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Additional Permitted Subscriptions ISA

With the Additional Permitted Subscription (APS) ISA, you have the opportunity to benefit from the tax advantages your loved one previously had.

Key features

  • A tiered variable rate of interest.
  • Minimum opening balance of £10; minimum operating balance of £1; maximum balance of £500,000 (being equal to the amount of ISA savings held by your late partner)
  • You can make a single Additional Permitted Subscription or a series of Additional Permitted Subscriptions so long as your APS allowance is not exceeded
  • Transfers from any other existing Cash ISAs and Stocks and Shares ISAs are not permitted
  • You can make unlimited withdrawals without notice or charge
  • Payments into this ISA don’t affect your own current years’ ISA subscriptions (which applies to Cash ISAs and Stock and Shares ISAs)
  • No monthly interest option is available
  • Only available for Additional Permitted Subscription allowances
  • This account can be used over the telephone or through the post. You cannot use this account at a branch or online.
  • Up to
    Up to
0.15% Tax-free p.a./AER Variable
Interest Tier Annual
£1-£4,999.99 AER 0.05% Tax-Free 0.05%
£5,000-£14,999.99 AER 0.05% Tax-Free 0.05%
£15,000-£500,000 AER 0.15% Tax-Free 0.15%
View details

Summary Box

Account name

Additional Permitted Subscriptions (APS) ISA

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is variable and paid annually and calculated to 5 April and paid on 6 April. There is no monthly option available on the APS ISA.
£1-£4,999.99 0.05% 0.05% N/A N/A
£5,000-£14,999.99 0.05% 0.05% N/A N/A
£15,000-£500,000 0.15% 0.15% N/A N/A

Can the West Brom change the interest rate?

We may change the interest rate we pay on the APS ISA 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.

All our interest rates are available in our branches and on our website.

If you would like to find out more please read Sections 5d) and 5e) of your General Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

If you saved £1,000 in the Additional Permitted Subscriptions ISA the estimated balance after 12 months would be £1,000.50.

This example assumes the initial deposit of £1,000 is made on 11 May 2020 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.

What would the estimated balance be after 12 months based on a £5,000 deposit?

If you saved £5,000 in the Additional Permitted Subscriptions ISA the estimated balance after 12 months would be £5,002.50.

This example assumes the initial deposit of £5,000 is made on 11 May 2020 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.

What would the estimated balance be after 12 months based on a £15,000 deposit?

If you saved £15,000 in the Additional Permitted Subscriptions ISA the estimated balance after 12 months would be £15,022.50.

This example assumes the initial deposit of £15,000 is made on 11 May 2020 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 used over the telephone or through the post. You cannot use this account at a branch or online.

To invest an Additional Permitted Subscription allowance with us, complete the application form and return it to us. We will then calculate your APS allowance as detailed in the ‘Additional information’ section.

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.

Can I withdraw money?

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 APS ISA.

If the APS ISA is closed before the full Additional Permitted Subscription allowance is used, the unused allowance will be lost.

Additional information

Interest on this account is paid tax-free.

How the APS allowance is calculated depends on the date of death of the deceased ISA investor as stated 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:

  • when the administration of the deceased’s estate is complete
  • when the ISA is closed
  • 3 years after the date of death

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 the 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.

Did you know?

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.

Tax-free – is the contractual rate of interest payable where interest is exempt from income 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 11/05/2020.

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 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.

Apply now

Download and complete your application form, then send it to us to apply.

Call us 0345 241 3785

Transferring an APS allowance from another provider

If you want to transfer an APS allowance held with another provider to the West Brom, please complete an APS Transfer Authority Form and send this with your application form.

Please note, it is only the allowance which is transferred and the other provider will not send us any funds.

Making the most of your ISA

A guide to tax-free saving at the West Brom.

View guide

Keeping your money safe

FSCS logo

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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