Savings

Fixed Rate Anniversary ISA - more details

Up-to-date interest rates

At the start of each month we will set the interest rate that will apply throughout the year to all Fixed Rate Anniversary ISAs opened during that month. A new fixed rate of interest will be set at the start of the following month. Of course, interest rates available in previous or subsequent months could be higher or lower than when your ISA is opened due to changing economic conditions.


Interest

Interest is calculated on a daily basis and will be added to your account on maturity. Alternatively you can choose to take a monthly income from your account. Monthly interest is paid on the last day of each month and must be paid to another YBS account, a bank or another building society account. Therefore, to maximise your tax-free savings you should choose to have annual interest added to your account. Monthly interest is available as some investors take an income from their savings and want their ISA to form part of their investment portfolio.


How much you can save

You can save as little as £100 or up to £3,600 in the 2008/2009 tax year.

You can make additional deposits during the month your ISA is opened, e.g. if you opened your ISA on 1 April 2007, you can add more money up to 30 April 2007 subject to the annual ISA limit.

A new issue of the ISA is introduced each month. When you have opened your ISA, we will give you a passbook showing the amount you have invested.

Setting up more than one ISA

If you open and pay money into Fixed Rate Anniversary ISA in any tax year, you will not be able to open another Cash ISA in that tax year. You can, however, take out a Stocks and Shares ISA in that tax year.

Also, if you have taken out a Fixed Rate Anniversary ISA in one tax year and wish to pay money into it the following tax year, you will not be able to open another Cash ISA in that tax year.

See ISAs explained for more details.


On maturity

At the end of the fixed term you can choose to:

  • Add your new tax year ISA allowance to your existing Fixed Rate Anniversary ISA.
  • Let your savings automatically be reinvested for a further fixed term at a new fixed rate.
  • Withdraw some of your money and leave the rest for another year.
  • Close the account or transfer to another Cash ISA.

When you need your money

You will be able to access or transfer your money during the anniversary month without loss of interest. You may access your ISA for withdrawals, transfers or closure during the rest of the term, but there will be a 90-day loss of interest on the amount withdrawn.

Choose from the following:


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