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Two-Year Fixed Rate Cash ISA
You do not pay tax on the interest you receive from a Cash ISA, making it a popular option for all savers. However, the amount you can save into a new ISA is subject to a limit in each tax year.
You can also transfer ISAs from previous years to get a better rate of interest. Furthermore, the new ISA rules allow you to transfer money from a Stocks & Shares ISA into a Cash ISA.
Using a two-year Fixed Rate Cash ISA means your savings will be tied up for two years, with no access during that time. You therefore need to take care to leave enough money easily accessible elsewhere to meet your needs.
When selecting the right ISA for your needs, you should remember that some accounts will allow interest to be paid away into a separate bank account, whilst others simply add it to your original capital and pay the full amount out when the account matures at the end of the two-year fixed rate.