Fixed Rate Cash ISA
The smart way to save
UK tax-free interest
You could earn 3.90% AER*. 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 £20,000 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.
See all the ways you can save
See how much you could save with a Fixed Rate Cash ISA Account when you try our new Savings Calculator tool.
Open an account
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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 rates | Save from | Annual subscription amount | Interest paid |
|---|---|---|---|
| 3.90% AER* | £1 | £20,000 for 2024/25 | 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 year | 2 years | 3 years | 5 years |
|---|---|---|---|
| 3.90% AER* | 3.50% AER* | 3.00% AER* | 3.00% 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 18 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 ISA allowance and interest
You are allowed to subscribe to multiple cash ISAs in a tax year from 06 April 2024 across all ISA providers, but will be able to subscribe to only one Metro Bank ISA in a tax year. You can save or invest up to £20,000 in total the 2024/25 tax year into a combination of the following ISA types; Cash ISAs, Stocks and Shares ISAs, one Lifetime ISA and Innovative Finance ISAs.
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 the transfer form was signed.
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. In these instances interest will start from the day funds are received.
You can transfer in as many previous years’ funds as you like and this will not impact this year’s ISA subscription amount.
You'll need to initiate the transfer within 7 days of opening a Fixed Rate Cash ISA. The transfer needs to be complete within 30 days.
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)(231KB)
Our Service Relationship with Personal Customers (PDF)(1.2MB)
FAQs
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.
How do I pay money into my account?
There are a few different ways you can pay money into your Metro Bank account, the fastest being a payment from one bank to another. You can also deposit a cheque or pay cash* into your account at your nearest store.
*Please note that you may be asked additional questions about the source of funds to help keep your money safe.
We’ve introduced limits on the amount of cash customers can pay into their Metro Bank account each day.
- Personal accounts – new daily limit £5,000*
- Business accounts (including community accounts) – new daily limit £10,000*
*If you are depositing foreign currency into a ‘regular’ GBP or a Foreign Currency Account, this will be the GBP equivalent of the above limits using the exchange rate on the day of the deposit
The new cash deposit limit for Commercial Current Accounts won’t be introduced until early 2023. If you have this type of account, your Relationship Manager will be in touch nearer the time to discuss the new limit with you.
Changes to who can pay in cash
To pay cash into a Metro Bank account you must either:
- be named on the account, or
- have authority to manage the account – e.g. power of attorney, or
- be paying less than £250 into a Young Savers account if you are not named on the account (the account holder or a named person on the account can pay in larger amounts), or
- an employee paying into a business or commercial account for your employer, using a pre-printed paying-in slip issued to the account holder.
Exchanging cash
You can only exchange cash over the counter if you’re a Metro Bank customer.
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 in as many previous years’ funds as you like in the first 30 days following account opening. After 30 days, you cannot add or transfer in any further money to the account.
Can I transfer a stocks and shares ISA to a Fixed Rate Cash ISA?
Yes. You just need to fill in a stocks and shares ISA transfer form in store.
I am under 18 but already have a Metro Bank ISA. Can I continue to use this?
Yes. Customers who are aged over 16 but under 18, with an existing Metro Bank Cash ISA can continue to subscribe to this.
I am under 18 and would like to open a new Cash ISA with Metro Bank. Can I do this?
No. From 06 April 2024 you need to be 18 or over to open a new ISA with Metro Bank.
I have subscribed to a Metro Bank ISA after 06 April 2024 and would like to subscribe to another Metro Bank Cash ISA in the same tax year. Can I do this?
No. You are able to subscribe to only one Metro Bank ISA in a tax year and will need to ask us to transfer your current year's subscription to a new Metro Bank ISA if you'd like to subscribe to another one with us.
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