United Trust Bank
This cash ISA 7 Year Bond pays 2.35% AER fixed for those looking to invest a minimum of £15,000 over the long term. The interest is paid on the anniversary and this can be paid away or compounded. Additional deposits are not allowed after the initial investment. This product also allows for both early access and withdrawals, but these are subject to a penalty. On the plus side, transfers in are possible from both cash ISAs as well as stocks & shares ISAs. Account opening is by post only, but you can manage the account in branch too.
State Bank of India
SBI (UK) is offering its 5 year cash ISA Fixed Deposit paying 2.15% AER on an initial minimum deposit of £5,000. You can deposit your ISA limit of up to £20,000 and transfers in from cash ISAs only are accepted., It should be noted that further additions are not possible after the initial deposit. Withdrawals are only possible on early closure of the account, but 30 days’ notice must be given. No interest is paid if this cash ISA is closed before the first anniversary, with a 1% loss of interest if closed after this.
Importantly, this product requires that the applicant opens a new current or savings account in addition to this cash ISA. Interest is tax-free and paid on maturity but compounded annually. You can only open this account in branch.
Metro Bank’s 5 year Fixed Rate Cash ISA (Issue 7) is another low starting investment opportunity. Paying 2.10% AER this account can be opened with just £1.. Interest is paid yearly and further additions after the initial opening are permitted for up to 30 days. As is common in the marketplace withdrawals are not allowed although early access is granted on closure subject to a penalty of 180 days loss of interest. Transfers in from cash ISAs, stocks & shares ISAs and Help to Buy ISAs are allowed within 30 days of opening. Applicants must be at least 16 years of age and can only open this account in branch. Once open management is by online portal, in branch or over the phone.
Coventry Building Society
Paying a yearly rate of 2.10% AER Coventry’s Fixed Rate ISA (90) has a term running until 31.05.2024. With a minimum deposit of just £1 and with further additions allowed after the initial deposit for up to 14 days or until the ISA remains on sale, this is an ISA which is suitable for the whole spectrum of savers. While withdrawals are not allowed early access to the account is available by closing the account subject to a penalty of 180 days loss of interest. Applicants can both open and maintain the account via online portal, in branch, by post or over the telephone, while the minimum age for this product is 16 years. Transfers in from cash ISAS, stocks & shares ISAs and Help to Buy ISAs are allowed.