With a Shawbrook Fixed Rate Cash ISA your interest rate is guaranteed for the term of the account. The rate won’t change, you will earn interest tax-free, and you can choose to receive your interest monthly or annually. You can also make the most of your ISA balances held elsewhere by transferring them to your Shawbrook Fixed Rate Cash ISA account (subject to the maximum account balance).
Unless you have been notified otherwise, please be aware that the last date for receiving cheques deposits for your ISA 2016/17 is by 5:30pm on Wednesday 5th April. Faster payment deposits will be accepted until 4pm on the 5th of April as long as your account is fully open and ready for funding.
Before you apply for an account please read the following information:
The product summary below, the Key Product Information, the Terms and Conditions and the Depositor Protection Scheme Information documents.
||5 Year Fixed Rate Cash ISA Bond Issue 6
|What is the interest rate?
Interest rate for balances of £5,000 or more:
Annual Interest (Fixed / Tax Free) 1.60% Gross / AER
Monthly Interest (Fixed / Tax Free) 1.59% Gross / 1.60% AER
Interest is calculated daily. If you have opted for annual interest we credit the interest on the anniversary of the date of receipt of your first deposit. If you have opted for monthly interest, we credit the interest on the last working day of the calendar month and on closure.
|Can Shawbrook Bank change the interest rate?
As the interest rate is fixed, the interest rate cannot be changed over the term of the account.
|What would the estimated balance be after 60 months based on a £5,000 deposit?
A deposit of £5,000 at an annual Gross rate of 1.60% (fixed) would generate an estimated balance of £5,413 in five years - This is for illustrative purposes only.
(This illustrative example assumes no withdrawals, no changes to the fixed interest rate over the period and interest is paid and compounded annually on a cleared deposit. Interest is rounded to the nearest pound. The illustrative example does not take into account the individual circumstances of a customer.)
|How do I open and manage the account?
- You can apply on-line. This account can be operated online through email or through secure message and by telephone on 0345 266 6611.
- Minimum account opening balance of £5,000.
- Maximum account deposit is £15,240.
- Maximum account balance of £250,000.
- To open an account you must be 18 years of age or over and a permanent UK resident and only liable for UK tax. A Cash ISA can only be held in the name of one person, Joint accounts are not permitted. You can only open and operate one Cash ISA account with Shawbrook Bank in any single tax year.
- The account cannot be opened by power of attorney/guardianship/intervention order holders acting for an account holder.
|Can I withdraw money?
- This account has a fixed term, so you can only withdraw your money without incurring any charges at the end of the fixed term (also known as ‘maturity’).
- You are permitted to make withdrawals (including transferring out to other Cash ISA providers) before maturity but this is subject to a loss of 360 days’ interest (known as the early exit charge).
- We will write to you before maturity to remind you of the date that your fixed term ends.
- At maturity, you can either withdraw your funds, transfer them into a new Shawbrook account of your choice (subject to any specific account terms and conditions) or transfer part or all of your balance to an alternative ISA provider (if your account matures within the same tax year as your deposits were made, you will have to transfer out the whole balance for that specific tax year). If you do not let us know what you wish to do by the maturity date, your account will revert to a Cash ISA Matured Funds account and the variable interest rate will be confirmed to you in writing.
- Interest is paid Gross (tax free).
- Transfers in from other Cash ISA or Stocks and Shares ISA providers are permitted. Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application by signing a transfer form. Transfer requests received after your initial account application may be refused.
- Transfers in from other Shawbrook Cash ISAs are permitted subject to the account being open for new funding.
- If you make withdrawals before maturity, you may get back less than the amount you originally invested.
The information provided in the summary box above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.