How this ISA works
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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.
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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 one-year term or shorter, the Breakage Charge will equal 90 days loss of interest, or if you select longer than one-year but shorter than five years, then 180 days loss of interest will be incurred. Five 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.
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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 FSCS website. Read more about compensation arrangement.
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At the end of the fixed rate term, your savings will earn a standard variable interest rate, which is paid annually in March.
Transfers and closing accounts
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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 one-year term or shorter the charge will be equal 90 days loss of interest, or if you select longer than one year but shorter than five years, then 180 days loss of interest will be incurred. Five 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.
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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 one-year term or shorter the charge will be equal 90 days loss of interest, or if you select longer than one year but shorter than five years, then 180 days loss of interest will be incurred. Five 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.