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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 the end of the 2 year term.
| 4.30% Tax-free p.a./AER fixed | |
| Interest Tier | Annual |
| £1+ | AER 4.30% Tax-Free 4.30% |
2 Year Fixed Rate ISA
| Interest Tier | Annual | Monthly | ||
|---|---|---|---|---|
| AER | Gross | AER | Gross | |
| Interest is fixed and paid annually on 30 April. Annual interest can be added to the account or paid into another account. Monthly interest is not available on the Fixed Rate ISAs. | ||||
| £1+ | 4.30% | 4.30% | N/A | N/A |
The interest rate is fixed, so it will not change during the term of the ISA.
|
Deposited amount |
Estimated value after 12 months |
|
£1,000 |
£1,043.00 |
This example assumes:
This example is provided to help you compare savings accounts and does not take into account any individual circumstances.
You can open this account in branch, by post or on our website. If, at 5 April 2024, you are 16 or 17 and do not have an existing Cash ISA, you will be eligible to apply for, and subscribe to, a single Cash ISA in any tax year until your 18th birthday.
The minimum opening deposit is £1 up to your annual Cash ISA limit of £20,000 for the tax year 6 April 2024 - 5 April 2025. The maximum balance is £1,000,000 (including transfers from other Cash ISAs) and the minimum operating balance is £1.
If opened in a branch, you will then manage this account in any of our branches. If you open the account by post, you will then manage your account by telephone/post. If the account is opened on our website, you will be able to access your account using our savings portal.
You can view your account using our savings portal, even if you have opened the account in a branch or by post. For more information about how to register for our savings portal and the access our savings portal provides, please visit: www.westbrom.co.uk/savingsportal.
You can make additional deposits into your Fixed Rate ISA until it is withdrawn on 9 May 2024 (or earlier if fully subscribed). Deposits received after the Fixed Rate ISA has been withdrawn will be returned to you. We will not contact you to let you know when your Fixed Rate ISA has been withdrawn. You can:
You can make a withdrawal subject to an early access charge as shown in the table below. Withdrawals cannot be made by giving advance notice.
| 2 Year Fixed Rate ISA | 150 days loss of interest |
This charge 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 2024 - 5 April 2025 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.
If you change your mind after you’ve opened your account, don’t worry. If you tell us within 14 calendar days, we’ll give you your money back with interest straight away.
We pay your interest tax-free. This means you will not pay income tax on the interest you earn.
You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.
We’ll write to you, within 14 days before your ISA matures, with details of how you can re-invest your savings with us or take out some or all of your money. If we don’t hear from you, we will transfer your balance to either another fixed rate ISA of a similar or shorter term or, if such an ISA isn’t available at the time, a variable rate ISA.
AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. All rates quoted are correct as at 12/04/2024.
Tax-free – means you will not pay income tax on the interest you earn.
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.
Protection for savers – your eligible deposits with the West Brom are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits held above the limit are unlikely to be covered. You can visit www.fscs.org.uk for more information.
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 ISA. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.
You can apply for this account online as a sole applicant. Once your account has been opened you can register for our Savings Portal to see your account online.
If you want to transfer funds from another ISA provider into a West Brom ISA, please print the appropriate ISA transfer Letter of Authority and send it to:
FREEPOST THE WEST BROM
(please write the address exactly like this, all in upper case and on one line. You don’t need to use a stamp. Please note: Royal Mail delivers Freepost as second class mail)
Download and complete your application form, then send it to:
FREEPOST THE WEST BROM
(Please note: this freepost address must appear in uppercase and no further address or stamp are required)
Use our branch finder to find your nearest branch.
Your eligible deposits with West Bromwich Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.
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