UBL UK’s Fixed Rate Cash ISA Accounts are a tax-efficient savings option with Financial Services Compensation Scheme (FSCS) protection, providing higher growth potential than a standard Easy Access Cash ISA for savers willing to lock in their savings over fixed terms of 1, 2, 3 or 5 years.
You can utilise your current year's subscription or transfer an ISA from your existing provider. The minimum balance requirement is £2,000.
It is a fixed rate as shown in the table below:-
GBP FIXED RATE CASH ISA |
|
TERM |
INTEREST RATE (AER) |
1Year |
0.40% |
2 years |
0.45% |
3 Years |
0.62% |
5 years |
0.90% |
Rates correct as at 23.03.2021
You can choose to have your interest paid monthly (for 2, 3, and 5 year terms), quarterly (for 3, and 5 year terms), annually (for 2, 3, and 5 year terms), or for all deposits (1, 2, 3 and 5 year terms) on the maturity of the deposit. Please refer to Interest Rate Sheet for Gross Rates on different interest payment options.
Interest is calculated daily and credited monthly, quarterly, annually, or at maturity of the deposit depending on your selection. This selection cannot be amended once the selection is confirmed.
Interest will be paid out to an account nominated by you at the time of account opening. This account must be in your name.
Interest is not added to your principal amount at the selected frequency unless you have selected interest payment at maturity.
UBL UK does not compound interest.
No. This account has a fixed rate of interest so the rate will not change during the term.
Below is an example of what the future balance might me after interest has been paid.
GBP FIXED RATE CASH ISA |
|||
TERM |
MIN. DEPOSIT |
INTEREST RATE (AER) |
BALANCE AT THE END OF THE TERM |
1 Year |
£2,000 |
0.40% |
£2,008.00 |
2 Years |
£2,000 |
0.48% |
£2,018.00 |
3 Years |
£2,000 |
0.62% |
£2,037.20 |
5 Years |
2,000 |
0.90% |
£2,090.00 |
Assumptions taken for the above calculations:
These projections are provided for illustrative purposes only and does not take into account individual circumstances
Eligibility:
You must;
Minimum/Maximum Balance:
Download the Application Form and complete and return it:
If you wish to transfer in from an existing ISA provide, please use the ISA Transfer In Form and return it with your application.
Funding your Account
NB: You will have 10 working days to fund your Account, deposits after this period will be subject to the prevailing advertised Interest Rate.
Managing your Account
You can contact our Customer Services Team on 0121 753 6000 Monday to Friday between 9:15am and 5:15pm for more information.
Only early withdrawal (and no partial withdrawal) is allowed before the full term expires.
Early withdrawal charges are as follows:
Term of Deposit |
Early Withdrawal Charges |
1 Year | 90 days gross interest |
2 Year | 180 days gross interest |
3 Year | 270 days gross interest |
5 Year | 365 days gross interest |
The Early Withdrawal Charge will be deducted from interest that has accrued on your Account. If interest has already been paid out to your nominated account, then the Early Withdrawal Charge will be deducted from your deposit with us.
The total of the interest paid and deposit you receive back from us will be no less than your deposit at the Fixed Rate Cash ISA start date.
This account can only be held in a sole name.
Transfer-ins and Transfer-outs are allowed.
There is a 14 day cooling off period for all Fixed Rate Cash ISAs. If you decide to cancel within14 days of funding the Account, UBL UK will not deduct Early Withdrawal Charges, but you will not be entitled to interest payments for the number of days the deposit has been held with UBL UK. If you cancel within the 14 day cooling off period, you will not lose your Cash ISA subscription allowance for the tax year and you may open a Cash ISA with any other ISA Manager.
Gross rate means that UBL UK will not deduct tax from the interest we pay on money in your Account. It is your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC) or other tax jurisdiction.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time. UBL UK does not compound interest.
Before you apply for this Account, please ensure that you read:
All of the above form part of our agreement with you, to assess whether or not this product is suitable for you.
Freepost: RSSA-GJRS-KBCT,
UBL UK Central Operations,
391-393 Stratford Rd,
Birmingham B11 4JZ
Pop into any UBL branch and our staff will be happy to help. In busier periods when staff may not be immediately available, we’ll be happy to book an appointment for a later date.