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Tesco Fixed Rate ISA

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5 Year Fixed Rate Cash ISA

from Leeds Building Society

Interest Rate (AER) 1.45%
  • Term: 5 Years
  • Interest paid annually
  • ISA transfers also allowed in
  • Open online, in branch or by post
  • FSCS Protected
  • Must be UK resident and be aged 18 or older
  • Withdrawals permitted subject to 365 days lost interest

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

3 Year Fixed Rate Cash ISA

from Aldermore

Interest Rate (AER) 1.35%
  • Term: 3 Years
  • £1,000 minimum opening balance

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

2 Year Fixed Rate Cash ISA

from Aldermore

Interest Rate (AER) 1.20%
  • Term: 2 Year

3 Year Fixed Rate Cash ISA

from Leeds Building Society

Interest Rate (AER) 1.20%
  • Term: 3 Years
  • Interest paid annually
  • ISA transfers also allowed in
  • Open online, in branch or by post
  • FSCS Protected
  • Must be UK resident and be aged 18 or older
  • Withdrawals permitted subject to 240 days lost interest

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

3 Year Fixed Rate Cash ISA

from Hampshire Trust Bank

Interest Rate (AER) 1.16%
  • Term: 3 Years
  • Minimum Deposit £1
  • Interest paid annually
  • ISA transfers also allowed in
  • Maximum deposit £250,000
  • FSCS Protected
  • Winner of Platinum Feefo Trusted Service Award in 2021
  • Must be UK resident and be aged 18 or older
  • No withdrawals permitted

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

2 Year Fixed Rate Cash ISA

from Hampshire Trust Bank

Interest Rate (AER) 1.06%
  • Term: 2 Years
  • Minimum Deposit £1
  • Interest paid annually
  • ISA transfers also allowed in
  • Maximum deposit £250,000
  • FSCS Protected
  • Winner of Platinum Feefo Trusted Service Award in 2021
  • Must be UK resident and be aged 18 or older
  • No withdrawals permitted

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

1 Year Fixed Rate Cash ISA

from Aldermore

Interest Rate (AER) 0.95%
  • Term: 1 Year

16 Month Fixed Rate Cash ISA

from Leeds Building Society

Interest Rate (AER) 0.95%
  • Term: 16 Months
  • Interest paid annually
  • ISA transfers also allowed in
  • Open online, in branch or by post
  • FSCS Protected
  • Must be UK resident and be aged 18 or older
  • Withdrawals permitted subject to 105 days lost interest

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

1 Year Fixed Rate Cash ISA

from Hampshire Trust Bank

Interest Rate (AER) 0.85%
  • Term: 1 Year
  • Minimum Deposit £1
  • Interest paid annually
  • ISA transfers also allowed in
  • Maximum deposit £250,000
  • FSCS Protected
  • Winner of Platinum Feefo Trusted Service Award in 2021
  • Must be UK resident and be aged 18 or older
  • No withdrawals permitted

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

1 Year Fixed Rate Cash ISA

from Leeds Building Society

Interest Rate (AER) 0.80%
  • Term: 1 Year
  • Interest paid annually
  • ISA transfers also allowed in
  • Open online, in branch or by post
  • FSCS Protected
  • Must be UK resident and be aged 18 or older
  • Withdrawals permitted subject to 60 days lost interest

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

1 Year Fixed Rate Cash ISA

from NatWest

Interest Rate (AER) 0.10%
  • Term: 1 Year
  • Instant access – manage your account by phone, in-branch and online
  • Open from £1000
  • Transfers allowed in – bring all your cash ISAs together in one place
  • Must be 16 or over
  • Must be a UK resident

2 Year Fixed Rate Cash ISA

from NatWest

Interest Rate (AER) 0.10%
  • Term: 2 Year
  • Instant access – manage your account by phone, in-branch and online
  • Open from £1000
  • Transfers allowed in – bring all your cash ISAs together in one place
  • Must be 16 or over
  • Must be a UK resident

1 Year Fixed Rate Cash ISA

from Royal Bank of Scotland

Interest Rate (AER) 0.10%
  • Term: 1 Year
  • Instant access – manage your account by phone, in-branch and online
  • Open from £1000
  • Transfers allowed in – bring all your cash ISAs together in one place
  • Must be 16 or over
  • Must be a UK resident

2 Year Fixed Rate Cash ISA

from Royal Bank of Scotland

Interest Rate (AER) 0.10%
  • Term: 2 Year
  • Instant access – manage your account by phone, in-branch and online
  • Open from £1000
  • Transfers allowed in – bring all your cash ISAs together in one place
  • Must be 16 or over
  • Must be a UK resident

2 Year Fixed Rate Cash ISA

from Santander

Interest Rate (AER) Up to 0.20%
  • Term: 2 Years
  • Tax free ISA account
  • Open with £500 or transfer in existing ISA funds
  • 0.20% AER/tax-free for 2 years for savings of £500 and over if you're part of 1|2|3 World or Santander Select
  • FSCS Protected
  • 0.10% for balances of £40,000 or over, 0.01% for balances under £40,000
  • Must be UK resident
  • Must be aged 16 or older

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

Review of Tesco Fixed Rate Cash ISA

Tax-free saving and guaranteed interest rate for a fixed term, Tesco offer a number of savings options for their customers with one of the highest rate of interest on the market. Check our tables for interest rate comparison.

History

Tesco Bank is a British retail bank which began in 1997, and which has been completely owned by Tesco plc since 2008. Tesco offers a range of insurance, credit cards, loans, savings, mortgages and travel products, and launched a current account in June 2014. 

A unique selling point of Tesco's banking products is that the bank is able to use its large customer base to cross-sell financial services products, meaning customers can accumulate Tesco Clubcard points when they purchase finance products. Tesco Bank came third in the British Bank Awards, with an average customer satisfaction of 87.8%. 

Fixed Rate Cash ISA

If you want to make a lump sum deposit and leave your money to grow tax-free then Tesco’s fixed rate cash ISA is a great option. In the first 30 days you can pay in up to £20,000. 

Features:

  1. Your interest rate guaranteed for one year - you can't withdraw any money during this fixed term unless you close the account and pay a fee
  2. You can manage your money with online and telephone banking
  3. You can transfer your existing ISA as long as it’s within 30 days.

This ISA is a great option if you’re able to tie up your money for a year due to its high interest rate and ability to manage your account online. Being part of the Tesco Bank group also means you get lots of clubcard savings points and offers, which is very useful if you shop at Tesco.

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. This means you could save over £30,000.

Oliver Roylance-Smith
Edited by Oliver Roylance-Smith - ISA.co.uk