Your Fixed Rate Cash ISA with The Co-operative Bank is about to mature — now what?
If you've already got a Fixed Rate Cash ISA with us that's about to mature, you might be thinking about what to do with your funds.
If you're wanting to reinvest all or just some of it, our Maturity Fixed Rate Cash ISA could be an option for you. You could save tax-free with a fixed rate of interest up to 4.53% tax-free/AER, depending on your chosen term.
Guiding you through the maturity process
- Below, you can find out more about the maturity pack that you'll receive in the post before your account matures
- You can also see the full range of maturity options available to you, and learn more about our Co-operative Bank Maturity Fixed Rate Cash ISAs
- If you decide that reinvesting with us is the right option for you, you can apply to reinvest using our online form, by post, or in branch
- If you choose not to reinvest with us, you've got the option to withdraw your funds, or transfer your funds to another ISA provider.
Our price promise
We'll offer an interest rate guarantee if you decide to take out a Maturity Fixed Rate Cash ISA with us. This means that if our rates increase or decrease between the date we send out your maturity pack and the date your original Fixed Rate Cash ISA matures, we'll give you the better rate — as long as you let us know your decision before the maturity date.
Please note, if the interest rate on this page is different to the one in your maturity pack, you'll automatically receive the higher rate if you decide to apply.
Your maturity pack
If you already have a Fixed Rate Cash ISA with us, we'll post you a maturity pack about 4 weeks before its maturity date. In this pack, you'll find:
- The maturity date of your Fixed Rate Cash ISA
- The current balance of your account
- Your maturity options, including the interest rates on offer
- A printed form if you'd prefer to submit an application to us by post.
If your Fixed Rate Cash ISA's maturity date is more than 30 days away, please do not apply to reinvest online, as your application will not be valid. You must wait until 30 days before the maturity date to apply — you'll also have 30 days to apply after the maturity date, however you may receive a lower interest rate.
1. Reinvest all of your funds
Reinvest all of your funds in a Co-operative Bank Maturity Fixed Rate Cash ISA.
With this option:
2. Partially reinvest your funds
Reinvest some of your funds in a Co-operative Bank Maturity Fixed Rate Cash ISA, and withdraw the remainder.
With this option:
3. Withdraw all of your funds
If you decide not to reinvest, you can also choose to withdraw your funds and close your existing Fixed Rate Cash ISA once it's matured.
You'll be able to access your funds on your maturity date. If this date doesn't fall on a business day, your funds will be available on the next business day.
From this date, you will be able to withdraw your funds:
- In online banking
- Through our mobile app
- By calling us
- By visiting us in branch. If you choose this option, please bring identification with you.
Please note:
Any money you withdraw from your existing ISA will lose its tax-free status. If you then decide to repay it back into another ISA, this'll count towards your £20,000 tax-free ISA allowance for the current tax year.
4. Transfer your funds to another provider
If you want to transfer your funds to an ISA with another provider, please contact your new provider to set up the transfer.
They will need your existing ISA's sort code and account number, which can be found in your maturity pack.
You can transfer all or just some of your existing ISA funds to a new provider. You could also transfer them to a stocks and shares ISA — it does not have to be another cash ISA.
Please note:
It's important that you use your new ISA provider's transferring service to do this — if you withdraw money from the ISA yourself, it will lose its tax-free status.
Avoid investment scams!
If you're planning on transferring your ISA funds to another provider, it's important you check that the individual or company are authorised by the Financial Conduct Authority (FCA). The FCA holds a warning list of individuals or companies who are not regulated, and operating without authorisation. This could prevent you falling for an investment scam, and help you keep your money safe.
