Account Overview & Key Features
Our Fixed Rate Cash ISA allows you to shelter your savings from UK income tax while securing a guaranteed interest rate for a set period. Whether you are opening a new ISA or transferring funds from an existing provider, our application process is straightforward and secure.
Key Features at a Glance
| Account Type | 1-Year Fixed Rate Cash ISA |
|---|---|
| Interest Rate | 4.85% AER / Tax-Free fixed until maturity |
| Minimum Balance | £1,000 |
| Maximum Balance | £20,000 (Current tax year ISA allowance) |
| Interest Payment | Paid annually on anniversary and at maturity |
| Withdrawals / Early Closure | Early access is not permitted during the 1-year fixed term, except on closure of the account subject to a 90-day loss of interest charge. |
Eligibility Criteria
To open a Fixed Rate Cash ISA with Leicester Building Society, you must meet the following criteria:
- Be aged 18 or over.
- Be a UK resident for tax purposes.
- Not have subscribed to another Cash ISA in the same tax year exceeding your remaining allowance.
Frequently Asked Questions
Prior to maturity, we will contact you with options for your funds. You can choose to reinvest into a new maturity product, transfer to an easy-access account, or withdraw your funds directly to your nominated bank account.
Yes! You can transfer previous years' ISA accumulations or current year subscriptions without affecting your annual allowance. Simply complete our ISA transfer form during application.
Eligible deposits held with us are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.