What is the interest rate?
|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 2018). A monthly interest rate option is not available on the Fixed Rate ISAs.
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 £1,016.50.
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 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 You can make additional deposits into your Fixed Rate ISA in one of our branches until it is withdrawn on 16 December 2018 (however ISA may be withdrawn earlier if fully subscribed.)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 We will not contact you to let you know when your Fixed Rate ISA has been withdrawn.
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However, it is important you understand that once the money has been withdrawn from your fixed rate Cash ISA, it cannot be reinvested back into the account.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 2018 - 5 April 2019 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.