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Base Rate Tracker Account

The Base Rate Tracker Account links your interest with the Bank of England base rate.

Key features

  • A variable rate of interest of 0.05% Gross p.a./AER with a guarantee that the rate will track at 0.25% below the Bank of England base rate. The guarantee is reviewed annually
  • Minimum opening balance of £500; minimum operating balance of £1; maximum balance of £1,000,000 (£2,000,000 for joint accounts)
  • Up to four withdrawals per account year (1 December – 30 November) without charge or notice
  • If additional withdrawals are made in an account year, the account will be closed and all funds returned to you
  • Make additional deposits up to the maximum allowed
  • Interest is paid annually or monthly and can be paid into the account, another West Brom account or to another bank or building society account
  • This is a Branch only account and cannot be used over the telephone, through the post or online.
0.05% Gross p.a./AER Variable
Interest Tier Annual
£1 - £2,000,000 AER 0.05% Gross 0.05%
View details

Summary Box

Account name

Base Rate Tracker Account

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is variable and paid annually on 30 November or monthly on the last working day of each month (or on the first working day of the month if paid to another West Brom account).
£1 - £2,000,000 0.05% 0.05% 0.05% 0.05%

Can the West Brom change the interest rate?

We may change the interest rate we pay on the Base Rate Tracker Account in line with changes to the Bank of England Base Rate.

We will advertise all changes in at least one local and one national newspaper, in our branches and on our website.

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 Base Rate Tracker Account the estimated balance after 12 months would be £1,000.50.

This example assumes the initial deposit of £1,000 is made on 16 March 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 at a branch. You cannot use this account over the telephone, through the post or online.

You can open the Base Rate Tracker Account with a minimum deposit of £500. The maximum balance is £1,000,000 (£2,000,000 joint accounts) and the minimum operating balance once the account is open is £1.

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

Can I withdraw money?

You can make up to four withdrawals from your account in each account year (1 December to 30 November) without notice or charge (subject to branch cash withdrawal limits). More than four withdrawals in an account year will result in the closure of the account.

If you would like access to your interest, you can do so by having it paid directly to another bank or building society account. However, if you want to withdraw your interest from your account after it has been added to the balance it will be classed as one of your four free withdrawals. If it is your fifth, it will result in the closure of the account.

Additional information

Interest on this account is paid Gross, without the deduction of tax.

Did you know?

Gross interest – Gross is the rate of interest without the deduction of 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 16/03/2020.

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

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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