2 Year Fixed Rate Bond

You might be thinking of saving for that special holiday or occasion. Maybe you would like a regular income from your savings. If so, and you don’t require access to your money, our 2 Year Fixed Rate Bond could be just right for you.

Key features

  • A fixed interest rate of 1.65% Gross p.a./AER fixed until 30 November 2020
  • Minimum deposit of £1,000; maximum deposit of £1,000,000 (single) or £2,000,000 (joint)
  • No withdrawals can be made from this account during the 2 year term
  • You can choose to have interest paid annually or monthly
  • This is a Branch only account and cannot be used over the telephone, through the post or online.
1.65% Gross p.a./AER Fixed
Interest Tier Annual
£1,000+ AER 1.65% Gross 1.65%

Summary Box

Account name

2 Year Fixed Rate Bond

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is fixed and paid annually on 30 November (starting from 30 November 2019) or monthly. Monthly interest must be paid to another bank or building society account and is paid on the last working day of each month (or on the first working day of the month if paid to another West Brom account).
£1,000+ 1.65% 1.65% 1.65% 1.64%

Can the West Brom change the interest rate?

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

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 Bond the estimated balance after 12 months would be £1,016.50.

This example assumes the initial deposit of £1,000 is made on 1 November 2018 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 only be opened and used at a branch. You cannot use this account over the telephone, through the post or online.

You can open a Fixed Rate Bond with a minimum deposit of £1,000. The maximum balance is £1,000,000 (single) or £2,000,000 (joint).

You can make additional deposits into your Fixed Rate Bond in one of our branches until it is withdrawn on 16 December 2018 (however this bond may be withdrawn earlier if fully subscribed). Please ensure you bring your Certificate of Investment with you when making further deposits.

Any deposits received after this time will be returned to you. We will not contact you to let you know when your Fixed Rate Bond has been withdrawn.

Can I withdraw money?

Once you have opened your new Fixed Rate Bond you will not be able to make any withdrawals until the end of the fixed term.

If your interest is paid annually and added to your Fixed Rate Bond you will not be able to withdraw it during the term. To avoid this, you can arrange for your interest to be paid directly to another bank or building society account. Monthly interest cannot be added to your Fixed Rate Bond and must be paid directly to another bank or building society account.

Additional information

Interest on this account is paid Gross, without the deduction of tax.

We will write to you, within 14 calendar days before maturity, to let you know that your Fixed Rate Bond 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 Bond of a similar or shorter term or, if the Society doesn’t have such a Fixed Rate Bond available at the time, an easy access account. 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 bond matures, to change your mind if you feel this account is no longer suitable for you.

Did you know?

Gross interest – Gross is the rate of interest payable without the deduction of tax.

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 15/11/2018.

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 are free from income tax. (There is no allowance for additional rate taxpayers.) From this date, we stopped deducting any tax from the interest paid to you (ISAs are tax-free). You are responsible for paying any tax due to HM Revenue & Customs (HMRC). For further information about the Personal Savings Allowance, 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 2 Year Fixed Rate Bond. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

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