What is the interest rate?
|Interest is fixed and paid annually and is added to the account, or paid to a separate account on 31 July 2017 and on maturity (31 July 2018). A monthly interest rate option is not available on the 1 Year Fixed Rate ISA.
Can the West Brom change the interest rate?
The 1 Year Fixed Rate ISA has a fixed interest rate which means that we will not change the interest rate paid on the account for the next 12 months.
What would the estimated balance be after 12 months based on a £1,000 deposit?
If you saved £1,000 in the 1 Year Fixed Rate ISA the estimated balance after 12 months would be £1,007.00
This example assumes the initial deposit of £1,000 is made on 1 July 2017 and no further deposits or any withdrawals are made and there are no changes to the interest rate paid on the account over the 12 months. It is provided for illustrative purposes only and does not take into account your individual circumstances.
How do I open and manage my account?
This account can be opened and used at a branch, through the post or over the telephone. You cannot use this account online.
You can open the 1 Year Fixed Rate ISA with a minimum deposit of £1,000. The maximum balance is £1,000,000 (including transfers from other Cash ISAs) and the minimum operating balance once the account is open is £1.
No additional deposits are allowed during the fixed term.
Can I withdraw money?
If you want to make a withdrawal you will need to give us 90 days notice. You can withdraw earlier at a charge equivalent to 90 days loss of interest. This will be deducted from any interest you have earned. If you have not earned enough interest on your account to cover the charge the amount will be taken from your account balance.
However, it is important you understand that once the money has been withdrawn from your fixed rate Cash ISA, it cannot be reinvested back into the account.
For example, if you invest the full Cash ISA allowance for the tax year 6 April 2017 - 5 April 2018 of £20,000 into a 1 Year Fixed Rate ISA and later withdraw £1,000 from the account, you will not be able to reinvest this amount back into the account.
Interest on this account is paid tax-free.