Fixed rate ISA question

Mikey17

Hello, please forgive my ignorance, but I would like to ask,if you open a 1 year fixed rate ISA, say in July. Are you guaranteed that rate until the following July, or does the rate drop, when you reach the following April ( the next financial year )
Many thanks in advance

innovate

The T&Cs of the fixed term ISA will specify how long the rate lasts. You can typically fins 1, 2 or 3 years, which would be from date of opening. You can also find instant access deals that offer a given interest rate until a given date. Again, the T&Cs of the relevant ISA will prevail.

Mikey17

Many thanks for the info innovate.
Funnily enough I recieved a letter this morning, saying one of my ISA's matures at the end of May. Unless instructed otherwise , they will reinvest into a fixed rate 3 year deal.
As i will want to transfer it elsewhere in July, I will opt to put it into an instant ISA account.
I think their policy of reinvesting for 3 years, is a bit cheeky.
Thanks again