This comparison simply includes all savings accounts.
NatWest Fixed Rate ISA
Why we like it: Interest paid at maturity. ISA transfers also allowed in. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older. No withdrawals permitted
Why we like it: Interest paid annually. ISA transfers also allowed in. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older. No withdrawals permitted
Why we like it: Interest paid annually. ISA transfers also allowed in. Open online, in branch or by post. FSCS Protected. Must be UK resident and be aged 18 or older. Withdrawals permitted subject to 90 days lost interest
Why we like it: ISA transfers in allowed. FSCS Protected. Must be UK resident and aged 16 or older. Withdraw cash early if you need to (subject to loss of interest)
Why we like it: Interest paid annually. ISA transfers also allowed in (some providers charge a transfer fee). Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older. Withdrawals permitted subject to 90 days loss of interest. Online ISA is provided by OneFamily, savings in Post Office Cash ISAs are deposited with Bank of Ireland UK
Why we like it: Terms and Conditions: You must be 18 or over and a UK Resident. Currently you can only subscribe to one Cash ISA with NatWest Bank per tax year. Sole accounts only. NatWest's best FRISA rates are 4.00% AER/Tax-free p.a. (fixed) for 1 year and 4.00% AER/Tax-free p.a. (fixed) for 2 years. Rate available until 5pm on 11th December 2024 for new customers and 16th December 2024 for existing customers. Offer may be withdrawn early due to limited availability. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date. You can withdraw money from your account up to 3rd January 2025. If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving written notice in branch. ISA subscription limits apply. If you make a payment into your Fixed Rate ISA you will not be able to make any further payments for that tax year into any other cash ISA with NatWest. Early Closure Charge applies. The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest. The Early Closure Charge will be deducted from the balance of your Fixed Rate ISA. The interest payable on the money held in your account is tax-free. The tax treatment may be subject to change in the future and depends on your individual circumstances.
Why we like it: Terms and Conditions: You must be 18 or over and a UK Resident. Currently you can only subscribe to one Cash ISA with NatWest Bank per tax year. Sole accounts only. NatWest's best FRISA rates are 4.00% AER/Tax-free p.a. (fixed) for 1 year and 4.00% AER/Tax-free p.a. (fixed) for 2 years. Rate available until 5pm on 11th December 2024 for new customers and 16th December 2024 for existing customers. Offer may be withdrawn early due to limited availability. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date. You can withdraw money from your account up to 3rd January 2025. If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving written notice in branch. ISA subscription limits apply. If you make a payment into your Fixed Rate ISA you will not be able to make any further payments for that tax year into any other cash ISA with NatWest. Early Closure Charge applies. The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest. The Early Closure Charge will be deducted from the balance of your Fixed Rate ISA. The interest payable on the money held in your account is tax-free. The tax treatment may be subject to change in the future and depends on your individual circumstances.
Why we like it: ISA transfers in allowed. FSCS Protected. Must be UK resident and aged 16 or older. Withdraw cash early if you need to (subject to loss of interest)
Why we like it: Terms and Conditions: You must be 18 or over and a UK Resident. Currently you can only subscribe to one Cash ISA with Royal Bank of Scotland per tax year. Sole accounts only. Royal Bank of Scotland's best FRISA rates are 3.80% AER/Tax-free p.a. (fixed) for 1 year and 3.40% AER/Tax-free p.a. (fixed) for 2 years. Rate available until 5pm on 11th December 2024 for new customers and 16th December 2024 for existing customers. Offer may be withdrawn early due to limited availability. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date. You can withdraw money from your account up to 3rd January 2025. If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving written notice in branch. ISA subscription limits apply. If you make a payment into your Fixed Rate ISA, you will not be able to make any further payments for that tax year into any other cash ISA with Royal Bank of Scotland. Early Closure Charge applies. The Early Closure Charge will be the lower of the amount of interest earned on your account of 90 day’s interest. The Early Closure Charge will be deducted from the balance of your Fixed Rate ISA. The interest payable on the money held in your account is tax-free. The tax treatment may be subject to change in the future and depends on your individual circumstances.
Why we like it: Interest paid annually. ISA transfers also allowed in. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older. No withdrawals permitted
Why we like it: Interest paid annually. ISA transfers also allowed in (some providers charge a transfer fee). Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older. Withdrawals permitted subject to 180 days loss of interest. Online ISA is provided by OneFamily, savings in Post Office Cash ISAs are deposited with Bank of Ireland UK
Why we like it: Terms and Conditions: You must be 18 or over and a UK Resident. Currently you can only subscribe to one Cash ISA with Royal Bank of Scotland per tax year. Sole accounts only. Royal Bank of Scotland's best FRISA rates are 3.80% AER/Tax-free p.a. (fixed) for 1 year and 3.40% AER/Tax-free p.a. (fixed) for 2 years. Rate available until 5pm on 11th December 2024 for new customers and 16th December 2024 for existing customers. Offer may be withdrawn early due to limited availability. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date. You can withdraw money from your account up to 3rd January 2025. If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving written notice in branch. ISA subscription limits apply. If you make a payment into your Fixed Rate ISA, you will not be able to make any further payments for that tax year into any other cash ISA with Royal Bank of Scotland. Early Closure Charge applies. The Early Closure Charge will be the lower of the amount of interest earned on your account of 90 day’s interest. The Early Closure Charge will be deducted from the balance of your Fixed Rate ISA. The interest payable on the money held in your account is tax-free. The tax treatment may be subject to change in the future and depends on your individual circumstances.
NatWest Fixed Rate ISA
NatWest, offer two kinds of tax-free ISA. Their Fixed Rate ISA and their Instant Cash ISA. Their Fixed Rate ISA allows you to:
- Have a fixed interest rate on your cash ISA so you know in advance what your savings will earn
- Choose a term that suits you, either one or two years
- Keep all the interest - which helps your savings grow faster
- Make transfers into the ISA, so you can bring all your ISAs together in one place
- You will earn a higher rate of interest on the two year plan and for any amount above £25,000
Useful to Know
As this is a fixed rate ISA, you cannot withdraw your money during the agreed term. If you do choose to withdraw your money then you incur an early closure charge. They offer both one year and two year terms so be sure to pick one that’s right for you. Also:
- The minimum deposit is £1,000
- The early closure charge is the lower of the amount of interest earned on your account in 90 days.
- You will need your National Insurance Number to apply for any ISA.
NatWest is one of the few banks that offer a fixed rate of ISA for one year, as many offer a two year minimum and some up to five year minimums. For many people this time frame isn’t convenient and so NatWest are offering an easy way for savers to take the plunge and begin their savings.
As NatWest is part of The Royal Bank of Scotland Group, you will find that they offer the same accounts and rates. However, they do not currently offer the highest rate of interest on the market.
Why use an ISA?
An ISA is a tax efficient way to save and stands for Individual Savings Account. An ISA lets you pay little or no tax on the interest of your savings and investments, making them a popular choice for saving large amounts of money.
They have become less popular since the new PSA (Personal Savings Allowance) has allowed lower rate tax payers to save up to £1000 tax-free and higher rate tax payers up to £500. As many current accounts are now offering competitive rates of interest, many people are moving away from ISAs.
As your tax-free amount is much higher in an ISA, there are still opportunities for savers to make the most of their money and this fixed rate account is a great option.
