What’s the difference between a fixed term Cash ISA and an easy access Cash ISA?

With a fixed term Cash ISA, you lock your money away for a certain number of years in return for a steady, guaranteed interest rate. You usually have to deposit your money within a certain timeframe - with Zopa, that’sthe first 30 days of opening your ISA.  If you want to withdraw money from your fixed term ISA before the term ends, you will be charged a penalty.  

Easy access Cash ISAs have a variable interest rate, so how much your money grows could change each month. With easy access ISAs, you can pay in money and take it out whenever you like with no penalty.  

Fixed term ISAs typically offer a higher interest rate than easy access ISAs, so you could end up earning more interest overall.