Compare Fixed Rate Cash ISAs

Fixed rate cash ISAs

If you want to take advantage of your 2017/2018 cash ISA allowance and have money you can afford to lock away for a few years, a fixed rate cash ISA could be ideal. It pays a guaranteed amount of interest for a set length of time.

You can invest up £20,000 in a cash ISA. Some accounts also allow you to transfer in money invested in the previous tax year so you can maximise returns on all your tax-free savings.

These are the best accounts available to open through MoneySuperMarket. We can show you all the accounts on the market, but we can only help you to open some of them.

1 Year Fixed Rate Cash ISAs – Ordered by interest rate


See all fixed rate accounts

Al Rayan Bank

12 Month Fixed Term Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1000 | currency : '' : 0}} to {{productCurrency}} no limit

Term

12 month bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access account
Great for
  • A Sharia compliant savings account
  • Transfer existing ISA balances for up to 30 days from account opening
  • UK based ethical bank with full UK regulation. The bank operates under Islamic finance principles
But be aware that
  • Withdrawals are not permitted within the fixed term
Virgin Money

Fixed Rate Cash E-ISA Issue 265

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 24.09.18

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access account
Great for
  • Start saving from £1 and choose between monthly or annual interest
  • Transfer in existing ISA balances, to bring all your ISAs together
  • Know what return you'll get with this fixed rate of interest
But be aware that
  • Not suitable for regular deposits. This is a limited issue so don't delay
  • Withdrawals are subject to a charge equivalent to 60 days' loss of interest on the amount withdrawn
  • The maturity date of this product is 24 September 2018
Paragon Bank

1 Year Fixed Rate Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}}{{100000 | currency : '' : 0}}

Term

1 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access account
Great for
  • Transferring existing ISA balances
  • A choice between monthly or annual interest
But be aware that
  • Early withdrawals are allowed subject to the loss of 90 days' interest
Leeds Building Society

1 Year Fixed Rate ISA (Issue 98)

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 31.10.18

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access account
Great for
  • Transferring existing ISA balances
  • Online application
But be aware that
  • Withdrawals/transfers of your capital investment prior to maturity are permitted, but they will be subject to 60 days' loss of interest
  • Post and branch access only
Tesco Bank

Fixed Rate Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Term

1 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access account
Great for
  • Transferring existing ISA balances
But be aware that
  • Early withdrawals are allowed subject to the loss of 90 days' interest
Skipton Building Society

1 Year Online Fixed Rate ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}} no limit

Term

1 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access account
Great for
  • Fixed term ISA savers
  • Transferring existing ISA balances
But be aware that
  • Withdrawals are not permitted within the fixed term
2016 SUPERS

Winner of the Best 'Cash ISA' Savings Provider

Aldermore

1 Year Fixed Rate Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1000 | currency : '' : 0}} to {{productCurrency}} no limit

Term

1 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access account
Great for
  • A choice between monthly or annual interest
  • FSCS Protected up to £85,000
  • Quick and easy online account opening
But be aware that
  • Early withdrawals are allowed subject to the loss of 120 days' interest
Post Office Money

Online ISA - 1 Year Fixed Rate Issue 9

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}} no limit

Term

1 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access account
Great for
  • One year at 1.01% tax-free/AER fixed
  • Full online application and access
But be aware that
  • Interest calculated daily and paid annually on anniversary of account opening. At the end of the fixed term, the value along with any interest earned will be paid into the Holding Account of your Online ISA
  • No additional deposits or withdrawals permitted during fixed term. If product is closed after the first 14 days of opening, a Breakage Charge will apply. If the interest earned doesn’t cover this, you may get back less than you put in

2 Year Fixed Rate Cash ISAs – Ordered by interest rate

Al Rayan Bank

24 Month Fixed Term Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1000 | currency : '' : 0}} to {{productCurrency}} no limit

Term

24 month bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Great for
  • A Sharia compliant savings account
  • Transfer existing ISA balances for up to 30 days from account opening
  • UK based ethical bank with full UK regulation. The bank operates under Islamic finance principles
But be aware that
  • Withdrawals are not permitted within the fixed term
Virgin Money

