Summary box for 2 year Fixed Rate Cash ISA
1. What is the interest rate?
It’s a fixed rate as shown in the table below
|Your balance||Annual interest
|Tax free ||AER
- You can choose to have your interest paid monthly or annually on the anniversary of the account opening.
2. Can Lloyds Bank change the interest rate?
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
This example assumes that:
- You don’t withdraw any money and interest isn’t paid out of the account
- You make your initial deposit payment on the day you open the account
- You don’t make any further deposits
- Interest is paid annually
4. How do I open and manage my account?
This account can be opened and managed in branch, by phone or online.
Opening this account
- You must be 16 or over and resident in the UK for tax purposes
- You can only open this account in your sole name
- The minimum opening deposit is £3,000. You can also transfer an existing ISA to us.
- The term starts on the day you open the account
Managing the account
- ISAs have an annual limit this tax year of £20,000 for new contributions, and you can’t pay more than this limit into any combination of permitted ISAs within the same tax year.
- Keep in mind; you can only save into one cash ISA in a tax year. This includes Help to Buy: ISAs and cash ISAs held outside Lloyds.
5. Can I withdraw money?
Withdrawals can be made from this account but you will 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Any money withdrawn from your ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in future.
After the two year term ends, the account will automatically change to an Instant Cash ISA (PDF).
Before this happens, we'll contact you to explain your options and next steps.
6. Additional information
Tax free is the rate of interest payable to you where your interest is exempt from income tax.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.
Apply for a Two Year Fixed Rate Cash ISA
To set up an account online, you'll need to be 16 or over and resident in the UK.