2 Year Fixed Rate ISA

Our 2 Year Fixed Rate ISA could help you make the most of your savings with a tax-free interest rate and the comfort of knowing that the rate is fixed until 30 November 2019.

Key features

  • A fixed rate of interest of 1.45% Tax-free p.a./AER fixed until 30 November 2019
  • Minimum opening balance of £1,000 up to your annual Cash ISA limit of £20,000
  • Withdrawals permitted with 90 days notice, or with 90 days loss of interest, including transfers and early closures
  • No additional deposits are allowed during the fixed term
  • Transfers from your existing Cash ISA or Stocks and Shares ISA are welcome up to the maximum balance of £1,000,000. If you are not transferring from an existing Cash ISA or Stocks and Shares ISA then your limit is £20,000 for the tax year 6 April 2017 - 5 April 2018
  • 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
  • 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 telephone. You cannot use this account online.
1.45% Tax-free p.a./AER fixed
Interest Tier Annual
£1+ AER 1.45% Tax–Free 1.45%

Summary Box

Account name

2 Year Fixed Rate ISA

What is the interest rate?

Interest Tier Annual Monthly
AER Tax Free AER Tax Free
Interest is fixed and paid annually and is added to the account, or paid to a separate account, on 30 November (starting from 30 November 2017). A monthly interest rate option is not available on the Fixed Rate ISAs.
£1+ 1.45% 1.45% N/A N/A

Can the West Brom change the interest rate?

Your Fixed Rate ISA has a fixed interest rate which means that we will not change the interest rate payable on your account during the term of your ISA.

What would the estimated balance be after 12 months based on a £1,000 deposit?

If you saved £1,000 in the 2 Year Fixed Rate ISA the estimated balance after 12 months would be £1,014.50.

This example assumes the initial deposit of £1,000 is made on 1 November 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 a 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 or 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 Fixed Rate ISA and later withdraw £1,000 from the account, you will not be able to reinvest this amount back into the account.

Additional information

Interest on this account is paid tax-free.

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, an easy access ISA. As a useful reminder, perhaps make a note of your maturity date.

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

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 15/11/2017.

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 – the Personal Savings Allowance was introduced on 6 April 2016 and means that 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 stopped deducting any tax from the interest we pay you (ISAs are tax-free). You are responsible for paying any tax due to HM Revenue & Customs (HMRC). 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.

The information provided in the Summary Box is a summary of the key features of the Fixed Rate ISAs. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

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