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The Smart way to save

Fixed rate cash ISA

Set up a safe home for your savings and watch them grow - with tax free interest, every penny you make is yours to keep. Choose your deposit period and with our fixed rate you'll earn a higher rate of interest the longer you save for.

Time's Ticking

There's still time to make the most of your 2016/2017 tax-free ISA allowance. We don't want you to miss out.

Save tax-free

You could earn between 0.90% and 1.50% AER – tax free. And with fixed rates, you’ll know how much you’re getting.

Start big or small

Save as little as £1 and as much as £15,240 in your Fixed Rate Cash ISA. Plus, you can transfer in money from previous years’ ISAs.

A home for your savings

Lock your money away safely for 1, 2, 3 or 5 years and watch it grow.

The Nuts and Bolts

We’re up front with our customers about everything. We’ve created this handy summary of our Fixed Rate Cash ISA's key features so you can see the important information from the get-go.

Interest ratesSave fromAnnual tax free allowanceInterest paid
0.90% - 1.50% AER £1 £15,240 for 2016/17 Annually

Interest rates

The amount of interest you earn depends on how long you put your money away for. This account doesn’t allow you to take money out during the term. You cannot make partial withdrawals from this account. You can close or transfer the full amount before the end of the term but will lose 180 days interest.

1 year2 years3 years5 years
0.90% AER 1.00% AER 1.20% AER 1.50% AER

AER stands for annual equivalent rate. It shows how much the interest rate would be if the interest was worked out once a year. You can use it to compare different financial products.


Eligibility

You can open an account if:

  • You're 16 or over
  • You have a National Insurance number
  • You're resident in the UK. You’ll also need to provide proof of your identity and address. If you’re not a UK, EU, EEA or Swiss national you’ll need a valid visa/residence permit. Here’s a list of what you need.

Annual tax free allowance and interest

You can only subscribe to one cash ISA in a tax year. The amount you can save into an ISA in the 2016/17 tax year is £15,240. Interest on your ISA will be paid annually on or around 5th April.


When your ISA matures

Your ISA matures when the period of time you’ve chosen to save for – 1, 2, 3 or 5 years – ends. We’ll contact you at least 30 days before this happens to remind you. Once your ISA matures, you can:

  • Move all or some of the money into a new ISA. You can add more money up to the ISA savings limit for that year
  • Close your ISA

If we don’t hear from you before the term ends, we’ll convert your account into an Instant Access Cash ISA.


Closing your account before the term ends

If you close your account or transfer the money to another provider before the term ends, you’ll lose 180 days interest.

If your account has earned less than 180 days interest, all your original deposit will be given back to you, or transferred to your new provider.


Transfers in

You can transfer money from an ISA you hold with another bank or building society to our Fixed Rate Cash ISA. And you’ll earn interest on this money before it even arrives in your account – we start paying interest from the date we receive your transfer request.

This doesn’t apply to transfers from accounts where you have to give notice that you’re taking money out. It also doesn’t apply when you’re transferring money from a stocks and shares ISA.

If you want to make a transfer in, you’ll need to do it within 30 days of opening your Fixed Rate ISA.


Get all the details to read at your leisure

Download our PDF to read when you like - it contains all the ins and outs of our Fixed Rate Cash ISA.

Fixed Rate Cash ISA Account Details (PDF)(819KB) 

Our Service Relationship with Personal Customers (PDF)(1.2MB)

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FAQs

  • What does tax-free interest mean?

    We give you interest on the money you put away in your cash ISA. You don’t have to pay UK income tax or capital gains tax on this interest. It doesn’t count towards your Personal Savings Allowance and you don’t need to put it on your tax return.

    You can earn up to £1,000 a year on your savings tax-free if you pay the basic rate of tax and up to £500 a year if you pay the higher rate of tax. This is called your Personal Savings Allowance. Interest on your savings is now paid without tax being taken off. The interest from ISAs doesn’t count towards your Personal Savings Allowance.

  • Can I take money out of a Fixed Rate Cash ISA?

    No. You can close your Fixed Rate ISA, or transfer it to another bank or building society, but you’ll lose 180 days interest.

    With the Fixed Rate Cash ISA you lock your money away for a set period of time, called a term and you can’t withdraw any of it during this time.

    You can choose between terms of 1, 2, 3 and 5 years. If you think you might need to get some money out during the term, you should consider our Instant Access Cash ISA

  • Can I add money to a Fixed Rate Cash ISA?

    You can add or transfer money in the first 30 days following account opening.  After that you cannot add to the account.

  • Where can I find the rate for my Metro Bank account that’s now closed to new savers?

    You can find the rates for any account that is not listed on the current rates page set out in Rates for Closed Products.

Your ways to bank

Online

Metro Bank 24/7. Check balances, make payments, see transactions and open new accounts any time - all with internet banking.

Mobile

Control your money on the move with our mobile banking app. Check balances, move money, make payments and more wherever you are.

In-store

A friendly face and a quick answer. And all the usual payment services too. We're open 362 days a year.

Telephone

If you need help you can talk to a real person in our UK contact centre 24 hours a day, 7 days a week, 365 days a year.

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YOUNG SAVERS

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It's never too early to start saving. If you've got a special purchase in mind open a Young Savers account and watch your money grow.

SWITCHING TO US

7-day Switch Guarantee

Switching your current account to Metro Bank is simple and hassle-free. And we guarantee to have it all done and dusted for you in 7 days.

BANKING WITH US

Same-day account opening

Apply in store and we'll print your card there and then. Having the right documents will help make the process go smoothly.

HOW WE CAN HELP

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