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With the Additional Permitted Subscription (APS) ISA, you have the opportunity to benefit from the tax advantages your loved one previously had.
2.80% Tax-free p.a./AER Variable | |
Interest Tier | Annual |
£1 - £4,999.99 | AER 2.80% Tax-Free 2.80% |
£5,000-£14,999.99 | AER 2.80% Tax-Free 2.80% |
£15,000-£500,000 | AER 2.80% Tax-Free 2.80% |
Additional Permitted Subscriptions (APS) ISA
Interest Tier | Annual | Monthly | ||
---|---|---|---|---|
AER | Gross | AER | Gross | |
Interest is variable and paid annually and calculated to 5 April and paid on 6 April. Annual interest can be added to the account or paid into another account. Monthly interest is not available on the APS ISA. | ||||
£1 - £4,999.99 | 2.80% | 2.80% | N/A | N/A |
£5,000-£14,999.99 | 2.80% | 2.80% | N/A | N/A |
£15,000-£500,000 | 2.80% | 2.80% | N/A | N/A |
The interest rate is variable, so it can go up or down at any time.
If the interest rate on your account falls, and the balance in your account is £100 or more, we will personally notify you of the change.
For details about why we may change the interest rate, as well as how and when we’ll let you know, please refer to sections 5d) and 5e) of our General Terms and Conditions.
All our interest rates are available in our branches and on our website.
Deposit amount |
Estimated value after 12 months |
£1,000 |
£1,028.00 |
£5,000 |
£5,140.00 |
£15,000 |
£15,420.00 |
These examples assume:
These examples are provided to help you compare savings accounts and do not take into account any individual circumstances.
You can only open this account by post. You cannot open this account in branch or online. Once open, you will manage this account over the telephone or by post.
With our savings portal you can also view this account online.
To invest an Additional Permitted Subscription allowance with us, simply complete the application form and return it to us. We will then calculate your APS allowance as detailed in the ‘Additional information’ section on the next page.
All deposits must be made within three years from the date your partner passed away, or 180 days after administration of the estate is completed, whichever is later. Any further deposits made must be accompanied by a completed APS Eligibility Declaration Form.
The amount you can save in your APS ISA is equal to your Additional Permitted Subscription allowance up to a maximum balance of £500,000.
Withdrawals can be made at any time, without notice (subject to withdrawal limits).
However, it is important you understand that once the money has been withdrawn from your APS ISA, it cannot be reinvested back into the account.
If the APS ISA is closed before the full Additional Permitted Subscription allowance is used, the unused allowance will be lost.
We pay your interest tax-free. This means you will not pay income tax on the interest you earn.
How the APS allowance is calculated depends on the date of death of the deceased ISA investor as shown in the table below:
Where the ISA investor died between 3 December 2014 and 5 April 2018 |
The APS allowance equals the value of the ISA(s) at the date of death. |
Where the ISA investor died on or after 6 April 2018 |
Any ISA(s) held may remain open as a continuing account of a deceased investor, referred to here as a continuing ISA. The APS allowance equals the higher of the value of the ISA(s) at the date of death or the value of the ISA(s) at the date the ISA(s) ceased to be a continuing ISA.* |
*The account will cease to be a continuing ISA on the earlier of the following:
Where multiple ISAs are held with one ISA provider, the value at the date of closure will be the total value of all ISAs at the date of closure of each account.
If you wish to transfer an APS allowance from another ISA provider, you will need to complete an APS Transfer Authority form in addition to this application form.
We will then contact the other provider to arrange the allowance transfer. Please note: this is a transfer of the allowance only and the other provider will not send us any money. Once the allowance transfer is complete you will be able to make subscriptions up to your new APS allowance.
You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.
APS allowance – is the amount that you can subscribe to your APS ISA. It is an allowance that equals the value of the ISA(s) held by your late spouse/civil partner.
Tax-free – means you will not pay income tax on the interest you earn.
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 10/08/2023.
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.
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 Terms and Conditions.
The information provided in the Summary Box is a summary of the key features of the APS ISA. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.
Download and complete your application form, then send it to us at:
FREEPOST THE WEST BROM
(Please note: this freepost address must appear in uppercase and no further address or stamp are required)
Please note, it is only the allowance which is transferred and the other provider will not send us any funds.
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.