A Fixed Rate Cash ISA combines the characteristics of a Fixed Rate Bond (where you invest a lump sum for a set period of time at a fixed interest rate) with a Cash ISA that allows you to earn interest on your savings completely tax free, which doesn’t count towards your Personal Savings Allowance.
In the current tax year you can save up to £20,000 in a Cash ISA without paying tax on the interest. To be eligible for a Vanquis Cash ISA you must be 18 or older, a UK tax resident and provide your National Insurance number.
During the fixed term period you cannot add additional funds or make withdrawals. If you choose to close the account or transfer it to another provider before the fixed term period is complete, a deduction of between 90 and 365 days’ interest will apply depending on the fixed term period of your Vanquis Fixed Rate Cash ISA. This could mean that you get back less money than you invested. Please refer to the Product Information document for Vanquis’ Fixed Rate Cash ISAs for further details.
