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Fixed Rate ISA

NatWest's Fixed Rate ISA - 1 year and 2 year fixed terms

  • Fix your savings interest rate, so you know exactly what your pot will earn.
  • Over 250,000 NatWest customers* have already fixed their interest with a Fixed Rate Cash ISA. *As of January 2024.

Available until 5pm on 16 October 2024 to new customers and 21 October 2024 to existing customers. Please note that these issues may be withdrawn early due to limited availability. Early closure fees may apply.

Why choose our Fixed Rate ISA?

Our Fixed Rate ISA is a type of savings account that could give you:

  • Tax-free interest. The money you can earn on your savings won't be taxed.
  • A set interest rate. You can fix ISA interest rates for one or two years. Just deposit a minimum of £1,000.
  • Peace of mind. You’ll know exactly how much your savings will earn before you apply. Your fixed ISA rate won't change during your term. 

What are NatWest's best one-year and two-year Fixed Rate ISA rates?

  • Earn 4.10% AER/Tax-free p.a. (fixed) when you fix your savings for one year.
  • Earn 3.70% AER/Tax-free p.a. (fixed) when you fix your savings for two years.

You must be a UK resident aged 18+. You can only subscribe to one Cash ISA with NatWest in any tax year up to £20,000. Tax free Interest means interest payable is exempt from UK income tax. Tax reliefs referred to are those applied under current UK legislation, which may change.

What is a Fixed Rate ISA?

A Fixed Rate ISA is a savings account where you agree to lock your money away for a certain period. These accounts offer guaranteed interest rates in return.

Unlike instant-access ISAs, you won’t be able to touch your money until the fixed term ends. But, the interest rate will often be higher.

Fixed Rate ISAs also offer tax benefits compared to traditional savings accounts. Any interest you earn is tax-free, as long as you stick to the £20,000 annual allowance.

How does a Fixed Rate ISA work?

Open your Fixed Rate ISA with NatWest

Whether you are a new customer or have an existing account with us already it's simple to apply. Just click 'Apply online' below to get started. You’ll need to read a few T&Cs before you begin.

Compare Fixed Rate ISA options

You can save up to £20,000 and earn tax-free interest for terms of one or two years. Simply choose the term and interest rate that’s right for you.

Transfer your savings to your Fixed Rate ISA

After you’ve opened your account, you’ll need to add at least £1,000 before the Start Date of your ISA. You can add any savings or transfer another allowance into your account with our ISA transfer form.

What are the rules for a Fixed Rate ISA?

You’ll need to follow a few rules to get the full benefits of a Fixed Rate ISA. These are:

  • Staying within the annual allowance. You can currently save up to £20,000 across your ISAs each tax year. This is known as the annual ISA allowance.

  • Splitting your allowance. You can choose to save your full allowance in just one account, such as a Fixed Rate ISA. Or you could split it across different ISA types. Between a cash ISA and a stocks and shares ISA, for instance.

  • Paying into your accounts. You won’t be able to make further payments into any other Cash ISA with us during the current tax year. The only exception is an existing NatWest Help to Buy: ISA. You can pay into an existing Help to Buy: ISA in the same tax year so long as the Help to Buy: ISA is held with us and you don’t pay in more than the annual allowance between the Fixed Rate ISA and Help to Buy: ISA.

Opening your Fixed Rate ISA 

Whether you are a new or existing customer, you can still open a Fixed Rate ISA with us. T&Cs apply.

Summary Box

Account name: Fixed Rate ISA

What is the interest rate?

Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.

Can NatWest change the interest rate?

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.

What would the estimated balance be at maturity based on a range of deposits?

These are only examples and do not take into account your individual circumstances, or any interest earned prior to the Start Date.

How do I open and manage my account?

What do you need?

There are a few requirements when opening a NatWest Fixed Rate ISA. First, you’ll need to:

  • Be 18 years old or over.
  • Be a UK resident.
  • Agree to hold the fixed ISA solely in your name.

Keep in mind: You must not have subscribed to another Cash ISA with us or have subscribed to more than the overall subscription limit in total to a Cash ISA, a Stocks & Shares ISA, an Innovative Finance ISA and or a Lifetime ISA in the same tax year. 

To open your account we’ll need your email address and mobile number. You can get started:

  • On our mobile app
  • Online
  • By telephone (for existing customers only)
  • In branch. Bring along your own digital device, such as a mobile or tablet. Our staff will then help you to open the account yourself.

How can you pay money in and manage your Fixed Rate ISA?

Up and running? You can manage your Fixed Rate ISA using our app, online or by phone.

Payments can be made using our app, online, in branch or by telephone by setting up your Fixed Rate ISA as a new payee using the account number and sort code. 

We’ll send you a certificate of deposit within 14 days of the account start date.  

Just remember that:

  • Your deposit needs to reach your account by 08 November 2024 for tax year 2024/2025.
  • You must deposit at least £1,000 (the ‘minimum deposit’) by this date.
  • There is no Maximum deposit and no maximum balance; however, there is a limit on the amount you can pay into your account each tax year (“ISA allowance”). This limit is set by the Government and may change from time to time. The ISA allowance is £20,000 for the current tax year.
  • If you pay in more than the annual allowance, any excess money will be returned to you.

Key dates

Can I withdraw money?

You can withdraw money from your account (in branch or by telephone) until 08 November 2024 at 3:30pm. Partial withdrawals aren’t permitted after that.

If you want to access your money after this cut-off but before the maturity date, you’ll need to ask us to close your Fixed Rate ISA.  When your Fixed Rate ISA is closed, we’ll convert it into a Cash ISA and then you can access your funds.  We’ll charge an Early Closure Charge for doing this.  

