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Best 1 year fixed rate cash ISAs

One-year fixed rate cash ISAs are popular among savers who are willing to lock away access to their money for 12 months. They typically pay higher rates than longer-term fixed ISAs, which makes them an appealing option for those wanting to make the most of their ISA allowance.

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See our chart which is updated daily for the latest top rates to help you find the best one-year fixed rate ISA for you.


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Best ISA rates - 1 year fixed

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  • Kent Reliance One Year Fixed Rate Cash ISA - Issue 110
    AER
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    4.50%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
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    On Maturity
    Further Options ˅
    Go To Provider's Site
    AER
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    4.50%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
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    Monthly
    Go To Provider's Site
  • Charter Savings Bank 1 Year Fixed Rate Cash ISA
    AER
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    4.49%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
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    Anniversary
    Further Options ˅
    Go To Provider's Site
    AER
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    4.49%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
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    Monthly
    Go To Provider's Site
  • Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond Issue 111
    AER
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    4.49%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
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    On Maturity
    Further Options ˅
    Go To Provider's Site
    AER
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    4.49%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
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    Monthly
    Go To Provider's Site
  • LHV Bank HL Active Savings - 1 Year Fixed Rate Cash ISA
    AER
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    4.31%
    Account Type
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    Cash ISA
    Term
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    13.11.25
    Interest Paid
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    On Maturity
    Go To Provider's Site
  • Paragon Bank 1 Year Fixed Rate Cash ISA
    AER
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    4.30%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
    Press for help tip
    Anniversary
    Further Options ˅
    Go To Provider's Site
    AER
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    4.30%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
    Press for help tip
    Monthly
    Go To Provider's Site
  • OakNorth Bank Fixed Rate Cash ISA
    AER
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    4.10%
    Account Type
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    Cash ISA
    Term
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    12 Month Bond
    Interest Paid
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    Monthly
    Go To Provider's Site
  • NatWest 1 Year Fixed Rate ISA Issue 360
    AER
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    4.00%
    Account Type
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    Cash ISA
    Term
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    07.01.26
    Interest Paid
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    Yearly
    Go To Provider's Site
  • Post Office Money® Online ISA - Fixed Rate Issue 54
    AER
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    4.00%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
    Press for help tip
    Anniversary
    Go To Provider's Site
  • Royal Bank of Scotland 1 Year Fixed Rate ISA Issue 360
    AER
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    3.80%
    Account Type
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    Cash ISA
    Term
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    07.01.26
    Interest Paid
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    Yearly
    Go To Provider's Site
  • Castle Trust Bank Fixed Rate e-Cash ISA
    AER
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    4.52%
    Account Type
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    Cash ISA
    Term
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    1 Year Bond
    Interest Paid
    Press for help tip
    On Maturity
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Disclaimer

All rates subject to change without notice. Please check all rates and terms before investing or borrowing.

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One-year fixed rate cash ISAs explained

One-year fixed rate ISAs are a type of Individual Savings Account (ISA) that pay a fixed rate of interest for one year.

Because the interest rate on a one-year ISA is fixed, it means you’re guaranteed to receive that rate for the whole term.

However, in return, you won’t be able to withdraw money from the one-year ISA before the end of the term without some kind of penalty, such as a loss of interest. This penalty will also apply if you want to transfer your money to another ISA.

Some providers may not allow you to make any further deposits into your one-year ISA after your opening deposit, while others may allow further contributions for a limited period.

Once the one-year term comes to an end, the provider should contact you with further instructions. If you do nothing, the money will typically move into a standard variable ISA.

As with any ISA, the interest you earn on a one-year fixed ISA is exempt from tax.

Everyone has a £20,000 ISA allowance that they can deposit in ISAs each tax-year. This allowance refreshes at the start of the tax-year and savers can choose to deposit their full allowance in one account or spread it across multiple ISAs.

Pros and cons of one-year ISAs

  • They often pay higher rates than longer-term fixed ISAs.
  • The rate is guaranteed and won’t change during the one-year term.
  • You don’t need to pay tax on the interest you earn.
  • You can’t withdraw money during the one-year term without facing a penalty.
  • Some providers may not allow you to continue to add money to your ISA during the term.
  • You can only deposit a maximum of £20,000 in cash ISAs each tax-year.

Is a one-year fixed ISA right for me?

You may want to consider a one-year fixed rate ISA if:

  • you’re confident that you won’t need to access your savings for 12 months
  • you want to avoid paying tax on your savings interest
  • you have a lump sum to deposit
  • you want to lock in a guaranteed rate for one year.

However, a one-year ISA may not be right for you if you want to be able to access your savings to cover an emergency expense, for example, or if you want to gradually add to your savings over time.

Alternatively, some savers may prefer to lock in a guaranteed rate for a longer period if they don’t need access to their money.

While a longer-term fixed ISA may not necessarily pay as high a rate as a one-year ISA, you’re guaranteed to receive that rate for a longer period. This means that, if rates fall, you could end up earning more interest than if you had taken out a one-year ISA and then looked for a new fixed ISA at the end of the term.

On the other hand, if rates rise, you could miss out on higher interest rates if your money is locked into a longer-term ISA.

Alternatives to one-year ISAs

If a one-year cash ISA isn’t for you, there are some alternatives you could consider.

For example, if you want to put your money away for a longer period, there are two-year ISAs and three-year ISAs available. Or, if you’re sure you won’t need to access your money in the near future, there are five-year fixed ISAs on the market too.

Alternatively, there are shorter-term fixed ISAs available with terms of up to one-year if you want a guaranteed rate but don’t want to lock away your money for one year.

If you prefer to have the option of accessing your money, you could consider an easy access ISA or a notice ISA. These ISAs allow you to add to your savings and make withdrawals as you choose, although you need to give the provider a specified amount of notice before you can withdraw from a notice ISA. Note that the interest rate on these ISAs is variable, which means the provider can increase or decrease it as they choose.

With these ISAs, it’s important to check whether withdrawals and further deposits would affect your ISA allowance. Read more about this in our guide to flexible ISAs.

If you’re not worried about being taxed on your savings interest, you may want to consider a one-year bond or a standard savings account as these typically pay higher rates than their equivalent ISA product.

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Rhiannon Philps

Content Writer

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