Bank of Cyprus Fixed Rate ISAs

Review of Bank of Cyprus Fixed Rate ISA

A Bank of Cyprus UK Cash ISA is a tax efficient way to help you make the most of your savings. With most savings accounts tax is deducted from the interest you earn but you won't pay any tax on the interest you earn from saving in a Cash ISA. They offer a competitive rate of interest which can be viewed on our tables.

History

The Group currently operates through a total of 130 branches/business offices, of which 125 operate in Cyprus, four in the United Kingdom, one in Romania . Bank of Cyprus UK has a branch in North London and business centres in Central London, South London and Birmingham. They’ve built their business in the UK since 1955.

Bank of Cyprus Fixed and Variable ISA

The Bank of Cyprus UK Cash ISAoffers a unique combination which functions as a fixed and variable way to save. It combines the security of a fixed rate Cash ISA with the flexibility to make further deposits at the variable rate (up to the Cash ISA annual subscription limit). Variable rate Cash ISA deposits can be made at any time and switched to the fixed rate of interest when the next fixing opportunity arises.

Features:

1. Competitive tax-free interest rates, including loyalty rates for existing customers
2. Your interest rate options are flexible. You can start with a variable rate and switch your funds to a fixed rate at any time. You can only fix the rate once in each tax year, subject to a minimum of £500
3. Top-up your Cash ISA during the tax year
4. Fee-free withdrawals from the fixed rate are permitted at the end of the fixed term
5. Fee-free withdrawals from the variable rate balance are subject to 35 days’ notice
6. If you already have cash ISAs with other providers you can transfer them to Bank of Cyprus UK
7. If you have been a Bank of Cyprus UK customer for six months or more, you will automatically receive their loyalty rates when you deposit or reinvest in an eligible product
8. Interest is calculated daily and paid annually. Variable rate interest is paid at the end of each tax year. Fixed rate interest is paid on the anniversary of the account opening

Most eligible deposits are protected up to £75,000 by the UK Financial Services Compensation Scheme. You are restricted in the total amount you can invest in ISAs.