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.