Fixed Rate Cash E-ISA Issue 273

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 24.09.19

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Great for
  • Start saving from £1 and choose between monthly or annual interest
  • Transfer in existing ISA balances, to bring all your ISAs together
  • Know what return you'll get with this fixed rate of interest.
But be aware that
  • Not suitable for regular deposits. This is a limited issue so don't delay
  • Withdrawals are subject to a charge equivalent to 90 days' loss of interest on the amount withdrawn
  • The maturity date of this product is 24 September 2019
Leeds Building Society

2 Year Fixed Rate ISA (Issue 94)

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 31.10.19

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Great for
  • Transferring existing ISA balances
  • Online application
But be aware that
  • Withdrawals/transfers of your capital investment prior to maturity are permitted, but they will be subject to 150 days' loss of interest
  • Post and branch access only
Paragon Bank

2 Year Fixed Rate Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}}{{100000 | currency : '' : 0}}

Term

2 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Great for
  • Transferring existing ISA balances
  • A choice between monthly or annual interest
But be aware that
  • Early withdrawals are allowed subject to the loss of 180 days' interest
Skipton Building Society

2 Year Online Fixed Rate ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}} no limit

Term

2 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Great for
  • Fixed term ISA savers
  • Transferring existing ISA balances
But be aware that
  • Withdrawals are not permitted within the fixed term
Aldermore

2 Year Fixed Rate Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1000 | currency : '' : 0}} to {{productCurrency}} no limit

Term

2 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Great for
  • A choice between monthly or annual interest
  • FSCS Protected up to £85,000
  • Quick and easy online account opening
But be aware that
  • Early withdrawals are allowed subject to the loss of 180 days' interest

3 Year Fixed Rate Cash ISAs – Ordered by interest rate

Yorkshire Bank

Cash ISA - Fixed Rate Bond (Issue 41)

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{2000 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 31.07.20

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Quick and easy online application process
  • Know what return you'll get with this fixed rate of interest
  • Transferring existing ISA balances
But be aware that
  • The minimum amount to invest is £2,000
Clydesdale Bank

Cash ISA - Fixed Rate Bond (Issue 41)

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{2000 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 31.07.20

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Quick and easy online application process
  • Know what return you'll get with this fixed rate of interest
  • Transferring existing ISA balances
But be aware that
  • The minimum amount to invest is £2,000
Virgin Money

Fixed Rate Cash E-ISA Issue 267

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 24.09.20

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Start saving from £1 and choose between monthly or annual interest
  • Transfer in existing ISA balances, to bring all your ISAs together
  • Know what return you'll get with this fixed rate of interest
But be aware that
  • Not suitable for regular deposits. This is a limited issue so don't delay.
  • Withdrawals are subject to a charge equivalent to 120 days' loss of interest on the amount withdrawn
  • The maturity date of this product is 24 September 2020
Paragon Bank

3 Year Fixed Rate Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}}{{100000 | currency : '' : 0}}

Term

3 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Transferring existing ISA balances
  • A choice between monthly or annual interest
But be aware that
  • Early withdrawals are allowed subject to the loss of 270 days' interest
Leeds Building Society

3 Year Fixed Rate ISA (Issue 54)

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 01.11.20

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Transferring existing ISA balances
  • Online application
But be aware that
  • Withdrawals/transfers of your capital investment prior to maturity are permitted, but they will be subject to 240 days' loss of interest
  • Post and branch access only
Skipton Building Society

3 Year Online Fixed Rate ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}} no limit

Term

3 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Fixed term ISA savers
But be aware that
  • Withdrawals are not permitted within the fixed term
Aldermore

3 Year Fixed Rate Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1000 | currency : '' : 0}} to {{productCurrency}} no limit

Term

3 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • A choice between monthly or annual interest
  • FSCS Protected up to £85,000
  • Quick and easy online account opening
But be aware that
  • Early withdrawals are allowed subject to the loss of 180 days' interest

