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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 1/365^th 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 29^th, we’ll pay your interest on February 28^th.

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:

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.