any money you hold in other accounts with NatWest will count towards compensation limits.
You can find out more about how your money is protected when it's held in a bank or building society account by going to the "What we cover" section of the FSCS website.
Anyone over the age of 16 years who is a UK resident can open a Fixed Rate Cash ISA with a lump sum investment minimum of £500 and maximum of £20,000 deposit (subject to contributions in other types of ISAs). Alternatively transfers-in from an ISA held with another provider (minimum £500) are accepted. Before making a decision to transfer your ISA to us you should check if your current provider will charge a fee.
We can open an account as soon as we receive a valid application and your initial payment. To do this, we need to confirm your identity and address. Some customers may be required to provide further evidence and in these cases we will write to you.
Please note, interest is payable on your Fixed Rate Cash ISA once your account has been opened and your initial payment has been accepted.
You can currently invest up to £20,000 between the different types of ISAs this tax year (that's the period from 6th April to 5th April). You can only make deposits/invest in one of each type of ISA in each tax year.
The interest earned in the Fixed Rate Cash ISA is tax -free
The tax advantages of ISAs depend on your individual circumstances and the tax treatment may change in the future.
Interest is calculated daily. During the fixed rate term, interest is calculated daily and paid annually on the anniversary of the account opening. After the end of the fixed rate term, the interest is paid annually in March.
For more details, call 0800 169 7500.
At the end of the fixed rate term, your savings will earn a standard variable interest rate, which is paid annually in March.
There is no charge to set up the Fixed Rate Cash ISA. A Breakage Charge will be applied if you close or transfer the ISA within the fixed rate term. If you select a 1 year term or shorter, the Breakage Charge will equal 90 days loss of interest, or if you select longer than 1 year but shorter than 5 years, then 180 days loss of interest will be incurred. 5 years or more will incur 365 days loss of interest.
This means that if you close or transfer your Fixed Rate Cash ISA in the fixed term, the amount returned to you, or sent to your new provider, could be less than you paid in.
There may also be a charge of £5 for cancelling and reissuing cheques or issuing duplicate statements.
You can transfer your Fixed Rate Cash ISA in full to either another cash ISA or another stocks and shares ISA.
To arrange for the transfer, you will need to contact the new provider.
A Breakage Charge will be applied if you transfer your account within the fixed rate term. If you select a 1 year term or shorter the Charge will be equal 90 days loss of interest, or if you select longer than 1 year but shorter than 5 years, then 180 days loss of interest will be incurred. 5 years or more will incur 365 days loss of interest. If the interest you've earned doesn't cover this, you may get back less than you paid in.
To close your account please call or write to us. When you ask us to repay your money, you can choose to have the funds paid either by cheque or direct to your nominated account.
A Breakage Charge will be applied if you close your account within the fixed rate term. If you select a 1 year term or shorter the Charge will be equal 90 days loss of interest, or if you select longer than 1 year but shorter than 5 years, then 180 days loss of interest will be incurred. 5 years or more will incur 365 days loss of interest. If the interest you've earned doesn't cover this, you may get back less than you paid in.
If you have a complaint, we want to know. In the first instance you should contact the Customer Service Centre on 0800 169 7500 or write to us at:
Post Office Money Savings
PO BOX 5179
Brighton BN50 9UY
We will aim to provide you with a full response within four weeks of the date we receive your complaint and our response will be our final decision based on the evidence presented. If for any reason there is a delay in completing our investigations, we will explain why and tell you when we hope to reach a decision.
In any event, should you remain dissatisfied or fail to receive a final answer within eight weeks of us receiving your complaint, you may have the right to refer your complaint to an independent authority for consideration. That authority is the Financial Ombudsman Service (FOS) at:
Financial Ombudsman Service
Harbour Exchange Square
E14 9SR London
Please note that if you wish to refer this matter to the FOS you must do so within 6 months of our final decision. You must have completed the above procedure before the FOS will consider your case.
Summary box and how to apply
Apply for a Fixed Rate Cash ISA
Key product information for our Fixed Rate Cash ISA
Post Office Money Fixed Rate Cash ISA (Issue 24)
What is the interest rate?
