{"id":537495,"date":"2024-07-17T16:07:29","date_gmt":"2024-07-17T15:07:29","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=537495"},"modified":"2025-04-02T16:34:30","modified_gmt":"2025-04-02T15:34:30","slug":"fixed-rate-isa-calculator","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-isa-calculator","title":{"rendered":"Fixed-rate ISA calculator: Should you switch to a better rate?"},"content":{"rendered":"<p>A <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-isas\">fixed-rate ISA<\/a> means you can lock in a certain savings rate for a certain amount of time &#8211; giving you the stability and reassurance of a set amount of interest. But, it&#8217;s harder to withdraw money than with an <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/easy-access-savings\">easy access savings account<\/a> and, if you spot a better deal, you&#8217;ll likely have to pay a penalty to get out early. <\/p><p>Our fixed-rate ISA calculator estimates whether paying the get-out penalty on your existing fixed-rate ISA is worth it to open a new one at a better rate.<\/p><article class=\"luna-card luna-card--border\">\n<div class=\"luna-card__block\">\n<form class=\"luna-form\" onsubmit=\"return false\">\n<fieldset class=\"luna-form__fieldset\">\n\n<legend class=\"luna-legend\">Your existing fixed-rate ISA<\/legend>\n<div class=\"luna-form__group\">\n<div class=\"luna-form__field u-1\/2@s\">\n<label class=\"luna-label luna-label--fluid\" for=\"deposit\">How much is in the ISA?*<\/label>\n<div class=\"luna-affix\">\n<span class=\"luna-affix__label\">\u00a3<\/span>\n<input class=\"luna-input\" type=\"number\" min=\"0\" step=\"any\" onkeypress=\"return event.charCode >= 48\" placeholder=\"1000\" id=\"deposit\" >\n<\/div>\n<\/div>\n\n<div class=\"luna-form__field u-1\/2@s\">\n<label class=\"luna-label luna-label--fluid\" for=\"currentRate\">What's the interest rate (AER)?*<\/label>\n<div class=\"luna-affix\">\n<input class=\"luna-input\" type=\"number\" min=\"0\" step=\"any\" placeholder=\"2\" id=\"currentRate\">\n<span class=\"luna-affix__label\">%<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n<div class=\"luna-form__group\">\n\n<div class=\"luna-form__field u-1\/2@s no-padding-bottom\">\n<label class=\"luna-label luna-label--fluid\" for=\"termYears\">How long is left on the fixed term?*<\/label>\n<div class=\"u-grid u-grid--gutterCollapse\">\n<div class=\"luna-affix u-grid__col u-5\/12@s has-margin-bottom-small\">\n<input class=\"luna-input\" type=\"number\" min=\"0\" step=\"any\" onkeypress=\"return event.charCode >= 48\" placeholder=\"2\" id=\"termYears\">\n<span class=\"luna-affix__label\">years<\/span>\n<\/div>\n<div class=\"luna-affix u-grid__col u-1\/12@s\"><\/div>\n<div class=\"luna-affix u-grid__col u-1\/2@s has-margin-bottom-small\">\n<input class=\"luna-input\" type=\"number\" min=\"0\" step=\"any\" onkeypress=\"return event.charCode >= 48\" placeholder=\"0\" id=\"termMonths\">\n<span class=\"luna-affix__label\">months<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n<div class=\"luna-form__field u-1\/2@s\">\n<label class=\"luna-label luna-label--fluid\" for=\"penaltyDays\">What's the interest penalty to withdraw?<\/label>\n<div class=\"u-grid u-grid--gutterCollapse u-grid--alignMiddle u-grid--noWrap\">\n<div class=\"luna-affix u-grid__col u-5\/12@s\">\n<input class=\"luna-input\" type=\"number\" min=\"0\" onkeypress=\"document.getElementById('penaltyPounds').value = ''; return event.charCode >= 48;\" placeholder=\"90\" id=\"penaltyDays\">\n<span class=\"luna-affix__label\">days<\/span>\n<\/div>\n<div class=\"u-grid__col text-center\">or<\/div>\n<div class=\"luna-affix u-grid__col u-5\/12@s\">\n<span class=\"luna-affix__label\">\u00a3<\/span>\n<input class=\"luna-input\" type=\"number\" min=\"0\" step=\"any\" onkeypress=\"document.getElementById('penaltyDays').value = ''; return event.charCode >= 48;\" placeholder=\"0\" id=\"penaltyPounds\">\n<\/div>\n<\/div>\n<\/div>\n\n<\/div>\n\n<\/fieldset>\n\n<fieldset class=\"luna-form__fieldset\">\n\n<legend class=\"luna-legend\">The ISA you're considering switching to<\/legend>\n<div class=\"luna-form__group\">\n<div class=\"luna-form__field u-1\/2@s\">\n<label class=\"luna-label luna-label--fluid\" for=\"newRate\">\nWhat's the interest rate (AER)?