Savings Bond

The interest rate is a fixed rate as follows:

• 6 months Savings Bond is 0.10% (Under £50,000) 0.20% (Over £50,000) AER
• 12 Months Savings Bond is 0.35% (Under £50,000) 0.50% (Over £50,000) AER
• 24 Months Savings Bond is 0.60% (Under £50,000) 0.80% (Over £50,000) AER and
• 36 Months Savings Bond is 1.00% AER for all balances between £2,000 and £1,000,000.

Interest is compounded to the account at the end of the term or at each anniversary and / or at the maturity date.

Interest accrues on the daily balance of the Account at the fixed rate notified to you on opening the Account.

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No. We are not able to change the interest rate mid term.

If you deposit £2,000.00 in a 6 months Savings Bond, the balance after 12 months will be £2,002.00.

If you deposit £2,000.00 in a 12 months Savings Bond, the balance after 12 months will be £2,007.00.

If you deposit £2,000.00 in a 24 months Savings Bond, the balance after 12 months will be £2,012.00.

If you deposit £2,000.00 in a 36 months Savings Bond, the balance after 12 months will be £2,020.00.

This illustration will apply to the 12, 24 and 36 month Bond as standard, this assumes:

• You don’t withdraw any money and interest is paid into this account.
• The interest rate stays the same.
• You don’t add any more money.

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Opening:

‍You must open the account with at least £2,000.00.

No account can be opened until a correctly completed, signed and dated application form is received in the post together with our other standard Account opening forms and our performing all preliminary identification and other checks to our satisfaction. We will also require a completed signed mandate form.

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Managing:

‍Information can be requested on the phone but all instructions should be sent to us in the post.

We will contact you before your Bond matures to offer you a range of options including re-investment and withdrawal options.

As with all accounts for organisations, there are some rules:

• All instructions should be authorised by the correct number of signatories in accordance with the latest mandate.
• If you change your mind, you can advise us in writing and we will cancel the account free of charge within 14 days of opening.

No deposits or withdrawals are permitted during the term of the deposit.

‍All withdrawals must be made to an account in the same name. We will not permit a withdrawal to a third party by any method.

No charges or penalties (except those referred to in out terms and conditions where we permit early withdrawal at our discretion and any charges on transfer before maturity or notice period served) apply to these accounts.