1 Year Fixed Rate ISA

If you are looking to make the most of your savings, the Fixed Rate ISA could be for you. Not only does it give you a tax-free interest rate, but you also have the comfort of knowing this rate is fixed until 31 October 2017.

Key features

  • 0.85% Tax-free p.a./AER fixed until
    31 October 2017
  • Transfers from your existing Cash ISA or Stocks and Shares ISA are welcome. If you are not transferring from an existing Cash ISA or Stocks and Shares ISA then your limit is £15,240 for this tax year
  • Withdrawals permitted with 90 days notice, or with 90 days loss of interest, including transfers and early closures
  • You can only subscribe to one Cash ISA at a time and you must be over 16 to open one
  • No monthly interest option is available
0.85% Tax-free p.a./AER fixed
Interest Tier Annual
£1+ AER 0.85% Tax–Free 0.85%

Key product information for our 1 Year Fixed Rate ISA

Account name

1 Year Fixed Rate ISA

Interest rates (AERs)

Fixed until 31 October 2017

Interest Tier Annual Monthly
AER Tax Free AER Tax Free
Minimum opening balance £1000, minimum operating balance £1
£1+ 0.85% 0.85% N/A N/A

Tax status


Conditions for bonus payment


Withdrawal arrangements

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However, it is important you understand that once the money has been withdrawn from your fixed rate Cash ISA, it cannot be reinvested.

For example, if you invest the full Cash ISA allowance for the current tax year of £15,240 into a 1 Year Fixed Rate ISA and later withdraw £1,000 from the account, you will not be able to reinvest this amount.


This account is available through the Branch or Direct. This means that you can open and use your account at a branch, through the post or over the phone. You cannot use this account online. No additional investments are allowed during the fixed term.

Important information you need to know

Transferring existing ISAs at account opening

Transferring your existing Cash ISA is easy. All you have to do is let us know that you want to transfer your existing Cash ISA to the West Brom and we will provide you with an ISA Letter of Authority form and an ISA application form. Once both forms have been completed and returned to either one of our branches or Head Office, we will do the rest. If you would like to transfer a Stocks and Shares ISA to us, please contact us for more information on how to do this.

How much can I pay into my account?

The annual limit for your 1 Year Fixed Rate ISA is £15,240, which is made up of a lump sum into your account. If you currently have a Cash ISA or Stocks and Shares ISA elsewhere you can transfer the full balance to a new 1 Year Fixed Rate ISA. Don’t worry, we will remind you of your limit in your 1 Year Fixed Rate ISA annual statement.

What is a fixed interest rate?

Your 1 Year Fixed Rate ISA has a fixed interest rate which means that we will not change the interest rate paid on your account for the next 12 months.

When the ISA matures

We will write to you within 14 calendar days before maturity, to let you know that your Fixed Rate ISA is coming to an end. If we don’t hear from you before the maturity date, we will automatically reinvest your savings in either: a Fixed Rate ISA of a similar or shorter term or if the Society doesn’t have such a Fixed Rate ISA available at the time, a variable rate Cash ISA. As a useful reminder, perhaps make a note of your maturity date.

If you change your mind at maturity

Don’t forget you have a 21 calendar day ‘cooling off’ period, from 1 November 2017, to change your mind if you feel this account is no longer suitable for you.

How and when interest is paid

Interest on your account is paid annually and is added to the account, or paid to a separate account on 31 October 2016 and on maturity (31 October 2017). A monthly interest rate option is not available on the 1 Year Fixed Rate ISA.

Withdrawing your interest

If you withdraw your interest from your account after it has been added to the balance and you do not give us 90 days notice, it will incur a charge. To avoid this, you can arrange for your interest to be paid directly to another bank or building society account.

Did you know?

AER – stands for Annual Equivalent Rate and this illustrates the amount of interest paid on your account if it were to be paid and compounded once a year. All rates quoted are correct as at 12/10/2016.

Tax-free - is the contractual rate of interest payable where interest is exempt from income tax.

Identification - when you open an account with the West Brom we may need to confirm your identity. For full details on why this is required, and the types of identification accepted, please refer to the Society’s 'Important information on identification' leaflet.

Personal Savings Allowance – from 6 April 2016, the first £1,000 of overall savings interest for basic rate taxpayers and the first £500 for higher rate taxpayers will be free from income tax. (There is no allowance for additional rate taxpayers.) From this date, we won’t deduct any tax from the interest we pay you. ISAs will remain tax-free. You will be responsible for paying any tax due to HM Revenue & Customs (HMRC) but you will no longer need to complete an HMRC R85 form to receive gross interest. For further information please contact your local HMRC office.

Terms and Conditions

Here you will find both Product Specific and General Investment Terms and Conditions.

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Your eligible deposits with West Bromwich Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £75,000 limit are not covered.