When reinvesting in a Co-operative Bank Maturity Fixed Rate Cash ISA, you can:
- Lock in your tax-free interest rate for 1 year, at a rate of 4.53% tax-free / AER fixed
- Or, lock in your tax-free interest rate for 2 years, at a rate of 4.15% tax-free / AER fixed
- Reinvest the funds from your maturing Co-operative Bank Fixed Rate Cash ISA
- Add additional funds on top of this. To do this, you can either use your current year's tax-free ISA allowance (minimum of £5,000, and a maximum of £20,000), or transfer in previous tax years' ISA allowances from an existing cash ISA (minimum of £1). This could be with us, or another provider
- Interest paid annually, either into your account or another account of your choice
- Manage your account online, over the phone, in branch, or by post.
Please note:
- All additional funds, including ISA transfers from other providers, must be received within 30 days of your Maturity Fixed Rate Cash ISA being reinvested. After this point, you cannot add to the account until the end of its term
- Any withdrawals made 30 days or more after your funds have been reinvested will be subject to an interest penalty
- At the end of your term, your money will be transferred to an instant access, variable rate Co-operative Bank Cash ISA — or an equivalent account
- Any money you withdraw from your existing ISA will lose its tax-free status. If you then decide to repay it back into another ISA, this'll count towards your £20,000 tax-free ISA allowance for the current tax year.
The Co-operative Bank reserves the right to decline or accept any application or deposit.
Transferring funds from an existing cash ISA
If you like, you can transfer money from an existing cash ISA into a Co-operative Bank Maturity Fixed Rate Cash ISA. Your existing ISA might be with us, or another provider.
If your existing cash ISA is with another provider, they may have restrictions relating to ISA transfers — we recommend checking this before requesting a transfer to us.
You must not withdraw the money and transfer it to us yourself, as it will lose its tax-free status.
How to transfer existing cash ISA funds into a Co-operative Bank Maturity Fixed Rate Cash ISA
To do this, you'll need to:
- Firstly apply to reinvest your existing Co-operative Bank Fixed Rate Cash ISA funds into a Maturity Co-operative Bank Fixed Rate Cash ISA
- Complete a Co-operative Bank Cash ISA Transfer Authority form (PDF), which'll arrive with your welcome letter. You can also download and print it if you've lost it, or haven't got one
- Return the completed form to us.
Please note: your term will start on the date your funds are reinvested.
The account summary information is displayed in the summary box below — you must read it before applying. You can also download this information in a PDF format.
Maturity Fixed Rate ISA terms, conditions and summary box (PDF)
Account name
Co-operative Bank Maturity Fixed Rate Cash ISA
What is the interest rate?
1 Year Maturity Fixed Rate Cash ISA
4.53% tax-free / AER
2 Year Maturity Fixed Rate Cash ISA
4.15% tax-free / AER
Interest is calculated daily and is paid annually on the anniversary of the start of the fixed term. If this date doesn’t fall on a Business Day, it will be paid on the next available Business Day.
Interest can either be paid into this account or another account of your choice, with us or another provider.
Can The Co-operative Bank change the interest rate?
No. The interest rate is fixed. It won't change until the account matures at the end of your term.
What would the estimated balance be at the end of the fixed term, based on a £5,000 deposit?
Balance at end of fixed term
£5,226.50 would be the balance after a 1 year fixed term
£5,423.61 would be the balance after a 2 year fixed term
This calculation is for illustration purposes and assumes:
- You haven’t made any additional deposits or withdrawals
- You’ve chosen to add your interest to the account.
How do I open and manage my account?
Opening an account?
To open an account you must be:
- A UK resident
- Aged 18 or over
- Reinvesting funds from a Co-operative Bank Fixed Rate Cash ISA, which has matured within the last 30 days.
This account can only be opened as a sole account.
You can open and re-invest in this account by:
- Filling in our online form below
- Completing and returning the reinvestment form sent within your pre-maturity pack
- Visiting us in branch.
How much can I deposit?
You can reinvest all or part of your maturing Fixed Rate Cash ISA funds.
If you are adding additional funds, the minimum deposit is £5,000, but if you’re transferring in previous tax years’ ISA allowances only – then the minimum deposit is just £1.
