What are ISAs
ISAs, also known as individual savings accounts, allow you to potentially earn up to £20,000 tax-free interest on your savings.
Not only can you access tax-free interest on your savings, but through an ISA you can invest capital and enjoy tax-free returns from your investments.
Fixed rate ISAs
Cash ISAs and instant access ISAs can give you the chance to earn tax-free interest, as well as give you complete access to your savings.
However, as a trade-off for the instant access, cash and instant access ISAs often have much lower interest rates than other ISA products.
If you want to earn higher interest on your savings, you may have to be prepared to lock up your savings for longer periods of time.
Typically, a fixed rate ISA will give you the opportunity to earn higher tax-free interest on your savings, providing you do not touch your savings for the duration of the fixed term.
HSBC fixed rate ISAs
HSBC is one of the largest banks in the world, which provides business and personal banking services. They have plenty of accounts available , including fixed rate ISA accounts.
HSBC offer a number of different savings products including fixed rate ISAs. HSBC has a variety of fixed rate ISAs, which range from 3 months to 3 years. You can open an HSBC fixed rate ISA from £2,000, with a maximum deposit of £1,000,000. It is important to bear in mind that no withdrawals can be for deposits larger than £50,000, any withdrawals for deposits under £50,000 will be subject to a 90 days’ worth of interest charge.
If you want to explore your fixed rate ISA options, then review our table above. Our ISA table above provides some of the best ISAs available on the market, including ISAs from other lenders.