5 Year Fixed Rate Cash ISA
Pros and cons
- You can save up to £20,000 in a Cash ISA
- You can transfer current ISA savings from another provider into your Secure Trust Bank Cash ISA
- You'll know exactly how much you'll get back at the end of the term
- If interest rates increase you won't benefit
- You can only pay into one Cash ISA in each tax year
This account has limited availability and can be withdrawn at any time.
To apply for an account, you must have a UK current account in your name to use as your Nominated Account.
This will be the account you use to make payments in and out of this account, so it's important that your Nominated Account uses an identical account number and sort code for money in and money out.
- Fixed maturity date of 3 January 2029
- When you apply, you can transfer in existing Cash ISA savings from another provider - these savings can be from the current tax year or previous tax years. Stocks and Shares ISA transfers are not accepted
- Account can be managed by Internet Banking or by phone
- Minimum £1,000 deposit must be made within 30 days of opening the account
- Minimum £1,000 operating balance
- Minimum £1,000 for each deposit
- Electronic payments only; cheques not accepted
- Maximum £20,000 deposit for current tax year
- Maximum £1,000,000 account balance (excluding credit interest)
- Maximum £1,000,000 aggregate balance across all accounts held (excluding credit interest)
- We do not allow partial withdrawals. If you need to take money out, you may withdraw the whole balance by closing your account. If you decide to close your account before it matures, we make an 'early access charge' of 365 days' interest. If there isn't enough earned interest to cover the charge, then we take it from the balance in the account
- Interest paid annually into a Nominated Account or credited to the ISA
- Statements issued annually
- Statements are provided via Internet Banking, with the ability to download and print or the option to change to paper if required
- On the maturity date, if you don't give us instructions, we'll automatically transfer the balance into a Matured Funds Access ISA
Why choose Secure Trust
You want a financial services provider you can trust. To help you make an informed decision, here's some of the reasons why Secure Trust Bank may be the right place for you and your money:
- Award winning products and customer service
- Friendly, UK-based call centre
- Listed on the London Stock Exchange since 2011
- Well-capitalised and profitable
- Customer deposits protected by the FSCS
Certified savings champions
We're proud winners of multiple awards, including Best Savings Provider.
5 Year Fixed Rate Cash ISA (03.Jan.29)
Interest is calculated daily and paid on 31 December and on maturity. You can choose to have your interest added to your Fixed Rate Cash ISA or paid away to your Nominated Account.
No, the interest rate is fixed. This means that the rate of interest payable on your account will remain the same from the time you open your account until the end of the fixed rate period.
Your estimated balance would be £1,252.75 based on a deposit of £1,000 after 60 months.
This is for illustrative purposes only, does not take into account individual circumstances and makes the following assumptions:
- Your initial deposit is paid into the ISA when it is opened
- No further deposits are made
- Interest is added to your ISA
To open an account you must:
- Be 18 or over
- Have a valid National Insurance Number
- Be resident in the UK for tax purposes (for full details of who can open an ISA, visit the Government's website, www.gov.uk and type 'ISA' in the search box)
- Be the account holder (not a Power of Attorney or Third Party)
- Have a minimum deposit of £1,000
The minimum operating balance for this account is £1,000 and the maximum aggregate balance across all accounts held is £1,000,000.
How to open the account and pay in
- You must apply for the product online via the application link
- Deposits into the Cash ISA must be from your Nominated Account by electronic payment; cheques are only accepted from an existing Cash ISA provider as part of a transfer
- If we cannot electronically verify that funds have been sent from an account in your name, they will be returned
- Each deposit into the account must be a minimum of £1,000
- You may only pay into your Fixed Rate Cash ISA in the 30 days after the account opens
- This account is only available to personal individual customers
Transferring an existing Cash ISA
- You can transfer existing Cash ISA(s) to this Cash ISA by giving us instructions when you apply for this Cash ISA (remember to check with your existing Cash ISA provider in case there are any conditions or charges to make a transfer to us)
- Electronic Cash ISA transfers will be completed in 15 working days from the date we open your account
- Most Cash ISA transfers can be completed electronically, however if the transfer needs to be completed manually, we will send you a form to be completed and signed. Manual transfers will be completed in 15 working days from the date we receive your completed transfer form
- Stocks and Shares ISA transfers are not allowed
Previous years' ISA savings
You can transfer any amount of ISA savings from previous tax years.
Current year's ISA savings
The annual ISA allowance for the tax year ending 5 April 2024 is £20,000. The actual amount you may pay into this ISA depends on how much you've already paid into other types of ISA this tax year.
How to manage the account
Accounts are managed by Internet Banking or by telephone on 0345 111 7092.
Statements are provided via Internet Banking, with the ability to download and print or the option to change to paper if required.
We do not provide Internet Banking for a Power of Attorney or Third Party.
No, we don't allow partial withdrawals.
This is not a flexible ISA. You may withdraw the whole balance by closing the account. If you decide to close the account before it matures on 3 January 2029, we make an 'early access charge' of 365 days' interest. If there isn't enough earned interest to cover the charge, then we take it from the balance in the account.
Remember, if you withdraw your savings, they'll lose their tax-free status unless you transfer them to another ISA (see below).
To transfer your ISA savings to another ISA provider
- Give your transfer instructions to your new ISA provider. They'll carry out the ISA transfer for you
- Don't transfer ISA savings yourself (using a normal transfer) because the money will lose its tax-free status
- If you transfer the savings in your Fixed Rate Cash ISA before it matures, we make a charge - see above
What happens when the ISA matures
- We will contact you prior to maturity to let you know your options
- At maturity, if you don't give us any instructions, we'll automatically transfer the money in this account to our Matured Funds Access ISA. We'll send you details of the Matured Funds Access ISA when we contact you before maturity
A 14 day cancellation period applies to this account. If you change your mind within the 14 days after we open the account for you, you may close it without charge and it will be as if you never had the ISA.
Note: you're only allowed to pay in money which counts towards your annual ISA allowance into one cash ISA each tax year. This means that if you open this ISA, you can't open another cash ISA during this tax year, even if you haven't paid in your full annual ISA allowance into this ISA.
This is a strictly limited issue and can be withdrawn at any time. Once withdrawn, there is a limited window to make any deposits or transfers into the ISA and any funds received after this time will be returned. We will not contact you to let you know when the Fixed Rate Cash ISA is withdrawn.
'Tax-free' means you're not liable to UK Income Tax or Capital Gains Tax on the interest earned. The value of tax benefits we describe depends on individual circumstances. The tax treatment of ISAs could change in the future.