Building Society launches range of 'excellent' fixed rate ISAs paying interest up to 4.55%

Tipton and Coseley Building Society has launched a range of new fixed rate this week, and its two-year deal has earned an “excellent” rating from Moneyfactscompare.

ISAs are becoming increasingly popular amongst Britons as an effective tax wrapper while personal allowances remain frozen.

With an ISA, people can save up to £20,000 a year tax-free, and fixed-rate options enable savers to lock in the offered at the start of the term.

Commenting on the deal, Caitlyn Eastell, a spokesperson at, said: “Tipton and Coseley Building Society has launched a range of new Fixed Rate ISAs this week.

“The most competitive of which is the Two-Year Fixed Rate ISA which pays 4.55 percent until March 31, 2026.

“Investors who want to utilise their full ISA allowance may find this an ideal option as it requires an initial minimum investment of £1,000 and further additions are permitted for 14 days from the account opening.”

However, Ms Eastell added: “Investors should carefully consider making any withdrawals as they can only be made on account closure and subject to 180 days’ loss of interest.

“Overall, this deal earns an Excellent Moneyfacts product rating.”

But while Tipton and Cosely’s two-year fixed ISA is offering a more attractive deal, it isn’t currently topping the board in its sector.

Post Office Money is offering an AER of 4.7 percent on its Fixed Rate Cash ISA (Issue 43).

The account can be opened with £500 and interest is paid yearly. Earlier access will be subject to a charge of 180 days’ loss of interest.

Commenting on the market Rachel Springall, a finance expert at Moneyfactscompare said: “Cash ISA variable rates on easy access ISAs have risen month-on-month and we are already seeing providers gear up for ISA season with new deals and attractive rates.

“It is wise for consumers to take advantage of their ISA allowance, particularly if they are a higher rate taxpayer, as the current best rates could see them breach their personal savings allowance (PSA).

“Savers would do well to review any existing pots and switch their ISA to a better deal to maximise the interest they earn, and not encash them to keep their tax-free status.”

As the new ISA reforms take effect on 6 April, Ms Springall said: “Now is a great time for consumers to explore how the changes will benefit them.

“Those comparing rates will find some of the best easy access accounts and ISA equivalents are available online, from both challenger banks and mutuals.”

She added: “Building societies are primed to support their customers with competitive rates and challenger banks are working hard to draw in deposits to fund their future lending, so this competition is great news for savers.”


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