Minimum Deposit

£5,000

Interest Rate (Gross)

Tax Free 4.15%

Interest Rate (AER)

4.15% AER

Withdrawals

Not permitted

Designed for savers that:

Want a fixed rate of interest

Do not need access to their savings

Have a minimum deposit of £5,000

Not designed for savers that:

Need access to their savings

Want a variable rate of interest

Are under the age of 18

Is this product right for you?

Product Summary

Account Name

Fixed-Rate ISA to 31st May 2025

What is the interest rate?

4.15% Tax Free*/AER*

Interest is calculated daily and added to your account annually on the 31st May each year.

Can the Vernon Building Society change the interest rate?

The interest rate is fixed until maturity on the 31st May 2025.

What would the estimated balance be after 12 months based on a £5,000 initial deposit?

£5,225.85.

This projection is provided for illustration only and does not consider individual circumstances. This calculation assumes the account is opened on the 1st May 2024 and closes on 31st May 2025 and no further deposits are made during the initial 14-day period.

How do I open and manage my account?

Eligibility

This account is only available to UK residents aged 18 or above.

 

Opening the account

You can open an account in branch or by downloading an application form from our website and emailing or posting it to us. From the date the account is opened, you have 14 days in which to change your mind and close it without notice or penalty.

 

Managing the account

You can operate your account in branch or through our Online Services.

A minimum deposit of £5,000 is required to open the account.

You may make deposits up to the maximum Cash ISA subscription limit (£20,000 in the 2024/2025 tax year). Subject to this, additional funds may be added up to 14 days after the opening date of the account. During this period, you can transfer another ISA into the account, up to the maximum overall balance of £85,000.

Deposits can be made in branch by cash or cheque or online banking.

Can I withdraw money?

This account does not allow withdrawals. It can only be closed or transferred and will be subject to a 180-day interest penalty. This will be deducted from the accrued interest, and where there is insufficient accrued interest, it will be deducted from your account balance. Therefore, you may get back less than what you put in.

Closures or transfers from the account can be made in branch or through our Online Services.

Closures in branch are made by cheque or Faster Payment. Closures through Online Services are made by Faster Payment directly to your nominated bank account or to another Vernon Building Society account in your name.

 

Maturity

In the month of maturity, we will send you a Maturity Schedule outlining the options available at that time. If you wish to withdraw funds at term-end, you will need to complete this form and return it to the Society. On the date of maturity, unless you tell us otherwise, your investment will automatically transfer to a new 1 Year Fixed-Rate ISA. You will have 14 days to change your mind.

Please also refer to section 12 of the General Savings Terms & Conditions brochure for further information.

Additional information

The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our General Savings Account Terms & Conditions. Section B contains specific Additional Conditions which relate to Cash ISA products.

Your ISA savings and interest are tax exempt and do not count towards your Personal Savings Allowance. The tax treatment of ISAs may be subject to change in the future by Government and HM Revenue and Customs.

 

ISA Transfers

Transfers in

Transfers in to this account are accepted.

Transfers out

You can transfer funds held in this account to another provider. 

  • Previous years subscriptions can be transferred in full or in part.

  • Current year’s subscriptions must be transferred in full.

 

*Interest rate terms explained:

AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Tax-Free

Tax-Free means that interest is not subject to income tax.

Need some more information about ISAs?

READ MORE

It's easy to apply...

Apply in branch

APPLY IN BRANCH

Book an appointment to speak with one of our friendly advisers in-branch or over the phone.

BOOK AN APPOINTMENT
Guide

DOWNLOAD FORM

Print and complete this form and email to: info@thevernon.co.uk or post to your nearest branch.

DOWNLOAD FORM

GOT A QUESTION? GIVE US A CALL

 

0161 429 6262

Financial Services Compensation Scheme

Did you know that your eligible deposits with the Vernon are protected up to a total of £85,000 (£170,000 for joint accounts) by the Financial Services Deposit Scheme (FSCS), the UK's deposit guarantee scheme?

Learn more about the FSCS