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Amplify.
A higher rate of interest will
help your savings grow.
Sorry but our Fixed Cash ISA is not currently on sale
At a glance:
- Maximise your savings with the tax-free benefits of an ISA
- Enjoy a fixed rate of interest for locking a lump sum of money away for a set term
- The interest earned on an ISA doesn’t count towards your Personal Savings Allowance so your savings work even harder for you
- You can combine any previously held ISAs into one account
- If you make a withdrawal you won’t lose any of your annual ISA allowance
- Make unlimited deposits in the first 14 days from application
- Our Best Rate Guarantee
- Minimum deposit £500 - maximum balance £2,000,000 (subject to the annual ISA allowance)
- 14 day cooling off period where you’re free to cancel without charge. After that, early withdrawals, transfers-out and closure are subject to a term breakage charge
- Interest can be paid monthly or annually
- Transfers in accepted
- Customise your account with a personal name or savings goal
All Cash ISAs are tax-free.
But ours are hassle-free too.
Our Cash ISAs enable you to easily manage your annual subscription according to your individual needs, offering both ISA Flexibility and Portfolio ISA features.
For more information read our page on More about our ISAs.
More details
Financial Services Compensation Scheme
Balances up to £85,000 are fully protected under the Financial Services Compensation Scheme.
For more information, visit the FSCS website
The Summary Box:
Account Name
Fixed Cash ISA 1 Year
Interest
- Interest is calculated daily and can be paid monthly or annually, linked to the date we receive your initial deposit.
Can Ford Money change the interest rate?
- No – your rate is fixed for the length of term for which you apply.
- You will receive the interest rate shown at the time you apply, or if we increase our product rate before you make your initial deposit, you will receive the benefit of the higher interest rate applicable as at the initial deposit date.
What would the estimated balance be based on a £1,000 deposit?
N/A
How do I open and manage my account?
- You must be aged 16 or over and resident in the UK for tax purposes.
- You can open this account online or via telephone.
- This account is accessed and managed online.
- You pay money in from your Nominated Account or from an existing Ford Money account, subject to the Terms and Conditions of that product.
- Your initial deposit must be received within 14 days from the date we receive your application.
- Minimum initial deposit £500.
- Minimum balance £500, maximum balance £2,000,000.
- You can make an unlimited number of deposits and transfers in, within 14 days from the date we receive your application. After this deposit window no additional deposits are permitted.
- The maximum amount of new money you can subscribe to a Cash ISA per tax year is set by HMRC ISA Guidelines.
- Transfers in are accepted, in line with HMRC ISA Guidelines.
Can I withdraw money?
- Account closure, withdrawals and transfers-out are permitted. However a term breakage charge will be applicable if we are instructed to carry out your request within the term (with the exception of your right to cancel the account by notifying us within 14 days from your account’s opening day).
- The term breakage charge is deducted from the amount we pay you and will be equal to 90 days’ gross interest on the amount you cash in, at the rate your account is earning.
- You can close or transfer-out to another provider at the end of the term with no penalty.
- As your Fixed Cash ISA approaches maturity we’ll send you a letter around a month before it matures and a follow up email 14 days before the end of the term. Each communication will explain that you need to log in to see the maturity options that are available to you. You will have until 48 hours before your Fixed Cash ISA matures to select your preferred option(s). If we don’t hear from you by then and we’re offering you another term of the same or similar length, the new term will start automatically on the maturity date of the previous account.
Additional information
- If you wish to close your Fixed Cash ISA you need to inform us via secure message or by calling us within 14 days from your account’s opening day. Your account will be closed and the agreement between us will be cancelled without charge. The balance on your account, and any interest earned, will be repaid to you in full.
- Subject to HMRC ISA Guidelines, you can split your Cash ISA annual allowance between all or any of our Cash ISA products, provided that your annual allowance is not exceeded across all the Cash ISA products.
- Fixed Cash ISA is classed as a Flexible ISA. Flexible ISA rules allow you to withdraw and replace money in the same tax year without losing any of your tax-free entitlement so any amount you withdraw will be added to your remaining allowance figure for the tax year.
