Frequently Asked Questions about Fixed Rate ISAs

A Fixed Rate ISA is a type of Individual Savings Account (ISA) that allows you to save your money for a set period of time – known as a term – without paying tax on the interest you earn. The Fixed Rate ISAs we offer have a term of either one or two years.

The ISA allowance from the 6th of April 2024 to the 5th of April 2025 is £20,000. Starting on the 6th of April every year, you will receive a new ISA allowance.

You can split your allowance across different types of ISAs and can pay into multiple accounts of each type, but you may only subscribe to one Lifetime ISA in any tax year.

Please also be aware that you can only subscribe to one cash ISA with Bath Building Society each tax year, so you wouldn’t be able to pay into both a Fixed Rate ISA and Instant ISA for example.

No. Because the tax-free savings relate to a personal tax allowance, you cannot hold an ISA jointly with anyone else.

No, we do not currently accept transfers of an existing ISA, Junior ISA, or Lifetime ISA to Bath Building Society. This is reviewed regularly, and our website will be updated if our policy changes.

Yes, you can withdraw money from your Fixed Rate ISA, but this will be subject to a charge. For withdrawals from the 1 Year Fixed Rate ISA, we will make a charge equivalent to 90 days’ interest on the amount withdrawn. For the 2 Year Fixed Rate ISA, we will make a charge equivalent to 180 days’ interest on all withdrawals.

Any money withdrawn will lose its tax-free status unless it is transferred out to another Bath Building Society ISA or an ISA with another provider.

We will contact you no later than 14 days before the end of the term. When we do so, we’ll provide information on maturity products that you might want to use to reinvest your money into.

If you don’t want a new product with us or you don’t tell us what you want to do with your money, your account will transfer into an Instant ISA account at the end of the term. For more information about our Instant ISA account, please see our Instant ISA account webpage.

If, at the end of the term, you don’t want to reinvest your money in a new Fixed Rate ISA, your Fixed Rate ISA will automatically mature into an Instant ISA account. At that stage, you can withdraw your money without a penalty charge.

It is worth noting that money withdrawn will lose its tax-free status unless it is transferred out to another Bath Building Society ISA or to an ISA with another provider. This means that once the money has been withdrawn, any interest you earn on it may be subject to tax.

Interest is calculated daily and paid to the account annually and on maturity.

Yes, you can make further deposits into your Fixed Rate ISA after it’s been opened. There are no limits on the number of deposits you can make, but you must deposit a minimum of £1 each time you do so.