West Brom Launches Market Leading Five Year Fixed Rate Bond and ISA

Oct. 11, 2013 - PRLog -- The West Brom has launched two new savings products with market leading rates of 3.15% fixed over five years to give greater returns to customers.

Both the Five Year Fixed Rate Bond (3.15% gross p.a./AER) and the Five Year Fixed Rate ISA (3.15% tax free p.a./AER) are available from the Society’s branches, by phone or by post for a minimum investment of £1,000.

The five year ISA allows a maximum investment of £5,760 for the current tax year and accepts transfers in as part of the opening deposit.

Interest is paid annually on the ISA. The five year bond has a monthly interest option paying 3.11% gross.

Withdrawals are not permitted from either product, although the ISA can be closed early subject to a charge equivalent to 180 days loss of interest.

James Wright, the West Brom’s Divisional Director for Marketing and E-Commerce, said: “We are committed to helping savers by keeping our rates competitive.  These new fixed rate saving products are ideal for people looking for a best buy return on their savings during challenging times.

“In particular, the Five Year Fixed Rate ISA currently offers a return higher than inflation* thanks to its tax free status.  It allows savers to maximise their annual ISA allowance and the transfer in option is sure to be very welcome.”

Products are fixed until 30 November 2018 and are available to new and existing West Brom customers.

Product summaries

Five Year Fixed Rate Bond:

-       3.15% gross p.a./AER, fixed until 30 November 2018

-       The minimum investment is £1,000 and the maximum £1 million for single and £2 million for joint accounts

-       No additional deposits or withdrawals are allowed during the product term

-       Interest is paid annually and on maturity, or monthly.  Monthly interest must be paid away

-       Available through the West Brom’s branch network, by telephone and post.

Five Year Fixed Rate ISA:

-       3.15% tax free p.a./AER, fixed until 30 November 2018

-       The minimum investment is £1,000.  The maximum is £5,760 for the current tax year (2013/14), plus transfers in from previous years’ ISAs. Transfers in can only make up all or part of the opening balance

-       No additional deposits or withdrawals are allowed during the product term

-       Closure is permitted with 180 days loss of interest

-       Interest is paid annually, either away or credited to the account

-       Available through the West Brom’s branch network, by telephone and post.

* based on the current rate of consumer price index (CPI) inflation at 2.7%