The longer you invest, the more interest you get
Sometimes it pays to take the long-term view of your finances. If you don’t need to be able to access your savings for a year or more, you can benefit from better tax-free interest rates when you invest for longer.
Wesleyan Bank’s Internet-only Cash ISA is a fixed term deposit account
that gives you the option to decide how long you want to invest your money for. Competitive, tax-free interest rates
are based on the length of your investment, ranging from 1.60% AER* for one year to 2.10% AER* for five years
. With the same interest rate, you’ll also be able to save the proceeds of ISAs from previous years if you wish. At the end of your term, your interest rate becomes variable, but it will still be tax-free within an ISA.
The Internet-only Cash ISA at a glance
Managing the account - available online only.
Minimum investment - you’ll need a minimum of £20,000 to open this account. This can be funded by
- Depositing £20,000 to use your full ISA allowance for the current tax year,
- By transferring the full £20,000 from another ISA provider, which has been deposited in the current tax year
- Transferring a minimum of £20,000 from another ISA provider, from previous tax years' deposits
Your opening deposit must be made by cheque unless it is funded by a transfer from another ISA.
Interest rate - fixed rate for 1, 2, 3, 4 or 5 years. Interest paid at the end of each tax year.
Withdrawals - you can withdraw money before the end of your fixed term, but an interest penalty charge applies. You can’t take money out and put it back in during the same tax year. For further information, read the Internet Only Cash ISA Terms and Conditions
At the end of the term - interest goes back to being variable, but still tax-free within an ISA.
Transfers - you can transfer an existing ISA to the Wesleyan Bank Internet Only Cash ISA only at the point you open the account. If you want to transfer an ISA you have paid into in the current tax year, you will have to transfer the £20,000 current tax year subscriptions in full. You can transfer all or part of any subscriptions made in previous tax years.
Paying in - once you’ve made your initial investment, you can’t top it up within the same tax year.
Internet-only Cash ISA interest rates
| 1 Year
| 2 Years
| 3 Years
| 4 Years
| 5 Years
The rates and terms offered are only available for a limited period and may be withdrawn at any time.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest rate was paid and compounded each year. As every advert for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
** Without UK tax deducted
Ready to start saving?
Apply online today, or call us on 0800 358 1122 to find out more. Alternatively, fill in our contact form
and we’ll call you back.