- If you request a transfer of current year ISA subscriptions, the total current ISA subscription amount must be transferred.
- You are responsible for registering and declaring your tax status and tax residencies, and for paying any tax due to HMRC - if your situation changes you need to update us, so please get in touch.
- Tax treatment is dependent on the personal circumstances of each customer and may be subject to change in the future.
The information provided above is a summary of the key features of the Ford Money Fixed Cash ISA and is not intended to be a substitute for reading the Product Terms and Conditions. Please make sure you have read the Product Terms and Conditions before applying.
The Details:
Our Fixed Cash ISA offers the peace of mind of a fixed interest rate in return for locking your money away 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.
Under HMRC guidelines, 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. However, please note that a term breakage charge will apply. Click here for more details.
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
Should you decide it’s not for you, you can cancel your Fixed Cash ISA without charge within the first 14 days of account opening. 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). 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.
After this initial 14-day cooling-off period, there is no right to cancel, transfer-out or make withdrawals. Please make sure you’re happy with the product and the interest rate before you apply.
Balance
The minimum deposit for 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 determined by HMRC ISA Guidelines.
Interest
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.
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 can be paid annually or monthly on the anniversary date of your initial deposit.
If your Fixed Saver term is equal to a whole year (for example 1-year or 2-year) your interest can be paid into:
- the same Fixed Cash ISA where it’s earned,
- any other Ford Money savings account you hold (subject to its Terms and Conditions),
- your Nominated Account.
For terms that aren’t equal to a whole year (say 6 or 18-month terms), we’ll pay interest into the same Fixed Saver 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 subscription limit.
If you have selected for your interest to be paid to your Nominated Account and if 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.
Transfers
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 Stocks and Shares ISA to fund your Ford Money Cash ISA but please be aware 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. Restrictions or fees specified within the Terms and Conditions of your Stocks and Shares ISA may apply to these sale transactions so it is advisable to check with your existing ISA provider for full information.
Transfers must be completed within 14 calendar days of the date we receive your application.
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.
It is possible to transfer your Ford Money Flexible Cash ISA to another provider, 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 will need to contact your new provider and instruct them to request a transfer from us.
Maturity
As your Fixed Cash ISA approaches maturity, we’ll send you a letter around a month before it matures, and a reminder email 14 calendar days before the end of the term. Each communication explains that you’ll 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, and we’re offering another Fixed ISA product of a similar length, we’ll transfer your funds into this new Fixed 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.
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 (subject to its Terms and Conditions).
Interest paid to your Nominated Account will be sent to your account on the maturity date. If your account matures over a weekend or Bank Holiday, the transfer will occur on the next working day and will include additional interest you have earned over this period.
Early withdrawals
Fixed Cash ISA is designed to be held for the entire term for which you applied. Account closure, transfers-out and withdrawals are only allowed without charge within the first 14 calendar days of account opening. After this time, any of those actions will incur a term breakage charge. 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:
Term Charge Period
6 Months 45 days
1 Year 90 days
18 Months 135 days
2 Years 180 days
3 Years 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 only 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 Fixed Cash ISA to be an ISA.
To make sure Fixed Cash ISA is the right product for you, read the following documents.
Product Terms & Conditions
This explains how the product operates, and its legalities - without complex legal language.
Customer Agreement
This outlines the terms of our relationship and what you can expect from Ford Money as a business.
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Gross Rate
Gross p.a. (per annum) is the taxable rate of interest without the deduction of UK Income Tax per year.
AER
AER stands for Annual Equivalent Rate. This shows what the gross rate would be if interest was paid and compounded each year. Every savings product will communicate an AER, so you’ll be able to compare product rates more easily.
Tax-Free
Tax-free means you are exempt from UK Income Tax.
Tax treatment is dependent on the personal circumstances of each customer and may be subject to change in the future.Term Breakage Charge
This is a charge or loss of interest applied if you make a withdrawal from a Fixed ISA product.
