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2 year Fixed Rate ISA

If you want to save a lump sum then a Fixed Rate cash ISA offers a tax-free interest rate that won't change during your chosen term.

A cash ISA allows UK residents aged 16 or over to save up to their annual ISA allowance tax-free with one provider each tax year. The allowance is £15,240 for 2015/2016. With most savings accounts, if you are a tax payer the tax man gets a cut from the interest you earn, that's why it's reassuring to know that with a cash ISA all the interest you earn, you keep.

Help with your existing ISA

Our support pages have information on interest rates, terms and conditions and FAQs.

Go to Savings & ISA support

Interest rates

Interest rates
	Savings account balance	AER %	AER % (includes bonus)	Gross % (p.a.)	Net % (p.a.)
Annual Interest	£1+	1.80%	n/a	1.80%	n/a
Monthly Interest	£1+	1.76%	n/a	1.75%	n/a

Effective from 08 September 2015

Rates are fixed

Features

Further details on how to manage this account
How to open	Open online if you have a Rafidain Bank current account or instant access savings account Open using our Mobile Banking app if you have a Rafidain Bank current account or instant access savings account (you must be registered for our Internet Bank) Open in a branch if you want to pay money in from another provider's account Open with a minimum of £1
How to manage	Check balance and statements: Via the Internet Bank Using our Mobile Banking app In a branch
Transferring in	On opening only in branch or when you apply online through the Rafidain Bank website. Transfers accepted from Rafidain Bank ISAs and other providers. Find out more about transfers.
Paying money in	One lump sum on opening. This might be from one or all of the following: A transfer from an existing ISA Funded with your 2015/16 ISA allowance of £15,240 (from a Rafidain Bank current account or instant savings account only) Alternatively, open in a branch if you want to pay money in via cash or cheque
Taking money out	Part withdrawals not allowed.
When the term ends	Before your term ends, we’ll tell you about your options at maturity.
Closing the account	Closing the account early may result in a loss of interestLoss Of Interest

Are you eligible to open this account?

Maximum of one account holder, minimum age 16

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).
Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
The tax information provided is based on our current understanding of current law and HM Revenue & Customs practice which can change.

Apply now

Please read the terms & conditions and product information before you apply.

Financial Services Compensation Scheme

Protecting your money

Find out more - Financial Services Compensation Scheme

Summary box

Summary box
Key product information for our 2 Year Fixed Rate ISA
Account Name	2 Year Fixed Rate ISA
Interest Rates (AERs)	See the 'Interest rates' table on the rates and features page
Tax Status	Tax-free
Conditions for bonus payment	n/a
Withdrawal arrangements	Part withdrawals are not allowed. Early closure will result in a loss of interest. If there is insufficient earned interest, then the amount of the early access charge will be taken from the funds in the account.
Access	Online and branch

Other important information

Other important information on how to manage this account
Maximum account holders	1
Minimum age	16
Balance	£1 minimum opening balance £1 minimum operating balance Maximum balance subject to your annual ISA allowance
Statements	We'll send you a certificate within a few days of opening your account A statement will be sent to you annually You can check your account online through our Internet Bank, Mobile app or at your local branch
Interest	Annual interest accounts: Interest is paid annually on the anniversary of the account opening and on maturity. Interest can be added to your Fixed Rate ISA, paid into your current account or another Rafidain Bank savings account (subject to terms and conditions of the receiving account). Monthly interest accounts: Interest is paid monthly into your current account or another Rafidain Bank savings account (subject to terms and conditions of the receiving account) and on maturity.

Terms and conditions

Please make sure you've read the terms and conditions before applying

Other important information

Apply now

Financial Services Compensation Scheme

Protecting your money

Find out more - Financial Services Compensation Scheme