Our 2 Year Fixed Rate ISA could be for you if you are looking to make the most of your savings. 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 July 2021.
2 Year Fixed Rate ISA
|Interest is fixed and paid annually and is added to the account, or paid to a separate account, on 31 July (starting from 31 July 2019). A monthly interest rate option is not available on the Fixed Rate ISAs.|
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.
If you saved £1,000 in the 2 Year Fixed Rate ISA the estimated balance after 12 months would be £1,014.00.
This example assumes the initial deposit of £1,000 is made on 1 July 2019 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.
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 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. You can make additional deposits into your Fixed Rate ISA in one of our branches until it is withdrawn on 14 August 2019 (however ISA may be withdrawn earlier if fully subscribed.)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 We will not contact you to let you know when your Fixed Rate ISA has been withdrawn.
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However, it is important you understand that once the money has been withdrawn from your fixed rate Cash ISA, it cannot be reinvested back into the account.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 2019 - 5 April 2020 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.
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.
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 12/07/2019.
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.
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.
A guide to tax-free saving at the West Brom.View guide
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.