This comparison includes all one year fixed rate cash ISAs.
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Aldermore 1 Year Fixed Rate Cash ISA
Open With
£1,000
Interest Rate
1.65% AER fixed
Protection Scheme
-
ISA Transfers In
accepted
Halifax 1 Year ISA Saver Fixed
Open With
£500
Interest Rate
1.4% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
No withdrawals allowed except on early closure subject to the loss of 90 days tax-free interest.
NatWest 1 Year Fixed Rate ISA Issue 124
Open With
£1,000
Interest Rate
1.25% AER fixed until 15 Jun 2016
Protection Scheme
FSCS
ISA Transfers In
accepted
Interest will be paid at the rate of 1.25% AER/Gross (fixed) p.a. until the Fixed Rate ISA maturity date - 18th May 2016.
RBS 1 Year Fixed Rate ISA Issue 124
Open With
£1,000
Interest Rate
1.25% AER fixed until 15 Jun 2016
Protection Scheme
FSCS
ISA Transfers In
accepted
Interest will be paid at the rate of 1.25% AER/Gross (fixed) p.a. until the Fixed Rate ISA maturity date - 18th May 2016.
Punjab National Bank (International) Ltd 1 Year - < 2 Year Fxd Rate ISA
Open With
£1,000
Interest Rate
1.9% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
Available in branch only.
Kent Reliance Loyalty Flexible Fxd Rate NISA One Yr Iss 4 Ex/C
Open With
£1,000
Interest Rate
1.75% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
Bank of Cyprus UK Loyalty 1 Year Fixed Rate ISA Ex/C
Open With
£500
Interest Rate
1.65% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
This product is only available to existing customers.
Holmesdale Building Society Cash NISA 1 Year Fixed Rate Bond (Issue 1) Ex/C
Open With
£5,000
Interest Rate
1.65% AER fixed
Protection Scheme
-
ISA Transfers In
accepted
Julian Hodge Bank Cash ISA 1 Year
Open With
£5,000
Interest Rate
1.65% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond Issue 4
Open With
£5,000
Interest Rate
1.65% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
Skipton Loyalty 1 Year Fixed Rate ISA Ex/C
Open With
£500
Interest Rate
1.65% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
Post Office Online ISA (1 Year Fixed Rate Cash ISA Issue 2)
Open With
£500
Interest Rate
1.61% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
Clydesdale Bank Cash ISA Fixed Rate Bond (Issue 29)
Open With
£2,000
Interest Rate
1.6% AER fixed until 29 Apr 2016
Protection Scheme
FSCS
ISA Transfers In
accepted
Available in branch only.
Holmesdale Building Society Cash NISA 1 Year Fixed Rate Bond (Issue 1)
Open With
£5,000
Interest Rate
1.6% AER fixed
Protection Scheme
-
ISA Transfers In
accepted
Leeds Building Society 1 Year Fixed Rate ISA Issue 70
Open With
£100
Interest Rate
1.6% AER fixed until 31 May 2016
Protection Scheme
FSCS
ISA Transfers In
accepted
Post Office 1 Year Fixed Rate Cash ISA Issue 15
Open With
£500
Interest Rate
1.6% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted
Virgin Fixed Rate Cash ISA Issue 145
Open With
£1
Interest Rate
1.6% AER fixed until 15 May 2016
Protection Scheme
-
ISA Transfers In
accepted
Virgin Fixed Rate e-ISA Issue 118
Open With
£1
Interest Rate
1.6% AER fixed until 24 May 2016
Protection Scheme
-
ISA Transfers In
accepted
Yorkshire Bank Cash ISA Fixed Rate Bond (Issue 29)
Open With
£2,000
Interest Rate
1.6% AER fixed until 29 Apr 2016
Protection Scheme
FSCS
ISA Transfers In
accepted
Available in branch only.
Skipton 1 Year Fixed Rate ISA
Open With
£500
Interest Rate
1.55% AER fixed
Protection Scheme
FSCS
ISA Transfers In
accepted

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How to Choose the Best 1 Year Fixed Rate ISA

by Hannah from money.co.uk

Find out what you need to consider when you're looking to open a 1 year fixed rate ISA.

Young couple home happy

A 1 year fixed ISA provides a guaranteed rate of return for one year.

You cannot withdraw the money before the end of the year and if you do, most banks will apply an interest penalty. This is usually in the range of 60 to 90 days worth of interest so can reduce the return on your money considerably.

In short, only go for a 1 year bond ISA if you are certain you will not need the money for at least a year.

Before you compare 1 year fixed rate ISAs you need to consider whether you want to transfer in money you've saved using previous years' ISA allowances. If so you need to restrict your search to the best 1 year cash ISA providers that will allow incoming transfers.

It's then simply a case of finding the 1 year fixed ISA that will offer the best return.

The best paying instant access cash ISAs often pay a rate of interest that's equal to the returns available on 1 year fixed term ISAs. However, they do offer the reassurance of a guaranteed return on your money, something that's not available with one of their variable rate counterparts.

You need to remember that event the best 1 year fixed cash ISA rates drop substantially after the first year. Therefore, be prepared to either transfer the funds into a new 1 year ISA or transition to a longer term fixed term ISA after this time.

It's also worth bearing in mind that higher returns are usually available from longer fixed term ISAs.

This is counteracted by the very low minimum deposit required to open the account - some banks will accept as little as 1 as an initial deposit so they're more accessible if you don't have a significant amount in savings.

If you are looking for convenience in operating your account, you need to think about whether you want online access and if so look for ISA providers that offer suitable accounts. Some banks will restrict transactions to branch and you might find that too limiting.

Whereas most ISA products from a UK bank are guaranteed by the FSCS up to 85,000 per individual per financial institution, not all 1 year fixed term ISAs will fall under this protection. Get clarification to be certain your ISA will be fully protected. After all, if you are looking got the best 1 year ISA the security of your deposit is paramount.