5 Year Fixed Rate Cash ISAs – Ordered by interest rate

Virgin Money

Fixed Rate Cash E-ISA Issue 268

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 24.09.22

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Start saving from £1 and choose between monthly or annual interest.
  • Transfer in existing ISA balances, to bring all your ISAs together.
  • Know what return you'll get with this fixed rate of interest.
But be aware that
  • Not suitable for regular deposits. This is a limited issue so don't delay.
  • Withdrawals are subject to a charge equivalent to 180 days' loss of interest on the amount withdrawn.
  • The maturity date of this product is 24 September 2022.
Paragon Bank

5 Year Fixed Rate Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}}{{100000 | currency : '' : 0}}

Term

5 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Transferring existing ISA balances
  • A choice between monthly or annual interest
But be aware that
  • Early withdrawals are allowed subject to the loss of 365 days' interest
Leeds Building Society

5 Year Fixed Rate ISA (Issue 66)

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100 | currency : '' : 0}} to {{productCurrency}} no limit

Term

until 31.10.22

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Transferring existing ISA balances
  • Online application
But be aware that
  • Withdrawals/transfers of your capital investment prior to maturity are permitted, but they will be subject to 365 days' loss of interest
  • Post and branch access only
Skipton Building Society

5 Year Online Fixed Rate ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}} no limit

Term

5 year bond

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Fixed term ISA savers
  • Transferring existing ISA balances
But be aware that
  • Withdrawals are not permitted within the fixed term


See all fixed rate accounts

Not sure what account is right for you? Tell us a few details and we can help you decide

Get help to choose an account

 

Easy Access Cash ISAs – Ordered by interest rate

Virgin Money

Defined Access E-ISA Issue 15

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

none

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • 1.06% Tax Free/AER if you make 3 or less withdrawals in a calendar year.
  • Start saving from £1 and pay money in as often as you like. Transfer in your existing ISA balances using our ISA Transfer Service.
  • Choose between monthly or annual interest.
But be aware that
  • 0.25% Tax Free/AER variable if you make 4 or more withdrawals in a calendar year.
  • Rate depends on the number of withdrawals.

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{500 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

none

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Transferring existing ISA balances
  • Make multiple deposits up to the £20,000 annual allowance - or the full amount in one transaction
  • For new and existing customers
But be aware that
  • Lower rate of 0.50% AER for balances that fall below £500
  • Once fully funded any withdrawals cannot be replaced
  • Interest paid annually. You must be aged 18 or over and a UK resident.

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

none

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Opening and viewing your account online
  • Transfer in existing ISA balances
But be aware that
  • Rate includes a bonus, you may want to move your money at the end of this period
  • Online access only
2016 SUPERS

Winner of the Best 'Cash ISA' Savings Provider

Tesco Bank

Instant Access Cash ISA

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

none

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Opening an account with just £1
  • Transferring existing ISA balances
  • Unlimited withdrawals without penalties
But be aware that
  • After 12 months, variable rate without bonus will apply, currently 1.25% tax free/AER
Post Office Money

Online ISA - Easy Access Issue 10

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

none

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Full online application and access
  • The ability to split your cash ISA savings across variable and fixed rate products in one place
But be aware that
  • Interest is calculated daily and paid annually in March. After 12 months the rate will revert to the underlying rate, currently 0.25% tax free/AER variable
  • If you opt to fix your savings withdrawal restrictions will apply
AA

AA ISA - Easy Access Issue 12

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

none

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Includes 12 month bonus
  • Apply and manage your account online 24/7
  • Transfer-in an ISA you hold elsewhere
But be aware that
  • The AA ISA is provided by OneFamily. Money in this AA ISA is deposited with Bank of Ireland UK
  • No additional deposits or withdrawals during the fixed term. Partial ISA transfers out aren't available, transfers out in full only

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{1 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

instant

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Opening an account with just £1
  • Unlimited withdrawals without penalty
  • Transferring existing ISA balances
But be aware that
  • Interest is paid annually

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{25000 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

instant

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Transfer in existing ISA balances
But be aware that
  • A lower rate of interest applies for balances of less than £25,000

