{"id":472546,"date":"2023-01-09T14:26:49","date_gmt":"2023-01-09T14:26:49","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=472546"},"modified":"2026-02-02T10:49:49","modified_gmt":"2026-02-02T10:49:49","slug":"2-year-fixed-rate-cash-isas","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-isas\/2-year-fixed-rate-cash-isas","title":{"rendered":"Best 2-year fixed rate cash ISAs"},"content":{"rendered":"<p>Saving into a cash ISA means that you\u2019ll never have to pay any income tax on the interest you earn on that account. You can pay up to \u00a320,000 into an ISA each tax year and, just like standard savings accounts, there are several types of cash ISAs to choose from. <\/p><p>This guide takes a detailed look at how 2-year fixed rate cash ISAs work.<\/p><div class=\"newsletter-wrapper\"><\/div>\n<div class=\"newsletter-signup sticky-mode theme-green\" data-accountcreateflow=\"newsletter\" data-displaydelay=\"0\" data-showformembers=\"1\">\n    <div class=\"signup-grid\">\n                                <div class=\"signup-image\">\n                <img decoding=\"async\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png\" alt=\"newsletter-image\" class=\"signup-image-img\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n            <\/div>\n                        <div class=\"signup-content\">\n                <div class=\"signup-content-left\">\n                    <h2 class=\"signup-header\">Be first to know about new deals<\/h2>\n                                        <p class=\"signup-text\">Sign up to receive the latest deals, tips and a chance to <strong>win \u00a3400!<\/strong> (T&amp;Cs)\n                                            <\/p>\n                                    <\/div>\n                <div class=\"signup-content-right\">\n                    <div class=\"form\">\n                        <div class=\"email-group \">\n                            <label for=\"email-default\" class=\"sr-only\">Email address:<\/label>\n                            <input class=\"email-input\" id=\"email-default\" type=\"email\" placeholder=\"Enter your email\" name=\"email\" data-prefill=\"me.notes.createAccountEmail\">\n                            <button class=\"email-btn\">\n                                <span class=\"btn-text\">Sign up<\/span>\n                                <span class=\"loading-spinner\"><\/span>\n                            <\/button>\n                        <\/div>\n                        <p class=\"error-msg\"><span class=\"error-msg-text\">Error placeholder<\/span> <span class=\"error-msg-sign-in\"> Click <a class=\"error-msg-sign-in-link\" href=\"https:\/\/www.finder.com\/uk\/user-profile\/sign-in?returnTo=https%3A%2F%2Fwww.finder.com%2Fuk%2Fuk%2Fwp-json%2Fwp%2Fv2%2Fposts%2F472546\">here<\/a> to sign in<\/span><\/p>\n                    <\/div>\n                    <div class=\"links\">\n                                                    <a href=\"https:\/\/finder.com\/uk\/about-us\/competition-winners\">Winners<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/about-us\/example-email#savings\">Emails<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/communication-preferences\">Unsubscribe<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/privacy-policy\">Privacy<\/a>                                             <\/div>\n                <\/div>\n            <\/div>\n                <div class=\"hide-btn\">\n            Hide\n            <svg class=\"luna-icon luna-icon--xsmall has-margin-top-xxsmall\">\n                <use xlink:href=\"#chevron-down\"><\/use>\n            <\/svg>\n        <\/div>\n    <\/div>\n<\/div>\n\n<h3>What is a 2-year fixed rate cash ISA?<\/h3><p>A 2-year fixed rate cash ISA is a cash ISA that requires you to lock away your savings for a term of 2 years. In return, you\u2019ll receive a fixed rate of interest that will typically be higher than you\u2019d get on an <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/easy-access-savings\">easy access account<\/a>.<\/p><p>Most 2-year fixed rate cash ISAs won\u2019t allow you to withdraw any funds from your account during the term. If you can take the money out, you will usually pay a penalty fee. This is often a set number of days\u2019 interest. You also won\u2019t usually be able to pay any additional funds into your account once you\u2019ve made your initial deposit, so this type of account is best suited to those with a <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/savings-accounts-for-a-lump-sum\">lump sum to invest<\/a>.<\/p><p>When comparing 2-year fixed rate cash ISAs, you\u2019ll need to check the minimum deposit requirement. In some cases, it can be a few hundred or a few thousand pounds, so you\u2019ll need to make sure you can meet this requirement or find another option. If you want to transfer in funds from an existing ISA, you\u2019ll also need to check whether your chosen provider permits this. Transfers do not count towards the current year\u2019s ISA allowance.<\/p><p>At the end of the 2 years, your cash ISA will mature and you can usually choose to withdraw your cash or have the money transferred to another ISA.<\/p><h3>Do I need a cash ISA?<\/h3><p>The personal savings allowance was introduced in 2016 and means that all basic rate taxpayers can now earn up to \u00a31,000 a year tax-free on any interest from savings and <a href=\"https:\/\/www.finder.com\/uk\/current-accounts\/high-interest-current-account\">current accounts<\/a>. Higher rate taxpayers can earn up to \u00a3500, while additional rate taxpayers have no personal savings allowance. <\/p><p>Because of this, you might be wondering if it\u2019s worth putting your money in a cash ISA \u2013 particularly if you\u2019re a basic rate taxpayer. However, keep in mind that interest rates have risen in recent years. So, if you have a decent amount in your savings pot, you could be close to reaching your personal savings allowance, which means you\u2019ll start paying tax on your savings interest. By contrast, if you save that money in an ISA, you\u2019ll never pay tax on your savings, no matter how much interest you earn.