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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 2.80% Tax-free p.a./AER
  • Minimum opening deposit of £1,000; minimum operating balance of £1; maximum balance of £500,000 (£20,000 for 2023/24 tax year)
  • You can make withdrawals at any time without losing the tax benefit on the rest of your savings within the account
  • 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.
2.80% Tax-free p.a./AER Variable
Interest Tier Annual
£1 - £500,000 AER 2.80% Tax-Free 2.80%
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). Interest can be added to the account or paid into another account. Monthly interest is not available.
£1 - £500,000 2.80% 2.80% N/A N/A

Can the West Brom change the interest rate?

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 (which are available in our branches and on our website).

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

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

Deposit amount

Estimated value after 12 months

£1,000

£1,028.00


This example assumes:

  • You make the deposit on the day you open the account.
  • You don’t pay more money into the account or make any withdrawals.
  • The interest rate stays the same.

This example is provided to help you compare savings accounts and does not take into account any individual circumstances.

How do I open and manage my account?

You can only open this account online. You cannot open this account over the phone, by post or in branch.

The minimum opening deposit is £1,000 up to your annual Cash ISA limit of £20,000. The maximum balance is £500,000 (including transfers from other Cash ISAs) and the minimum operating balance is £1.

Once open, you will manage this account online.

You can pay any amount into your account, up to the annual Cash ISA limit. Transfers from other Cash ISAs can also be made at any time providing the total amount in the account does not exceed the maximum balance of £500,000.

Can I withdraw money?

You can make as many withdrawals as you like from this account with no notice period. Please remember, if you withdraw from your account you cannot reinvest that amount back into that account in the same tax year if your total deposits will exceed the annual Cash ISA limit.

Additional information

If you change your mind after you’ve opened your account, don’t worry. If you tell us within 14 calendar days, we’ll give you your money back with interest straightaway.

We pay your interest tax-free. This means you will not pay income tax on the interest you earn.

You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

Did you know?

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

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 email confirming your account log in information. Once you have logged into your online account you will be able to access a secure message which will provide you with full details on how to operate your account.

Your Authentication Code will be sent via post. This normally arrives within 3-5 working days from the date your account is opened.

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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