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LLOYDS BANK ISA ACCOUNTS2 Year Fixed Rate Cash ISA

Lock your money away for 2 years in this cash ISA. It pays you a fixed rate of tax free interest.

At a glance

Who this ISA is for

The benefits

How it works

You can open this account if:

  • You're aged 16 or over and you're UK resident for tax purposes with a national insurance number.
  • You haven't already saved in a cash ISA this tax year, unless you're going to complete an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.
  • You’re ready to save at least £3,000.
  • 0.65% tax free/AER.
  • It's a fixed interest rate so it won't change.
  • You can choose to have your interest paid annually or monthly.
  • Open with £3,000 or more.
  • ISAs have a limit of £20,000 this tax year. You can't pay more than this into any combination of ISAs within the same tax year. Learn more about ISAs.
  • You’ll be charged the same as 180 days’ tax-free interest to make withdrawals, close your account early or transfer money to another ISA. This means you may get back less than you put in.
  • Open and manage the account online, by phone or in branch.
  • After the two year term ends, the account will change to an Instant Cash ISA.

You can open this account if:

  • You're aged 16 or over and you're UK resident for tax purposes with a national insurance number.
  • You haven't already saved in a cash ISA this tax year, unless you're going to complete an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.
  • You’re ready to save at least £3,000.

The benefits

  • 0.65% tax free/AER.
  • It's a fixed interest rate so it won't change.
  • You can choose to have your interest paid annually or monthly.

How it works

  • Open with £3,000 or more.
  • ISAs have a limit of £20,000 this tax year. You can't pay more than this into any combination of ISAs within the same tax year. Learn more about ISAs.
  • You’ll be charged the same as 180 days’ tax-free interest to make withdrawals, close your account early or transfer money to another ISA. This means you may get back less than you put in.
  • Open and manage the account online, by phone or in branch.
  • After the two year term ends, the account will change to an Instant Cash ISA.

Summary box for Fixed Rate Cash ISA - 2 year term

1. What is the interest rate?

Your balance Annual interest
Tax free AER
£1+ 0.65% 0.65%

It’s a fixed interest rate. You can choose to have this paid monthly, or after each year on the date you opened the account.


2. Can Lloyds Bank change the interest rate?

No.
This account has a fixed rate of interest so the rate won’t change during the term.


3. What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

Initial deposit Tax free rate Balance at 24 months
£3000.00 0.65% £3039.12

This assumes that:

  • Interest is paid into this account every year.
  • You add the money the day you open the account. You then don’t add any more money.
  • You don’t withdraw any money.

4. How do I open and manage my account?

This account can be opened and managed:

  • Online.
  • By phone.
  • In branch.

Opening this account

You can open this account if:

  • You're 16 or over and resident in the UK for tax purposes.
  • You have a national insurance number.
  • You haven't paid into a cash ISA this tax year with us or another bank, unless you plan to transfer the money into this account.

Bear in mind:

  • You can only open this account in your sole name.
  • You need to open the account with £3,000 or more.
  • You can transfer over an ISA with us or another bank. To do so, open this account and then do an ISA transfer.
  • The term starts on the day you open the account.

As with all ISAs, there are some rules:

  • You can save up to £20,000 in a combination of permitted ISAs this tax year.
  • You can only save into one cash ISA in a tax year, unless you do an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.

5. Can I withdraw money?

If you change your mind, you can cancel the account free of charge within 14 days of opening.

You can withdraw money from this account but you would be charged. You’ll be charged the equivalent of 180 days’ tax-free interest to make withdrawals, close your account early or transfer money to another ISA. This means you may get back less than you put in.

Any money you move to an account that isn't an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

After the two year term ends, the account will change to an Instant Cash ISA. See Instant Cash ISA interest rates (PDF). Before this happens, we'll contact you to explain your options and next steps.


6. Additional information

Savings terms explained

Tax free means you will not pay income tax on your interest.

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.


Open a 2 year Fixed Rate Cash ISA

You can open this account if:

  • You're aged 16 or over and you're a UK resident for tax purposes with a national insurance number.
  • You haven't already saved in a cash ISA this tax year, unless you're going to complete an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.
  • You’re ready to save at least £3,000.

You should read the summary box and the terms and conditions (PDF) before you apply.

Open a two year Fixed Rate Cash ISA online in about 5 minutesOpen now

Not the right ISA for you?

With so much choice, take a look at our range of other ISAs to see which might suit you best.

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