The current ISA allowance is £20,000. Use our cash ISA tables below to compare a selection of market-leading cash ISAs for instant access, fixed rates and alternative ideas to maximise your tax free returns.
Review of Post Office Fixed Rate ISA
The Post Office offer a range of savings options with a competitive rate of interest. Please see the tables above for latest interest rates and comparison.
The Post office are the UK's largest retail network and the largest financial services chain in the UK with more branches than all of the UK’s banks and building societies combined. They also have a growing amount of direct channels such as contact centres and online meaning they offer great customer service.
The Post Office Fixed Rate Cash ISA:
- A competitive fixed interest rate
- You must have a minimum of £500 to invest
- No access to your savings until the end of the agreed fixed term
- One year fixed term
Interest is calculated daily and paid annually on the anniversary of the account opening. After the end of the fixed rate term, interest is paid annually in March.
In order to open an account, you can:
Open with a single deposit from £500 to £20,000. You can't make any additional deposits so you may lose the rest of your tax allowance if you don’t invest the whole amount.
You can also transfer an ISA from another provider, there is no upper limit to the value of ISAs you can transfer but it must be at least £500.
The Post Office offer a range of variable interest rate ISAs, bonds and savings account. Check our tables for more info about other options.
Why use a Fixed Rate ISA?
Typically, a fixed-rate Isa account will pay more interest. In exchange for a higher rate, banks will ask you to tie up your cash. Generally, the longer you give up access, the higher the return. As it is a guaranteed amount, you know what you will end up with at the end which makes it a lot safer than investing.
ISAs are a good idea whatever your savings goal. With certain types of cash ISAs, you have instant access to your money, which makes it a flexible way to plan your finances.
It’s also important to remember that ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance. Meaning you can save over £30,000.