Clydesdale Bank Should Make It Easier to Find Penalty Charges for Early Closure of Fixed Rate ISA

Written by Karen Bryan

clydesdale bank logoWith the new ISA season starting in a few weeks, I’m on the lookout for high rate cash ISAs. My ears pricked up when I saw that the Clydesdale Bank is offering a two-year fixed rate Cash ISA paying 2.1%.

I always like to check the penalty charges for making withdrawals and/or closing this type of account, as you never know if your financial circumstances could change and you need access to savings.

I went to the Clydesdale Bank website and after a few clicks managed to find the page with information about the product. Sure enough it said that, if you wanted to make early withdrawals from the Clydesdale fixed rate Cash ISA, the account would be closed and there would be an early withdrawal charge based on the number of days to maturity. Instead of listing the charges there and then, it said that you had to look at the terms and conditions.

That meant opening a pdf and trawling through it to find the early withdrawal charges at the bottom of page 3. The charges are:

  • 1-91 days to maturity: 45 days interest
  • 92-181 days to maturity: 90 days interest
  • 182-273 days to maturity: 135 days interest
  • More than 273 days to maturity: 180 days interest

What I can’t understand is why Clydesdale Bank didn’t put that information in the summary box on the page about the two-year fixed rate Cash ISA?

Rate of interest correct on 4 March 2015.