||5 Year Fixed Rate Cash ISA Bond Issue 5
|What is the interest rate?
Interest rate for balances of £5,000 or more:
Annual Interest (Fixed / Tax Free) 1.45% Gross / AER
Monthly Interest (Fixed / Tax Free) 1.44% Gross / 1.45% 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 1.45% (fixed) would generate an estimated balance of £5,373 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 for tax purposes. 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. Shawbrook Bank only provides savings accounts for individuals who are permanent UK residents (excludes Channel Islands, Isle of Man and other Crown dependencies) and only liable to pay tax in the UK. Please notify us immediately if your circumstances change and you are no longer a permanent UK resident and/or no longer only liable for UK tax.
|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).
- The early exit charge will be taken from interest earned but not yet credited to the account.
- If you close your account and the amount of interest earned in your account does not cover the early exit charge, the early exit charge (or part of it) will be taken from your account funds.
- If the end of the fixed-term falls on a non-working day, your funds will be made available on the next working day provided you have given us a withdrawal instruction prior to maturity.
- 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. The Cash ISA Matured Funds account is subject to the following conditions:
- Withdrawals can be made without giving prior notice.
- You may transfer out the whole or part of your balance (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).
- You can make additional deposits into the account up to the maximum annual allowable subscription amount for the applicable tax year.
- Transfers in from other ISA providers are not permitted.
- If there are residual funds left in your Cash ISA after we action your transfer instructions on maturity, the residual funds will remain in your account but your account will revert to a Cash ISA Matured Funds account as set out above and the terms of that account will apply to the funds.
- 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.
- You can transfer out your balance to an alternative ISA provider at any point. If your transfer to another provider’s ISA product takes place prior to the expiry of your fixed term, then your account will be subject to the early exit charge as detailed within the “Can I withdraw money?” section.
- If you transfer your Cash ISA/ISA(s) from another provider OR transfer funds from your current Shawbrook Cash ISA in the current tax year (where you are permitted to make deposits into this year’s annual ISA subscription allowance), you must transfer the whole balance as you cannot hold two Cash ISA accounts in the current tax year.
- If you make withdrawals before maturity, you may get back less than the amount you originally invested.
- If the accrued interest in your account does not cover any applicable early exit charge, we will not credit any further interest into the account until such early exit charge has been recovered.
- You may not be able to re-deposit withdrawn funds if the re-deposit amount takes you above the maximum annual subscription amount or if the product to which your account relates has been withdrawn and no longer accepts new deposits into the account.