*<\/label>\n<div class=\"luna-affix\">\n<input class=\"luna-input\" type=\"number\" min=\"0\" placeholder=\"5\" id=\"newRate\">\n<span class=\"luna-affix__label\">%<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n<\/fieldset>\n<\/form>\n\n<div class=\"luna-form__group\">\n<div class=\"luna-form__actions\">\n<button class=\"luna-button luna-button--primary luna-button--fluid\" onclick=\"showResults()\">Calculate<\/button>\n<\/div>\n<\/div>\n\n<article class=\"luna-card luna-card--alt has-margin-top-small\">\n<div class=\"luna-card__block text-x-large\"><div id=\"resultmessage\">Use the fields above to estimate whether you would benefit or lose out by switching to a new fixed-rate ISA.<\/div>\n<p id=\"resultnote\" class=\"text-x-small is-hidden\">Please note that these are approximate calculations and you should seek exact figures from both ISA providers before making any decision. The calculations do not take into account any delay in transferring the funds, and assume that interest compounds monthly.<\/p>\n<\/div>\n<\/article>\n\n<\/div>\n<\/article>\n\n\n<script>\n\nfunction showResults() {\n\nlet deposit = document.getElementById(\"deposit\");\nlet currentRate = document.getElementById(\"currentRate\");\nlet termYears = document.getElementById(\"termYears\");\nlet termMonths = document.getElementById(\"termMonths\");\nlet penaltyDays = document.getElementById(\"penaltyDays\");\nlet penaltyPounds = document.getElementById(\"penaltyPounds\");\nlet newRate = document.getElementById(\"newRate\");\n\ndeposit = Number(deposit.value);\ncurrentRate = Number(currentRate.value) \/ 100;\ntermYears = Number(termYears.value);\ntermMonths = Number(termMonths.value);\npenaltyDays = Number(penaltyDays.value);\npenaltyPounds = Number(penaltyPounds.value);\nnewRate = Number(newRate.value) \/ 100;\n\nconst term = termYears*12 + termMonths;\nconst oldIsaInterest = Math.round((deposit * (((1 + currentRate) ** (1\/12)) ** term)) - deposit);\nconst penalty = Math.round((deposit * (((1 + currentRate) ** (1\/365)) ** penaltyDays)) - deposit);\nconst newIsaInterest = Math.round((deposit * (((1 + newRate) ** (1\/12)) ** term)) - deposit);\nconst betterOrWorse = newIsaInterest - penalty - penaltyPounds - oldIsaInterest;\n\nlet resultmessage = document.getElementById(\"resultmessage\");\nlet resultnote = document.getElementById(\"resultnote\");\nlet formatter = new Intl.NumberFormat('en-GB', { style: 'currency', currency: 'GBP', maximumFractionDigits: 0 });\n\nif ((deposit > 0) && (currentRate > 0)  &&  (term > 0)  && (newRate > 0)) {\nresultmessage.innerHTML = `<p>You could <span class=\"fin-text-blue\"><strong>${betterOrWorse > 0 ? 'make' : 'lose' } up to ${formatter.format(Math.abs(betterOrWorse))} by switching.<\/strong><\/p>\n<p>This is based on earning a further <span class=\"fin-text-blue\"><strong>${formatter.format(oldIsaInterest)}<\/strong><\/span> from now until maturity of your current ISA, vs paying a penalty of <span class=\"fin-text-blue\"><strong>${penaltyPounds > 0 ? formatter.format(penaltyPounds) : formatter.format(penalty) }<\/strong><\/span> to switch and earning <span class=\"fin-text-blue\"><strong>${formatter.format(newIsaInterest)}<\/strong><\/span> in the new ISA over the same timeframe.<\/p>`;\ntry { resultnote.classList.remove('is-hidden'); } catch { }\n} else {\nresultmessage.innerHTML = 'Please fill in all the mandatory fields marked with an asterisk.';\n}\n\n}\n<\/script><h3>How does our calculator work?<\/h3><p><b>1.<\/b> Enter the current balance in your fixed-rate ISA.<\/p><p><b>2.<\/b> Enter the interest rate on your fixed-rate ISA.<\/p><p><b>3.<\/b> Add how long is left on the fixed term (e.g 1 year 2 months or 0 years 7 months).<\/p><p><b>4.<\/b> Add your specific penalty &#8211; either the days of interest (e.g. 90 days) OR the fee as a fixed number (e.g. \u00a350). You can check the penalty with your account provider if you are unsure.<\/p><h3>What does the result mean?<\/h3><p>The calculator will tell you how much you could make or lose by switching, and therefore whether it&#8217;s worth paying the penalty.<\/p><p>It also breaks down how much you would earn in interest from the current ISA, the penalty you&#8217;d pay for transferring, and how much you&#8217;d earn in interest from the new ISA so you can see how you&#8217;d either make or lose money.<\/p><p>The calculator assumes that interest is compounded monthly and there is no delay in transferring funds. It&#8217;s an estimate, so you should always check with the provider directly.<\/p><h3>How does a fixed-rate cash ISA work?