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Post Office Fixed Rate Cash ISA is provided by OneFamily, savings in Post Office Cash ISAs are deposited with Bank of Ireland UK

The 2023/24 tax year ends on 5 April 2024

Read our common questions for key dates and details on opening or paying into a Post Office Fixed Rate Cash ISA before the tax year ends.

Common Fixed Rate Cash ISA questions

How it works

Easy to set up

All you need to open your Fixed Rate Cash ISA is £500 or more, up to £20,000 in the 2023/2024 tax year.

Transfer in from other ISAs

Transfer an existing ISA you hold into the Fixed Rate Cash ISA – there’s no maximum limit. Some providers charge a transfer fee.

Know how much your savings will earn

The interest rate on this ISA is fixed for each annual period, so you’ll know just how hard your money will work for you.

Is this the account for you?

Our Fixed Rate Cash ISA may be right for you if:

  • You’d like a fixed interest rate and have a minimum of £500 to invest

  • You’re happy to have no access to your savings until the end of the agreed fixed term

  • You’re looking 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’ve already invested your full ISA allowance of £20,000 for the current tax year in another type of ISA

  • You want to add to your savings. You can’t make any additional deposits into this ISA

  • You want to be able to access your savings whenever you need them

Summary box

Account name: Post Office Fixed Rate Cash ISA (Issue 44)

  • What’s the interest rate?
  • Can Bank of Ireland UK change the interest rate?
  • What would the estimated balance be based on a £1,000 deposit?
  • How do I open and manage my account?
  • Can I withdraw my money?
  • Additional information

What’s the interest rate?

  1 year 2 year
Fixed Rate Cash ISA interest rate 4.35%
Tax Free/AER fixed
4.15%
Tax Free/AER fixed
Current variable interest rate - paid after maturity 1.55%
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 Cash ISA is fixed until it reaches 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 the ISA key information.

If we change your interest rate to your disadvantage, we’ll personally notify you a minimum of 14 days before the change takes effect, as long as you have at least £100 in your account.

What would the estimated balance be based on a £1,000 deposit?

After 12 months £1,043.50 N/A
After 24 months N/A £1,084.72

This projection is provided for illustrative purposes only and doesn’t take into account your 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?

Eligibility

  • 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 you can ring us and request an application pack
  • Minimum balance to open the account is £500
  • You open your Fixed Rate Cash ISA 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 our Fixed Rate Cash ISA is a fixed term product you won’t 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.

Before making a decision to transfer your ISA to us, you should check if your current provider will charge a fee.

Can I withdraw my money?

Fixed rate term

  • Withdrawals are not permitted during the fixed rate term.  If you need to access your money, you’ll need to transfer to another ISA 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’ve previously nominated
  • You can’t withdraw money over the counter at a Post Office branch

This ISA doesn’t 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 Cash ISA in the same tax year that you close it, you won’t be able to pay money into another cash ISA in the same tax year.

Additional information

If you’d 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 won’t have to pay a breakage charge if you cancel your account within the 14-day cancellation period.

Interest is paid gross without tax deducted on our Fixed Rate Cash ISA. The tax advantages of cash ISAs depend on your individual circumstances, and the tax treatment may change in the future.

Before transferring an existing ISA to us, you should check if your current provider will charge a fee.

Key documents

Please read these documents and guides before you apply. You may like to save or print them for future reference.

Apply in branch

Use our handy tool to find a branch who can help with your savings application

Apply by post

Complete an application form and send it to us in the post. By applying you confirm that you have read and understood all sections of the summary box and key documents for this product.

Common Fixed Rate Cash ISA questions

  • OneFamily can only accept applications that are completed in full. ID checks need to be successful too.

    The last dates to apply in branch depend on how you’re funding the ISA:

    • 20 March 2024: from another Post Office savings account
    • 25 March 2024 by cheque, debit card or ISA transfer

    The last recommended date to apply by post is 25 March 2024.

    Remember, you can save up to £20,000 in ISAs in 2023/24 tax year. This includes what you save in any other type of ISA. You can’t carry forward any unused ISA allowance into the next tax year.

  • If you miss the application deadline for 2023/24, OneFamily won’t be able to open a Fixed Rate Cash ISA for that tax year. If this happens, we’ll write to let you know.

    We’ll also include an application for the 2024/25 tax year.

    If you change your mind, you’ll be able to cancel your Fixed Rate Cash ISA within 14 days of opening your account. Any deposit won’t count towards your ISA allowance.

    For more information please check the cancellation section on the Key Information Pack. This includes the key features and terms and conditions.

  • There are different types of ISA. You can find an up-to-date list of those available on the Government information and services website.

    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 2023/24 tax year is £20,000. For example, if you deposit half of this year’s limit in a cash ISA with one provider, you can invest the other half into a stocks and 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.

  • Anyone over the age of 16 years who’s 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 transferring your ISA to us, you should check if your current provider will charge a fee.

  • You can currently invest up to £20,000 between the different types of ISAs this tax year (that’s the period from 6 April to 5 April). You can only make deposits or 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.

  • 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’ll 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.

  • For more FAQs visit our Fixed Rate Cash ISA support page

Definitions

AER:
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to your account 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.

Gross:
Gross rates means we will not automatically deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).

Nominated Account:
A Nominated Account is a current account that we link to your savings account so that you can transfer money safely and securely. It must be a UK personal bank or building society account in your name(s) that accepts 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

Please note: The tax advantages of ISAs depend on your individual circumstances and the tax treatment of ISAs may change in the future.

Existing customers

Fixed Rate Cash ISA help and support

For answers to common questions, helpful guides and how to contact us:

Visit our Fixed Rate Cash ISA support page

Protecting your savings

Find out more about the Financial Services Compensation Scheme (FSCS) and how it protects your savings.

About FSCS protection

About our savings accounts

Post Office Fixed Rate Cash ISA is provided OneFamily, savings in Post Office Cash ISAs are deposited with Bank of Ireland UK.

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.

The above details can be checked on the Financial Services Register by visiting the Financial Conduct Authority website.

Post Office Limited is registered in England and Wales (No. 2154540). Registered Office: 100 Wood Street, London, EC2V 7ER. Post Office and the Post Office logo are registered trademarks of Post Office Limited.

Rates correct as of 05th February 2024.