Our One Year Fixed Rate Monthly Income Bond allows you to save a lump sum for a fixed term with a fixed interest rate. Interest can be transferred monthly to your nominated bank account or another account with us
This account can be withdrawn at any time.
Perfect if you...
- Want to store away your savings for a fixed term
- Want to have a fixed rate of interest
- Have a lump sum deposit
- Want a monthly income from your savings
- You will need a minimum deposit of £500
- You must be a UK resident aged 16 or over
- You must provide a valid email address and mobile number
One Year Fixed Rate Monthly Income Bond
The interest rate paid on this account will be paid as below:
|Minimum balance||Interest||Gross p.a./AER*|
Rate effective from 24 November 2023.
Monthly Interest is calculated each day on the available money in your account and is paid on the last day every month.
The interest rate for this account is fixed for the term and can't be changed.
If your account falls below the minimum balance, the interest rate we'll pay you will reduce to 0.05% Gross p.a/AER*.
This is based on no further money being paid in or taken out of the account and no change to the interest rate.
Projection based on monthly interest being paid into your account
|Balance||Gross p.a./AER*||Balance at 12 months|
Projection of average monthly interest if being paid away to your nominated bank account or another account with us
|Balance||Gross p.a./AER*||Monthly interest payment|
Monthly interest payment will change depending on the number of days in the month.
Your projected balance will be £1,000 at the end of the term if your interest is paid away each month.
- You must be 16 or over and a UK resident to have this account.
- You can open the account online, in branch, by post. If you choose to open your account online, we'll need your email address and mobile phone number.
- You'll need to keep a minimum of £500 in your account to get the interest rate.
- The maximum amount you can pay into this account is £2,000,000.00.
- No further funds can be added after the opening deposit.
- You can manage the account online, on the mobile app, in branch, by post, by phone, on webchat.
- Interest can be added to your balance or transferred monthly to your nominated bank account or another account with us
No, you can't take money out of this account. This also means you can't close your account within the fixed term.
Before the one year term ends we'll contact you to let you know. Your account will change to the Maturity Easy Access account, which will have a different interest rate. The account number won't change. If you want to switch to a different account, we'll tell you how to do this in the maturity pack that we'll send you.
Our Savings Promises provide you with additional peace of mind, including penalty-free access to your money if your life circumstances significantly change (e.g. serious illness, redundancy, etc). For more information please click here or ask us.
If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax to HM Revenue & Customs (HMRC). For more information visit gov.uk.
* Interest Rate definitions: Gross is the interest rate without the tax deducted. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.
Where the Savings Terms & Conditions are inconsistent with the account-specific rules and criteria, these account-specific rules and criteria will apply and will take priority.
The maximum number of joint holders is two. Where there are multiple account holders any one account holder may operate the account (subject to withdrawal instructions on application form)
Identifying you and preventing fraud
Make sure you're up-to-date on Identifying and preventing fraud.