Perfect if you...
- Are a member
- Want to have a fixed rate of interest
- Have a lump sum deposit
- You must be a member with the relevant criteria
- You will need a minimum deposit of £500 to open an account
- You must provide a valid email address and mobile number
Two Year Fixed Rate Members Bond
The interest rate paid on the account will be paid as below:
|£500+||Two year term||0.60%|
Current rates valid from 22 July 2020.
Interest is paid gross; without the deduction of tax, into your account/to another bank or building society on the anniversary and on the day of maturity.
If your account falls below the minimum balance for your account type your rate will decrease to a variable rate of 0.05% Gross p.a./AER.
The interest rate for this account is fixed, which means it won’t change during the two year account term.
The following projection is provided as an example only and doesn't take into account your individual circumstances. It assumes no withdrawals or further deposits beyond the opening deposit.
|Opening balance||Gross p.a./AER*||Balance after two years|
To be eligible to open an account you must:
- Be a UK resident aged 16 or over with a single opening deposit between £500 and £500,000
- Open in branch, by post or online
- Provide a valid email address and mobile number
- Provide details of your current account held with another bank or building society*. This must be in your name and will be used as your Nominated Bank Account
Please Note: Before we can open your account, we will confirm your identity using electronic searches and paper based evidence.
To manage your account:
- You can manage this account in branch, by post or online. If you open your account online and wish to manage your account in branch, we will initially require one Proof of Identity (Please see our Identifying you and preventing fraud leaflet to see the list of documentation we accept)
- No further funds can be added after the opening deposit
No withdrawals can be made from this account, however if you need access to your funds you can close your account (If you are an Online account holder, you will need to contact us to close your account). This will be subject to a penalty equivalent of 180 days’ interest deducted from the capital balance.
*If you do not provide us with your nominated bank account, account closure and withdrawals will only be via cheque made payable to the account holder(s). (If you are applying online we will need to capture your bank account details to open the account.)
Once opened, your account will mature after 12 months. It will automatically switch to a variable rate Maturity Easy Access account unless you instruct us otherwise.
For a period of 14 days after opening your account, you can close your account penalty free. Cleared funds will be returned to you with the inclusion of any interest earned.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please contact HMRC or visit www.hmrc.gov.uk.
Our full Savings Terms & Conditions will be provided to you before opening this account; you can ask us for a copy at any time.
* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually.
Account specific rules and criteria – Effective from 22 July 2020
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 four. Where there are multiple account holders any one account holder may operate the account (subject to withdrawal instructions on application form)