West Brom launches 5-year fixed rate bond and ISA

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.”