A Fixed Rate Cash ISA is a type of ISA savings account where your savings earn a fixed interest rate over a set period, however in return, you agree to lock away your money for a set time period. With a Tembo Fixed Rate Cash ISA, you can get a guaranteed fixed rate for 12-months. You can find our latest savings rates here.
With a Tembo Fixed Rate Cash ISA, you can add in anything from the minimum £500, all the way up to whatever is remaining of your ISA allowance for this tax year. Want to add funds at different times? New funds will instantly lock in for 12 months from the date they're added, at the rate available at the time 🚀
Your interest will then be paid into your account once the 12 months are up. After that, your funds will automatically move into our competitive easy access Cash ISA.
As this is an ISA account, your savings interest is tax-free and you can save up to £20,000 each tax year. If you save your money in a normal savings account, like a regular saver with your normal bank, you may end up paying tax if the amount you save exceeds your Personal Savings Allowance (PSA).
Tax treatment depends on individual circumstances and may be subject to change in the future.