One Year Fixed-Rate ISA

A fixed-rate ISA designed for those able to invest their money for a full year.

Cash ISAs are one of the most popular options for tax-free savings. This account is ideal for those who are able to invest their money for a full year to benefit from a higher rate of interest than an account with a shorter notice period.

Summary

Details

The interest rate is fixed and the current available rate is 0.25% Gross/AER. Interest is paid at maturity.

No, as this account pays a fixed rate of interest. The product rates for new accounts may change from time to time, but your fixed rate will remain until the maturity of the product.

If you deposit £2,000 when you open the account, the balance after 12 months will be £2002.50.

You must be 16 or over, a resident in the UK for tax purposes and have a National Insurance number.

This account must be opened in a sole name with a minimum deposit of £2,000.

Once a fully completed application form is received in the post and the necessary checks have been carried out by our team, we will be delighted to open your account with us.

If you change your mind, you can advise us in writing and we will cancel the account free of charge within 14 days of opening.

You can transfer an ISA you already have with Kingdom Bank to a One Year Fixed-Rate ISA by sending a signed letter of authority stating that you wish to do this.  If transferring in from an ISA with another bank, please complete this ISA transfer form and send it to us.

If you have already saved into another cash ISA this tax year, you will need to do an ISA transfer and to move over the money you saved in this tax year. This includes cash ISAs with us or another bank.

Deposits can be added at any time by online banking, standing order or post.

Information can be requested via online banking or over the phone. If you would like to make a withdrawal upon maturity, this can be arranged via online banking, over the phone or by post.

As with all ISAs, there are some rules which apply:

  • You may not deposit more than the maximum allowed in any tax year. The current limit for the 2020/2021 tax year is £20,000.
  • You can only save into one cash ISA in a tax year, unless you do an ISA transfer. This includes Help to Buy ISAs and Cash ISAs with other banks.

It is not possible to withdraw funds during the term of the deposit. After 12 months, we will contact you to explain your options and explore your next steps.

All withdrawals must be made to an account in the same name.

Any money you move to an account that is not an ISA will lose its tax-free status.

No charges apply to this account (except for those referred to in our terms and conditions, where we permit early withdrawal at our discretion with charges on transfer before the maturity date).

‘‍Tax-free’ means you will not pay income tax on your interest.

‘AER’ stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

Details

The interest rate is a bank managed rate of 0.25% Gross/AER.

Interest accrues on the daily balance at the rate notified to you from time to time.

Interest is added to or deducted from the account on the 31st December each year.

Yes.

As this account pays a variable rate of interest it can change over time and the general  terms and conditions explain how this happens. We will always let you know of any planned changes to the rate. For example, we may review our interest rates if the Bank of England base rate changes.

If you deposit £1,000.00 when you open the account, the balance after 12 months will be £1,002.50.

This assumes:

  • You do not withdraw any money and interest is paid into this account.
  • The interest rate stays the same.
  • You do not add any more money.

A minimum deposit of £1 is required when opening an account.

You can either apply for an account through our website, by clicking here or alternatively you can download an application form to complete and post to us. This form can be found here. If you would like us to send you an application form in the post, please get in touch.

Once a fully completed application form is received in the post and the necessary checks have been carried out by our team  we will be delighted to open your account with us.

If you change your mind, you can advise us in writing, and we will cancel the account free of charge within 14 days of opening.

Deposits can be added at any time, by internet banking, standing order, card payment or post.

You can register for online banking which will allow you to manage your account online. Alternatively this account offers a telephone banking functionality.

All withdrawals are made to a nominated account, either via online banking or by calling us. You are also able to request withdrawals in writing.

Yes.

You can make withdrawals from this account by giving 32 days’ notice and there is no charge for doing so.

All withdrawals must be made to an account in the same name.

No charges or penalties (except those referred to in out terms and conditions where we permit early withdrawal at our discretion and any charges on transfer before maturity or notice period served) apply to these accounts.

You can also call us on 0115 921 7260 to begin setting up your account.