Fix your savings interest rate for 1 or 2 years

Fixed Rate ISAs and savings accounts can be a great choice for some people. If you’re willing to save for the medium to long term and have a lump sum available that you won’t need to dip into, these types of account could help your savings earn more interest.

But it might be worth exploring NatWest's other savings accounts if you want instant access to your money, or if you prefer regular saving over putting a lump sum away.

Also keep in mind that what’s considered as the ‘best’ Fixed Rate ISA may differ from person to person. So it’s helpful to compare accounts and shop around.

To make your initial payment into your Fixed Rate ISA, you’ll need to set up the account as a new payee, using the account number and sort code, via online banking or mobile banking.

Your next payments can be made through online banking, in-branch and by telephone. Please see the last day to make payments in the 'Key Dates' section above.

We will send you a certificate of deposit within 14 days of the Start Date.

With a Fixed Rate ISA, you'll typically get a better rate of interest but won’t be able to withdraw your savings unless you close your Fixed Rate ISA, at which point we will convert it to an instant access Cash ISA, or you transfer your Fixed Rate ISA balance before the maturity date.

If you do this before the fixed term ends, a fee will be charged of 90 days’ interest on the balance of your account. So it may be best to weigh up fixed rate cash ISA restrictions before you apply.

You can get additional support with Banking My Way. This is a free service that allows you to record information about the support or adjustments you need to make banking easier.

You can also let us know about any additional support you may need to ensure all our colleagues are aware. The information will be shared on our internal systems, so you will not need to repeat these requirements every time you interact with us.

Once your Fixed Rate Cash ISA is open, you can record this through Online Banking or with our colleagues in branches or over the phone.

Learn more about Banking My Way

On the Maturity Date, we’ll convert your existing ISA with a Fixed Rate to a Cash ISA. If the Maturity Date isn’t a business day, we’ll do this on the next business day. 

You’ll then be able to access your money on the maturity payment date. Please see Term 5 of the Fixed Rate ISA Terms for more information. 

You can transfer your ISA to another provider. If the transfer is before the Maturity Date, we’ll convert your Fixed Rate ISA to a Cash ISA and an Early Closure Charge will apply. 

If you want to transfer your Fixed Rate ISA without facing an Early Closure Charge, it must be dated at least the day after the Maturity Date, when your money is accessible. 

Account open and ready to go? You’ll need to add money to your Fixed ISA before the final date to get the current ISA savings rate.  

To see the closing date to open a fixed ISA, and the last date to make payments or withdrawals, check out our ‘Key dates’ section above. 

After these dates, your savings will be locked in. You won’t be able to take money out unless you close or transfer your Fixed Rate ISA.

With this ISA, you can get fixed rates for different periods. The best way to work out if a one or two-year Fixed Rate ISA may be right for you is to think about your financial position. For example: 

• How long can you afford to lock away your savings for?

• Are any big events or life moments on the horizon?

• Do you have other savings that might cover an emergency?

• What fixed ISA rates and returns are available?

The benefits of Fixed Rate ISAs include:

• A guaranteed interest rate that won’t change.
• Tax-free interest.
• The chance to get higher ISA interest rates. Although it's best to compare fixed cash ISA rates.

Drawbacks include:

• No access to your savings till your fixed term ends. You could decide to fix cash ISA rates for 1 year or 2 years.

• No option to make regular savings.

• A charge to take your money out early.

When someone dies, their ISA continues to be free of Income Tax and Capital Gains Tax until:

• It’s closed by an executor
• The estate administration is all complete
• The provider closes it three years and one day following their death.

It’s also important to remember that ISA investments can be included in an estate for Inheritance Tax purposes.

Learn more about the rules