Fixed Rate ISAs - 1 and 2 Years | NatWest

Fixed Rate ISA

Choose between a 1 or 2 year Fixed Rate ISA
Earn between 1.00% and 1.25% AER/Tax-Free p.a. (fixed)                                                                                             
Please read the Summary Box below before applying
 
Apply now Jump to Summary Box


Available until 21st May 2018

Please note that these issues may be withdrawn early due to limited availability.

Our Fixed Rate ISA lets you:

Choose a term that suits you – either one or two years

Have a fixed interest rate on your cash ISA – so you know in advance what your savings will earn

Interest is paid directly into your account to help your tax-free savings grow faster

Transfers in – bring all your ISAs together in one place

 

You will need your National Insurance number when applying for a Fixed Rate ISA.

Summary Box

Account name: Fixed Rate ISA

 

1. What is the interest rate?

1 Year Issue 196

Balance AER/Tax-free p.a. (fixed)
£1,000 - £24,999 1.00%
£25,000+ 1.10%

2 Year Issue 197

Balance AER/Tax-free p.a. (fixed)
£1,000 - £24,999 1.15%
£25,000+ 1.25%

Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. The means you'll earn one rate on your entire balance.

Interest is calculated daily and paid anually to your ISA on the first business day in April and on the Maturity Payment Date. 

2. Can NatWest change the interest rate?

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.

3. What would the estimated balance be at maturity based on a range of deposits?

  Deposit at fixed term start date Balance at maturity date Interest earned
1 year  (Issue 196)

£1,000

£25,000

£1,010.00

£25,275.00

£10.00

£275.00

2 year (Issue 197)

£1,000

£25,000

£1,023.13

£25,628.91

£23.13

£628.91

These are only examples and do not take into account your individual circumstances, or any interest earned prior to the Start Date. 

4. How do I open and manage my account?

Eligibility

You must be aged 16 years or over and resident in the UK for tax purposes.

You must:

  • not have subscribed to another cash ISA (including a Help to Buy: ISA with another provider) or invested the maximum amount in any combination of permitted ISAs in the same tax year; and
  • hold the account solely in your name.

You can open your account in branch, online and by telephone.

You can make payments in branch and by telephone.

We will send you a certificate of deposit within 14 days of the Start Date.

Balance and ISA allowance

You can make deposits into your account until 8th June 2018. You must deposit at least £1,000 (the “Minimum deposit”) by this date. There is no Maximum deposit and no maximum balance; however, there is a limit on the amount you can pay into your account each tax year (“ISA allowance”).  This limit is set by the Government and may change from time to time. The ISA allowance is £20,000 for the 2018/2019 tax year.

If you pay in more than the limit any excess money will be returned to you.

If you make a payment into your Fixed Rate ISA you will not be able to make any further payments for that tax year into any other cash ISA except for a NatWest Help to Buy: ISA.

Making payments to both a NatWest Fixed Rate ISA and NatWest Help to Buy: ISA

You can make payments to Help to Buy: ISA in the same tax year as a NatWest Fixed Rate  ISA provided that: 

the Help to Buy: ISA is held with us;

you don't pay in more than the ISA allowance between the Fixed Rate ISA and the Help to Buy: ISA.

Transferring in balances from other ISAs

You can transfer all or part of any ISA held with another provider to us by completing an ISA Transfer Request form. 

 

 

Key Dates  
Closing date to open your account 21st May 2018
Last date for receipt by us of external ISA transfer requests 21st May 2018
Last date for receipt by us of NatWest internal ISA transfer requests 4th June 2018
Last date to make payments or withdrawls for the 2018/2019 tax year  8th June 2018 
Start Date 11th June 2018

 

  1 Year 2 Year
Maturity Date 11th June 2019 11th June 2020
Maturity Payment Date 12th June 2019 12th June 2020

5. Can I withdraw money?

You can withdraw money from your account (in branch or by telephone) until 8th June 2018 at 3.30pm. Partial withdrawals are not permitted after this time.

If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving written notice to your branch. An Early Closure Charge will apply, except in the event of your death.

The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.

The Early Closure Charge will be deducted from the balance of your Fixed Rate ISA.

The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Start Date. For example, if you have earned 50 days’ interest you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest you will only be charge an Early Closure Charge equivalent to 90 days’ interest.

For more information on closing, please see the Fixed Rate ISA Terms (Term 8).

Transferring your ISA

You can transfer your ISA to another ISA manager. If the transfer is before the Maturity Date, we’ll convert your ISA to a Cash ISA and an Early Closure Charge will apply. If you want to transfer your ISA without incurring an Early Closure Charge the transfer must be dated at least the day after the Maturity Date, when your money is accessible.

Maturity of your ISA

On the Maturity Date (or if the Maturity Date is not a business day the next business day), we’ll convert your account to an Instant Access ISA. You’ll be able to access your money on the Maturity Payment Date. Please see Term 5 of the Fixed Rate ISA Terms for more information. 

6. Additional information?

Tax:

The interest payable is tax-free. The tax treatment may be subject to change in the future and depends on your individual circumstances.

Definitions

Annual Equivalent Rate (AER) 
This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

Tax-Free: 
Interest which is exempt from UK income tax.

p.a. Per annum (per year)

Set Tab for lightbox