2 Year Fixed Rate Cash ISA (Issue 1)
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2 Year Fixed Rate Cash ISA (Issue 1)
A Cash ISA is an individual savings account. The main difference between this and other forms of savings accounts is that the interest you earn with an ISA is tax-free, whereas you may have to pay tax on other savings accounts.
It’s a great way to save with us by post, online and in branch.
Summary Box
| Account name | 2 Year Fixed Rate Cash ISA (Issue 1) |
|---|---|
| What is the interest rate? |
4.62% Tax-free PA / AER* Interest is calculated daily and added to your account on maturity of the bond. |
| Can Harpenden Building Society change the interest rate? | The interest rate for this account is fixed, which means it won’t change during the 2 year account term. |
| What would the estimated balance be after 24 months based on a £1,000 deposit? |
The estimated balance after 24 months based on an initial deposit of £1,000 would be £1,092.40. This projection is provided as an example only and doesn’t take into account your individual circumstances. We have worked this out assuming a £1,000 deposit is made on account opening and no further deposits or withdrawals are made throughout the term. |
| How do I open and manage my account? |
You must be at least 18 years old and a UK resident and hold a valid National Insurance number to open a cash ISA. This account can be opened on Harpenden Online via our website, in one of our branches or by post. Minimum balance: £1,000 Maximum balance: £250,000 Maximum yearly deposit limit: Current HMRC tax year allowance. If you have an existing cash ISA with the Society, this can be transferred to this account without affecting your annual ISA allowance. We accept full and partial ISA transfers from both previous and current tax years into this account. Any increases in ISA subscription limits will be applied in each applicable tax year. Please note that you must fund the account with the minimum balance of £1,000 within 30 days of account opening, otherwise your application may be cancelled. Please follow the guidance in our ‘Identification Requirements’ document available in branch and online. You can manage this account in our branches, by post or online (subject to the terms and conditions of Harpenden Online). No further deposits after initial payment, except for an ISA transfer in. Instructions for ISA transfer must be received within 30 days of account application. By Online: Deposits can be made by bank transfer only. |
| Can I withdraw money? |
Withdrawals are not permitted during the product term. Closure requests before product maturity are subject to a 180 day loss of interest. On maturity, the full amount in your account including interest accrued will be transferred into an Instant Access ISA account with a variable interest rate, unless you provide separate instructions prior to the maturity date. |
| Additional information |
This account is tax free. Any tax treatment and/or reliefs referred to are those applying under current legislation, which may change, and their availability will depend on your individual circumstances. The favourable tax treatment of Cash ISAs may not be maintained. We will contact you prior to your account maturity and outline your options regarding your Bond account. |
* The gross rate (PA) is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually
The information contained in this table forms part of the terms and conditions of the account and should be read in conjunction with our Cash ISA Terms and Conditions.
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