The Early Closure Charge will:

  • Be the lower of the interest earned on your account, or 90 days’ interest
  • Be deducted from the balance of your Fixed Rate ISA.

The total amount you receive (including interest earned on your balance) will be no less than your deposit at the start date. For example, if you’ve earned 50 days’ interest, you will only pay an Early Closure Charge equivalent to 50 days’ interest. And if you’ve earned 100 days’ interest, you will only face a charge equivalent to 90 days’ interest.

For more details, take a look at our Fixed Rate ISA Terms (PDF 268 KB) (Term 8).

Is your Fixed Rate ISA ending soon?

Once your 1 year or 2 year Fixed Rate ISA reaches the end of its term, we’ll automatically change it into an instant access Cash ISA. You then have a few options available including:

  • Opening a new Fixed Rate ISA – fix your savings so you know the amount of interest you’ll get paid and you can top up your balance when you open the account.
  • Keeping your money in your instant access Cash ISA – access to your savings whenever you want and pay money in and out as you go
  • Moving your ISA to another provider – you’ll need to follow the ISA transfer process when moving your money to  keep its tax-free status 

More information on Fixed Rate ISAs

The interest paid on your fixed ISA savings is tax-free. Just remember that this tax treatment may be subject to change in the future. And it depends on your individual circumstances.

Handy Definitions

Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.

Compound interest is interest that is earned on interest that’s already been paid.

Gross means the interest rate you are paid on your savings with no compounding.

p.a. per annum (per year).

Tax-free.  We pay all savings interest without the deduction of tax.  You do not pay any UK tax on interest earned in ISAs. You may have to pay tax on interest earned in non-ISA accounts depending on your Personal Savings Allowance. The tax treatment may be subject to change in the future.

First things first. Please take a look at the important legal info:

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

As part of the checks that we will complete to verify your identity, we’ll take an image of your face so that it can be compared with your photo ID and this biometric data is captured.

All okay? You're nearly ready to start.

To speed up your application for our Fixed Rate ISA account, we need to do a few final checks with you. They'll only take a minute.

Do we already know you?
If you have a current account, credit card, loan or savings account with NatWest please let us know.
Do you have a passport or driving licence?
You can use a full or provisional UK driving licence. We also accept ID cards and driving licences from EU or EEA countries. If you don’t have any of these, you can still setup your account online but will need to visit a branch or post us your info to activate it.

Great, let's get your application started.

  1. Tell us a bit about yourself and we’ll set up your account.
  2. We might need to verify your identity when you apply online. We’ll do this by matching your Photo ID to a selfie of you. You’ll need a device with a camera to upload these. We might also ask for other information like proof of address.  If you don’t have your ID to hand, you can finish this step later. 
  3. Our partner Mitek will then check your identity by matching you to your Photo ID. Your Photo ID must be a Passport, UK or EU/EEA Driving Licence or an EU/EEA National ID card. We might also ask for a valid proof of address. If you don't have your ID to hand you can finish this step later.
  4. Once they’ve confirmed your identity we’ll activate your account.

Remember, to apply for a Fixed Rate ISA, you must: 

  • Have your National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
  • Be at least 18 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
  • Have a phone number and email address we can contact you on.

Ok. Let’s get started

  • Tell us about yourself

We’ll ask you some questions to get your account set up.

  • Reserve your account

Once you’re done we’ll reserve your account and give you a reference number.

  • Visit a branch or post your ID to us

To activate your account you’ll either need to pop into a branch with your reference number and ID or send them to us by post.

Do you have our NatWest app on a mobile device?
If you're registered for our app on a mobile device, we can pre-fill some of your info, making the application process faster.

Great, let's get your application started.

Remember, to apply for a Fixed Rate ISA, you must: 

  • Have your National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
  • Be at least 18 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
  • Have a phone number and email address we can contact you on.

Using a desktop or have the app on another device?

Simply scan the QR code with your mobile or tablet device that has the NatWest app and we'll get you started.  

Can't scan the QR code?

Using your mobile or tablet device now?

If you're already using a device with the NatWest app, select the 'Start your application' button below.

Do you use Online Banking?
If you log in to Online Banking we can pre-fill some of the application for you.

Log in to NatWest Online Banking

  1. Enter your customer number or 16-digit card number to get started. 
  2. You'll then need to enter your Online Banking pin and password.
  3. Once you're logged in, select 'Savings accounts' from the product list. 
  4. Finally, choose the account you want to apply for and complete your application.

Remember, to apply for a Fixed Rate ISA, you must: 

  • Have your National Insurance number. You’ll find it on your payslip, P60 or any letters from HMRC.
  • Be at least 18 years old and a permanent UK resident, or a Crown Servant serving overseas, their spouse or civil partner.
  • Have a phone number and email address we can contact you on.

Let’s get you registered for Online Banking

You’ll need to sign up for Online Banking with us in order to apply for a savings account. The good news is that it normally takes only 5 minutes and all you’ll need is your sort code, account number and your NatWest Debit Card, if you have one.

Once you’ve registered, select ‘Next’ to log in and apply for a Fixed Rate ISA account. 

Log in to NatWest Online Banking

  1. Enter your customer number or 16-digit card number to get started. 
  2. You'll then need to enter your Online Banking pin and password.
  3. Once you're logged in, select 'Savings accounts' from the product list. 
  4. Finally, choose the account you want to apply for and complete your application.

Want to reach your savings goals quicker?

How to start saving

Ready to start saving and take control of your financial future? Check out our guide to discover the benefits of using a savings account, how to save regularly, and how your savings can earn you interest.

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Stash the cash for your future with one of our many savings accounts. Whether you're saving for the long term, or for a certain goal, we could have an account for you. Specific account eligibility criteria apply.