Fixed Rate Cash ISA interest rate
1.10% tax-free/ AER Fixed
1.15% tax-free / AER Fixed
Current variable interest rate - paid after maturity
0.10% tax-free / AER Variable
Interest is calculated daily and paid at the end of the fixed term and then annually in March.
Can Bank of Ireland UK change the interest rate?
The interest rate of your Fixed Rate ISA is fixed until maturity.
At the end of the fixed rate, your ISA will earn a variable interest rate. We have the right to change the variable interest rate. The reasons we may change your rate are outlined in the Interest Section of your Terms and Conditions.
If we change your interest rate to your disadvantage, we will personally notify you up to 14-days before the change takes effect, as long as you have at least £100 in your account.
What would the estimated balance be on a £1,000 deposit?
This projection is provided for illustrative purposes only and does not take into account a customer's individual circumstances.
This assumption is based on a £1,000 deposit with no further deposits or withdrawals during the fixed term of the projection.
How do I open and manage my account?
You must be age 16 or over and a UK resident for tax purposes
ISAs cannot be applied for in joint names
You haven't made deposits into another Cash ISA in this tax year
Opening and managing your account
You can apply for an account in branch, by post or online - or you can ring us and request an application pack
Minimum balance to open the account - £500
Open with a single deposit up to £20,000 this tax year (subject to contributions in other types of ISAs) or transfer-in an existing ISA (no further deposits or transfers are permitted into the account once it is open)
You can manage your account by phone or by writing to us
As Fixed Rate Cash ISA is a fixed term product you will not be able to switch to another product until the end of the fixed term. If you wish to switch into this ISA, please apply in a Post Office branch.
Can I withdraw money?
Fixed Rate Term
Withdrawals are not permitted during the fixed rate term. If you need do access your money, you'll need to transfer to another provider or close your account.
Early closure or transfer is subject to a breakage charge. For a term of 1 year or shorter the charge will equal 90 days loss of interest, or for a term longer than 1 year but shorter than 5 years, the charge will be 180 days loss of interest. If the interest you've earned doesn't cover this, you may get back less than you paid in.
Standard Variable Rate
You can make a withdrawal by calling us or writing to us.
The minimum withdrawal is £10 or the value of your ISA whichever is less.
We'll either send you a cheque or pay your money into a bank or building society account you have previously nominated.
You cannot withdraw money over the counter at a Post Office branch.
This ISA does not have flexible features. This means that once withdrawn, your money will lose the tax advantages of ISAs and cannot be replaced within this ISA.
If you close your ISA, your money will no longer benefit from the tax advantages of ISAs in the future. If you've paid into your Fixed Rate ISA in the same tax year you close it, you won't be able to pay money into another cash ISA in the same tax year.
If you would like to cancel, you can do so within 14 days from the date your Fixed Rate Cash ISA is opened by writing to us. You will not have to pay a breakage charge if you cancel your account within the 14-day cancellation period.
Tax Free. Interest is paid gross. The tax advantages of cash ISAs depend on your individual circumstance and the tax treatment may change in the future.
Before making a decision to transfer an existing ISA to us, you should check if your current provider will charge a fee.
To view a downloadable version of the summary box, click here.
OneFamily is a trading name of Family Assurance Friendly Society Limited (incorporated under the Friendly Societies Act 1992, Reg. No. 939F), of which Family Equity Plan Limited (Co. No. 2208249) is a subsidiary. Financial Services Register numbers 110067 and 122351 respectively. Registered in England and Wales at 16-17 West Street, Brighton, BN1 2RL, United Kingdom. Family Assurance Friendly Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Family Equity Plan Limited is authorised and regulated by the Financial Conduct Authority.
Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 512956. Registered in England and Wales (No. 07022885). Registered Office: Bow Bells House, 1 Bread Street, London, EC4M 9BE.
Post Office Limited is registered in England and Wales (No. 2154540). Registered Office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office and the Post Office Money logo are registered trademarks of Post Office Limited.
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