The maximum deposit if you are using your annual ISA allowance is £20,000. But if you’re transferring in ISAs from previous tax years’ ISA allowances, the maximum balance is £1,000,000.
The maximum account balance is £1,000,000.
You have 30 days from the start of the fixed term to add additional funds. You can do this in one lump sum or through multiple payments up to the maximum amounts above. If after 30 days you haven’t met the minimum deposit for additional funds, we will return the additional funds to you. No further deposits are allowed after 30 days from the start of the fixed term.
How do I pay into this account?
If you’re reinvesting any of your existing maturing Fixed Rate Cash ISA – you can transfer these funds into this account by providing us with your reinvestment instructions.
Adding additional funds:
If you're using your annual ISA allowance - you can make deposits by cash, cheque or transfer from another account held with us or another provider. You can also pay cheques in at the Post Office®.
If you’re transferring an existing cash ISA you have (with us or elsewhere) to this account - you can do this by providing us with a completed Cash ISA Transfer Authority Form. You’ll receive the form with your welcome letter so just complete it, return it to us and we’ll arrange the transfer on your behalf.
You must not withdraw the funds yourself to transfer to this account as they will lose their tax-free status.
How do I manage this account and get in contact?
You can contact us and manage your account:
- Online
- By calling us
- In branch
- By post.
Can I withdraw money?
Yes - However, if you withdraw before your maturity date, you'll be charged the value of 180 days' interest on the amount you withdraw (using the account's interest rate). This charge will be taken from interest you've earned but haven't yet been paid. But if you haven't earned enough interest to cover this charge, some of it will come out of your original deposit(s).
Any money that you withdraw from your ISA will lose its tax-free status, and, if repaid back into an ISA, it will count towards your current tax year's ISA allowance.
So, for example, if you have deposited £10,000 and then withdraw £1,000, you will only be able to deposit a further £10,000 in that tax year.
You can make withdrawals:
- In branch
- By calling us
- By requesting a bankers cheque - there is a charge for this.
At the end of the fixed term, your account matures and your money will be put into a variable rate instant access cash ISA - unless you provide us with other maturity instructions. We'll send you a letter when your fixed term is coming to an end. It'll remind you of your maturity date and let you know what options are available to you (such as re-investing or withdrawing).
On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app if registered.
Additional information
This is a limited issue product and may be withdrawn without notice at any time.
If you are or have previously been made bankrupt, you are eligible to apply.
Interest earned from this account will not count towards any of your available Personal Savings Allowance.
All interest earned from your ISA will be tax-free.
You cannot pay into to a cash ISA with us if you have already paid in the full annual ISA allowance in this tax year.
For more information about ISAs in general, please read our ISA allowance and information guide.
Ready to reinvest?
If you're eligible for a Co-operative Bank Maturity Fixed Rate Cash ISA, you can apply either online, by post, or in branch.
To apply, you must:
- Be a UK resident aged 18 or over
- Be reinvesting funds from an existing Co-operative Bank Fixed Rate Cash ISA account that's matured within the last 30 days, or going to mature in the next 30 days.
Before you apply:
- Make sure to remind yourself of the interest rate of your chosen Maturity Fixed Rate Cash ISA. The rates differ depending on the length of the fixed term
- Please ensure you've read the summary box information, and read and saved copies of the important documents below.
Apply online
It will take around 10 minutes to complete this application.
If you are applying to reinvest by post, you do not need to fill in this online form.
Apply by post
If you'd prefer to apply by post, you can fill in and send us the postal form you received in your maturity pack.
Other ways to save with us
If you want to put away money regularly, have instant access to your savings, or earn tax-free interest on the money you save, check out some of our other types of savings accounts.
Savings terms explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Business day is usually Monday to Friday excluding bank holidays.
Calendar month means from midnight on the first day of a month to 11.59:59pm on the last day of the month.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of The Co-operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.
Not found what you're looking for?
Contact our support team