<\/p><p>For this reason, you might want to put some of your savings in a cash ISA and some in a standard savings account. <\/p><h3>How to open an ISA<\/h3><p>You can usually open a cash ISA in the same way as any other savings account. Depending on the provider, you might be able to do this online, over the phone, by post or in branch. You will usually need to provide a few personal details such as your name, address and date of birth. <\/p><p>If you\u2019re not an existing customer, you might also have to provide proof of ID, such as a passport or driving licence, and proof of address, such as a bank statement or utility bill. Some digital banks will be able to verify your identity electronically, so you won\u2019t need to provide these documents.<\/p><p>If you want to transfer funds in from another ISA elsewhere, you\u2019ll also need to fill in a cash ISA transfer form, providing details of the ISA you wish to be transferred. <\/p><h3>An overview of our 2-year fixed-rate cash ISA comparison<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n<table class=\"i_infobox product_infobox\">\n<tbody>\n<tr>\n<th>Rates up to<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n4.65% AER\n<\/td>\n<\/tr>\n<tr>\n<th>Number of accounts<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n107\n<\/td>\n<\/tr>\n<tr>\n<th>Minimum investment<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n\u00a31\n<\/td>\n<\/tr>\n<tr>\n<th>Maximum investment<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n\u00a39,000,000\n<\/td>\n<\/tr>\n<tr>\n<th>Opening options<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\nBranch, website, mobile app, post, telephone<\/td>\n<\/tr>\n<\/tbody>\n<\/table><h3>Pros and cons<\/h3><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li>Earn a fixed rate of interest for the term of the account<\/li>\n                                    <li>Interest rates are usually higher compared to easy access cash ISAs<\/li>\n                                    <li>Ideal if you have a lump sum to invest<\/li>\n                                    <li>No tax is payable on the interest earned<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li>You won't be usually able to withdraw cash during the term without penalty<\/li>\n                                    <li>It's not always possible to top up funds during the term of the account<\/li>\n                                    <li>You won't be able to pay in more than your annual ISA allowance<\/li>\n                                    <li>If overall interest rates rise, you won't benefit<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<h3>Bottom line<\/h3><p>If you\u2019ve got a lump sum to invest (that\u2019s less than \u00a320,000) and you are comfortable with leaving those funds untouched for 2 years, a 2-year fixed rate cash ISA is an option worth considering. As well as earning a fixed rate of interest for those 2 years, you won\u2019t need to pay tax on any of the interest you earn.<\/p><p>Remember, you can now pay into more than 1 cash ISA during the tax year. So you may not want to tie up all your money in one fixed-rate product if there\u2019s a potential to secure a better rate later on. <\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Are 2-year fixed-rate cash ISAs safe?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, as long as your provider is authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA), your money will be protected under the <a href=\"https:\/\/www.finder.com\/uk\/banking\/what-is-the-fscs\">Financial Services Compensation Scheme<\/a> (FSCS).<\/p><p>This means that up to \u00a3120,000 of your money will be protected per person, per banking institution in the event your bank went bust. If this happens, you'll be able to make a claim to the FSCS and get your money back.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">How many cash ISAs can I have?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You can hold several cash ISAs and thanks to a rule change, you can now deposit money into more than 1 cash ISA each tax year.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">What is the annual ISA allowance?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>For the 2026\/2027 tax year, you can pay up to \u00a320,000 into an ISA. You can save this amount into one type of account or split it across some or all of the different types of ISA (<a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/cash-isas\">cash<\/a>, <a href=\"https:\/\/www.finder.com\/uk\/stocks-and-shares-isas\">stocks and shares<\/a>, <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/best-lifetime-isa\">lifetime<\/a> and innovative finance ISA).<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. 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ISAs<\/p>\n","protected":false},"author":1047,"featured_media":472552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[129749],"tags":[],"asset_tag":[],"class_list":["post-472546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fixed-rate-isas"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Best 2-year fixed rate cash ISAs<\/title>\n<meta name=\"description\" content=\"We take a detailed look at how 2-year fixed rate cash ISAs work to see if they are right for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-isas\/2-year-fixed-rate-cash-isas\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best 2-year fixed rate cash ISAs\" \/>\n<meta property=\"og:description\" content=\"We take a detailed look at how 2-year fixed rate cash ISAs work to see if they are right for you.\" \/>\n<meta property=\"og:url\" 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