Hey all, I’ve been considering opening an ISA and stumbled upon this Cash ISA page that talks about fixed-rate ISAs. The idea of getting a higher interest rate is appealing, but I’m a bit unsure about the commitment. If I go for a 3-year or 5-year fixed-rate ISA, am I completely stuck with it, or is there any way to access my money if I really need it? Also, how do these compare to other savings options in terms of returns? Would love to hear from anyone who has used one!
11 Views
Great that you’re looking into ISAs! Fixed-rate ISAs usually offer better interest rates than easy-access accounts, but the trade-off is that you agree to leave your money untouched for a set period. If you need to withdraw early, most providers will charge a penalty, often in the form of lost interest—sometimes several months' worth.