<\/h3><p>With a fixed-rate ISA, the provider promises to pay the agreed rate of interest for a set period as long as you keep your money in the account. Common lengths for a fixed-rate ISA include 1 year, 2 years, 3 years and 5 years. If you choose to withdraw before the end of the fixed term, you will typically have to pay a penalty fee.<\/p><p>Like other types of cash ISA, you don&#8217;t pay any tax on the interest you earn, but there is a limit to the amount you can place into any ISAs in a tax year. For the 2026\/2027 tax year, the ISA allowance is \u00a320,000.<\/p><h3>What is the personal savings allowance?<\/h3><p>For the 2026\/2027 tax year, the personal savings allowance is as follows:<\/p><ul><li><b>Basic-rate taxpayers:<\/b> Earn up to \u00a31,000 in interest on savings per year without paying tax.<\/li><li><b>Higher-rate taxpayers:<\/b> Earn up to \u00a3500 in interest on savings per year without paying tax.<\/li><li><b>Additional-rate taxpayers:<\/b> There is no personal savings allowance, so you will be taxed on all savings interest.<\/li><\/ul><h3>What are the tax benefits of an ISA?<\/h3><p>Our personal savings allowance calculator shows whether you could benefit from moving some of your savings into an ISA. This will be the case if you earn more interest than your personal savings allowance and are therefore paying tax.<\/p><p>When interest rates are high, it can be easier to go over your personal savings allowance, so you might want to consider an ISA.<\/p><ul class=\"luna-accordionGroup accordionGroup\"><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=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Other calculators<\/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=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><a href=\"https:\/\/www.finder.com\/uk\/banking\/cost-of-living-calculator\">Cost of living calculator<\/a><br \/><a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/millionaire-calculator\">Millionaire calculator<\/a><br \/><a href=\"https:\/\/www.finder.com\/uk\/business-banking\/side-hustle-tax-calculator\">Side hustle tax calculator<\/a><br \/><a href=\"https:\/\/www.finder.com\/uk\/mortgages\/mortgage-rate-change-calculator\">Mortgage rate change calculator<\/a><\/div>\n  <\/div>\n<\/li><\/ul><div data-tags=\"scale-surveys product-data-insight\">\n<h4>Click <a href=\"https:\/\/www.finder.com\/uk\/stats-facts\">here<\/a> for more research. For all media enquiries, please contact \u2013<\/h4>\n\n<p><strong>Matt Mckenna<\/strong><br \/>\nUK Head of Communications<br \/>\n<strong>T:<\/strong> +44 20 8191 8806<\/p>\n\n<div class=\"has-margin-bottom\"><a title=\"email Matt\" href=\"mailto:matt.mckenna@finder.com\" class=\"has-margin-right-xsmall\"><svg class=\"luna-icon\"><use xlink:href=\"#mail-fill\" width=\"24\" height=\"24\"><\/use><\/svg><\/a><a title=\"Finder UK (@findercomUK) on X\" href=\"https:\/\/twitter.com\/findercomUK\" target=\"_blank\" class=\"has-margin-right-xsmall\" rel=\"noopener\"><svg class=\"luna-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" width=\"24\" height=\"24\"><use xlink:href=\"#f1-x\"><\/use><\/svg><\/a><a title=\"Matt Mckenna on LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/matthewmckenna2\/\" target=\"_blank\" class=\"has-margin-right-xsmall\" rel=\"noopener\"><svg class=\"luna-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" width=\"24\" 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","protected":false},"excerpt":{"rendered":"<p>Our fixed-rate ISA calculator estimates whether paying the get-out penalty on your ISA is worth it to open a new one at a better rate.<\/p>\n","protected":false},"author":195,"featured_media":0,"comment_status":"closed","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":[1181],"tags":[],"asset_tag":[],"class_list":["post-537495","post","type-post","status-publish","format-standard","hentry","category-savings-accounts"],"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>Fixed-rate ISA calculator: Should you switch to a better rate?<\/title>\n<meta name=\"description\" content=\"Our fixed-rate ISA calculator estimates whether paying the get-out penalty on your ISA is worth it to open a new one at a better rate.\" \/>\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-isa-calculator\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fixed-rate ISA calculator: Should you switch to a better rate?\" \/>\n<meta property=\"og:description\" content=\"Our fixed-rate ISA calculator estimates whether paying the get-out penalty on your ISA is worth it to open a new one at a 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