Interest rate (AER)

includes bonus of % until

includes bonus of % for month months

Check introductory rate and period with provider

Min/max opening amount

{{productCurrency}}{{100000 | currency : '' : 0}} to {{productCurrency}} no limit

Notice period

instant

Account type

{{::product.productAttributes.accountDetails.accountTypeId | mappingFilter : referenceDataMapping}} Transfer in
Access Account
Great for
  • Transfer in existing ISA balances
But be aware that
  • Lower tiered rates of interest apply for balances of less than £100,000


See all cash ISA accounts

Not sure what account is right for you? Tell us a few details and we can help you decide

Get help to choose an account

 


See more Help to Buy ISA accounts 


What are fixed rate cash ISAs?

When it comes to building up a nest egg, squirrelling money away into an individual savings account (ISA) is a complete no-brainer if you are a taxpayer as returns are tax-free.

This tax break is in addition to the new Personal Savings Allowance (PSA), which came into effect on April 6, 2016. All basic rate taxpayers can now earn £1,000 of savings interest a year without having to pay any tax on it. You’re a basic rate taxpayer in the 2017-18 tax year if your income is less than £43,000).

If you’re a higher rate taxpayer, paying tax at the 40% rate on an income between £43,001 and £150,000, you’re entitled to a lower PSA of £500 a year. 

If you’re an additional taxpayer earning £150,001 or more, you won’t get an allowance at all. 

In the current tax year, you can slot away up to £20,000 in a cash ISA, or a stocks and shares ISA, or an innovative finance ISA, or you can split your allowance between two or three of these.

With rock bottom interest rates, and no sign of any relief on the horizon, it’s well worth considering a fixed-rate ISA – rather than an easy access cash ISA – if you can afford to lock your money away, as the interest rates tend to be higher.

With a fixed rate cash ISA you earn a guaranteed rate of interest for a set period of time – giving you certainty of knowing what the rate will be.

What types of fixed rate cash ISA are available?

Fixed-rate cash ISAs tend to run for a period of between one and five years.  The longer you fix for, the higher the returns on offer. But you do need to ensure you can afford to lock your money away for the full term as you can’t usually access your money during the fixed term without incurring a hefty penalty. Some accounts will only allow you to get at your money in exceptional circumstances.

In addition, you need to be wary of fixing for too long, as while rates have been at rock bottom for several years now, they will climb upwards at some point. If your money is tied up for several years, you could risk finding yourself stuck in an uncompetitive account, and missing out when rates do eventually rise.

By contrast, if you opt for a shorter-term fixed-rate ISA, you can reassess the market regularly to check you’re getting the most competitive rate.

In addition, when choosing a fixed-rate ISA, you must not get fixated on the headline rate without looking beyond this to the Ts and Cs that come with the account.

Before opting for one of these accounts, you also need to be happy with the idea of locking away one lump sum payment at the beginning of the term – rather than drip-feeding cash into the account little by little each month.

If you don’t have a lump sum or are wanting an account that allows you to pay money in as and when you can, an easy access cash ISA would be a better option.

Also remember that any funds withdrawn from an ISA account cannot be replaced – unless you haven’t used your full ISA allowance.

What are the advantages of fixed rate cash ISAs?

With a fixed-rate cash ISA, the rate does not change for a set term, meaning you know exactly what you are getting on your money for that period – without having to worry about the rate falling.

Generally speaking, the rates paid are higher than on other accounts because you are tying your money up – and because the provider knows how long they will have your money for.

However, if you would prefer not to lock your money away in a fixed-rate ISA, you need to look at what other accounts are available, weighing up the pros and cons of each before making your decision.

Why should you use MoneySuperMarket.com to compare fixed rate cash ISAs?

Given that there is such a wide choice of savings accounts – and then different types of ISA account within this, it’s vital to do your research.

The best way to do this is by making use of a free and independent online comparison service, such as MoneySuperMarket.

In just a few seconds, you can see all the different types of ISAs and rates available, as well as the Ts and Cs for each account – making it easy to compare deals to find the right one for you.