Our Fixed Cash ISA

Our Fixed Cash ISA offers the peace of mind of a fixed interest rate for a set amount of time, such as 1, 2 or 3 years (known as a term). The interest rate is guaranteed for the whole term.

Fixed Cash ISA is designed to be held for the entire term. You can make unlimited deposits (and cancel your account) within the first 14 calendar days from the date we receive your application. After that, your money is locked away for the term.

Should you need to make a withdrawal, transfer-out or close your account after the initial 14 day cooling off period, it will be subject to a term breakage charge. Click here to see details of this.

Your Fixed Cash ISA is classed as a Flexible ISA. Flexible ISA rules allow you to withdraw and replace money from the same ISA account in the same tax year without losing any of your tax-free entitlement. This means that any amount you withdraw will be added to your remaining allowance figure on this account for the tax year. A term breakage charge will apply. Click here to see details of this.

If you’re 16 years of age or older, a UK resident taxpayer with a National Insurance number then you’re eligible to open a Fixed Cash ISA. If you don’t have a National Insurance number, then it may still be possible for you to open one. Call us on 0345 266 1231 for further details.

You can also open a Fixed Cash ISA on behalf of someone else, either under a Power of Attorney or as a Deputy for someone deemed incapable of making their own financial decisions.

Your right to cancel

You can cancel your Fixed Cash ISA without charge within the first 14 calendar days of account opening should you decide it’s not for you. The balance on your account, and any interest earned, will be repaid in full either to you, or to the previous ISA provider (if you transferred in an ISA balance to ourselves). Any money deposited will not count towards your ISA annual allowance for the tax year. Where you have closed your account under the Right to Cancel process, you can open a subsequent Cash ISA with us or another financial institution, up to your annual allowance for the tax year.

Minimum deposit and maximum balance

The minimum deposit for a Fixed Cash ISA is £500. You can make unlimited deposits in the first 14 calendar days from the date we receive your application, up to a maximum of £2,000,000. The maximum amount of new money you can subscribe to a Cash ISA per tax year is set by HMRC ISA Guidelines.

Interest earned on your Fixed Cash ISA

From the day we receive your initial deposit, your Fixed Cash ISA will earn interest daily, based on the balance at the end of each day and calculated as 1/365th of the annual rate.

Interest can be paid annually or monthly on the anniversary date of your initial deposit.

If your Fixed Cash ISA term is equal to a whole year (for example 1-year or 2-year), your interest can be paid into one of the following:

  • the same Fixed Cash ISA account where it’s earned
  • any other Ford Money savings account you hold subject to the Terms and Conditions of that product
  • your Nominated Account

On our 18 Month product you can only have interest paid into the same Fixed Cash ISA where it’s earned.

Having interest paid into an account other than the Fixed Cash ISA will count as a withdrawal which can be replaced without counting towards your annual ISA subscription limit.

Transfers from existing Cash ISAs usually take 15 business days. Your Ford Money Cash ISA will earn interest from the next business day (inclusive of the ISA transfer process) or from the date of receipt from your previous ISA provider, whichever is earlier.

Interest due dates

If you have selected for your interest to be paid to your Nominated Account and the interest due date is a non-business day (Saturday, Sunday and Bank Holidays), we’ll send your interest payment via BACs on the next business day.

If the anniversary date falls on February 29th, we’ll pay your interest on February 28th, except in leap years when we will pay it on February 29th itself.

Transferring an ISA to Ford Money from another provider

You can request to transfer current or previous ISA savings into your Ford Money Fixed Cash ISA during the application process. Or, if you already have a Cash ISA with us you can download the appropriate transfer form below. You may transfer an existing Stock & Shares ISA to fund your Ford Money Cash ISA but note that some or all of the investments within your Stocks and Shares ISA will be sold as only cash may be deposited into a Ford Money Cash ISA. There may be restrictions or fees applicable to these sale transactions stated within the Terms and Conditions of your Stocks and Shares ISA, so it is advisable to check with your existing ISA provider for full information.

A Cash ISA transfer form is available as a downloadable PDF here.
A Stock and Shares ISA transfer form is available as a downloadable PDF here.

Transfers must be completed within 14 calendar days from the date we receive your application.

Transferring your Ford Money Fixed Cash ISA to another provider

It’s possible to do this, but please remember that a term breakage charge will apply if you instruct us to carry out your request within the term. Check the product Terms and Conditions for details. You’ll need to contact your new provider and instruct them to request a transfer from us.

Our current Fixed Cash ISA range

Click here to see the Fixed Cash ISA terms currently available.

When your Fixed Cash ISA matures

As your Fixed Cash ISA approaches maturity, we’ll send you an email around a month before it matures, and another 14 calendar days before the end of the term. Each will explain that you need to log in to see the maturity options that are available to you. You’ll normally have the option to:

  • Withdraw your savings
  • Re-invest in another Ford Money Fixed Cash ISA
  • Re-invest in a different Ford Money product
  • Create any combination of the above


If you forget to select a maturity option

If we don’t hear from you, and we’re offering another ISA product of a similar length, we’ll transfer your funds into this new term ISA on the maturity date. Of course, we’ll tell you about this and you’ll have the 14 calendar day Right to Cancel, if you decide you wish to cancel the new account following the maturity date.

Account maturity and outstanding interest

Any outstanding interest can be credited to the account of your choosing. This could be either into your Nominated Account or another Ford Money account.

Interest paid to your Nominated Account will be sent to your account on the maturity date (or the next working day where the maturity date is on a weekend or Bank Holiday). If your account matures over the weekend or on a Bank Holiday, and you're transferring some, or all, of your savings to your Nominated Account, you'll earn additional interest for these days. This will be included in the amount we transfer on the next working day.

Withdrawals from a Fixed Cash ISA before the term ends

The Fixed Cash ISA account is designed to be held for the entire term you applied for.

Account closure, transfers-out and withdrawals are only allowed without charge within the first 14 calendar days of account opening.

After this 14 day cooling off period, a term breakage charge is applied for withdrawals, transfers-out or closure. If the account is closed you won’t be able to re-open it or subscribe to another Cash ISA with us (or any other financial institution) in the same tax year.

The term breakage charge is deducted from the closing balance we pay you. It will be equal to a fixed number of days’ gross interest on the amount you withdraw, at the rate your account is earning, and based on the following terms:

6 Months
1 Year
18 Months
2 Years
3 Years

Breakage Charge Period
45 days
90 days
135 days
180 days
270 days

If you withdraw from your Cash ISA after the 14 day cooling off period, you may get less back than you originally deposited.

There are three situations where we don’t apply a term breakage charge for cashing in early:

  • after a Fixed Cash ISA account holder dies
  • if we make any change to this agreement that is to your disadvantage
  • if HMRC does not consider the Fixed Cash ISA to be an ISA


Fixed Cash ISA explained

Discover more ways to save with our Fixed Cash ISA. Our short overview video will walk you through the basics.

Help Articles


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