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WeBSaveR ISA 2

If you are looking to manage your tax-free savings online, our WeBSaveR ISA 2 may be for you.

Key features

  • A variable rate of interest of 0.10% Tax-free p.a./AER.
  • Minimum opening balance of £1,000; minimum operating balance of £1; maximum balance of £250,000 (£20,000 for 2020/21 tax year)
  • You can make withdrawals at any time without losing the tax benefit on the rest of your savings within the account. Please remember, if you withdraw from your WeBSaveR ISA 2 you cannot reinvest the amount back into this account in the same tax year if your total deposits will exceed your yearly allowance.
  • Make additional deposits at any time up to the maximum allowed
  • You can only subscribe to one Cash ISA at a time each tax year and you must be over 16 to open one
  • Transfers from existing Cash ISAs and Stocks and Shares ISAs are permitted
  • Interest is paid annually and can be paid into the account, another West Brom account or to another bank or building society account. No monthly interest option is available
  • This account can only be opened and used online. You cannot use this account over the telephone or at a branch.
0.10% Tax-free p.a./AER Variable
Interest Tier Annual
£1 - £250,000 AER 0.10% Tax-Free 0.10%
View details

Summary Box

Account name

WeBSaveR ISA 2

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is variable and paid annually (calculated to 5 April and paid on 6 April each year).
£1 - £250,000 0.10% 0.10% N/A N/A

Can the West Brom change the interest rate?

We may change the interest rate we pay on the WeBSaveR ISA 2 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 WeBSaveR ISA 2 the estimated balance after 12 months would be £1,001.00.

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.

How do I open and manage my account?

This account can only be opened and used online. You cannot use this account over the telephone or at a branch.

You can open the WeBSaveR ISA 2 with a minimum deposit of £1,000 up to your annual Cash ISA limit of £20,000 for the tax year 6 April 2020 - 5 April 2021. The maximum balance is £250,000 (including transfers from other Cash ISAs) and the minimum operating balance once the account is open is £1.

Additional deposits can be made at anytime up to the maximum allowed.

Can I withdraw money?

You can have full, easy access to your money without losing the tax benefit on the rest of your savings within the WeBSaveR ISA 2. Please remember, if you withdraw from your account you cannot reinvest that amount back into the WeBSaveR ISA 2 in the same tax year if your total deposits will exceed your yearly allowance.

Additional information

Interest on this account is paid tax-free.

Did you know?

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 WeBSaveR ISA 2. You should also read the Product Specific Terms and Conditions, WeBSave Service Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

Apply now

Complete your application online now.

What happens once you have applied for a WeBSave account?

Once your account is open, you will receive a Welcome letter confirming your account number along with instructions of how to operate your savings account. This normally arrives within 3-5 working days from the date your account is opened.

Electronic payments will be credited to your WeBSave account no later than the end of the next working day. Please note: if your funds are sent directly from your bank or building society and they do not use faster payments, it will be three to four working days before they are received and credited to your WeBSave account.

For further help and frequently asked questions visit our West Brom WeBSave help section.

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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