Organisation Savings Bonds
Savings designed with your organisation in mind.
Choose either a 6, 12, 24 or 36-month fixed-term period and start building towards your organisation’s future.
Summary
- Interest rate 2.55% - 3.25% Gross/AER.
- Choice of 6, 12, 24 or 36-month terms.
- Available for balances between £2,000 and £2,500,000.
- Opening deposit can be made via your own online banking service or by post. Online banking will soon be available for Kingdom Bank organisation customers.
- Interest rate is fixed at outset and paid annually and/or at maturity.
- No deposits or withdrawals allowed during term.
- Reinvestment options at maturity.
- Available to churches, charities, associations, businesses and trusts.
Details
The interest rate is fixed as follows:
6-Month Savings Bond earns 3.20% (under £50,000), 3.25% (over £50,000) Gross/AER
12-Month Savings Bond earns 3.05% (under £50,000), 3.10% (over £50,000) Gross/AER
24-Month Savings Bond earns 2.55% (under £50,000), 2.60% (over £50,000) Gross/AER
36-Month Savings Bond earns 2.55% (under £50,000), 2.60% (over £50,000) Gross/AER.
Interest is compounded to the account on 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.
No, we are not able to change the interest rate mid-term.
| Amount deposited | ||
| Bond type | £2,000 | £50,000 |
| 6-Month | £2,064 | £51,625 |
| 12-Month | £2,061 | £51,550 |
| 24-Month | £2,051 | £51,300 |
| 36-Month | £2,051 | £51,300 |
This illustration is based on a 12 month term (apart from the 6-month bond) and assumes:
- You do not withdraw any money and interest is paid into this account.
- The interest rate stays the same.
- You do not add any more money.
You must open the account with at least £2,000.
Once fully completed application and mandate forms are received in the post and the necessary checks have been carried out by our team, we will be delighted to open your account with us.
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.
Information can be requested on the phone, but all instructions must 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.
All instructions should be authorised by the correct number of signatories in accordance with the latest mandate.
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 apply to this account (except for those referred to in our terms and conditions, where we permit early withdrawal at our discretion with charges on transfer before maturity).
AER stands for ‘Annual Equivalent Rate’. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
Open an account
If you would like to speak to one of our friendly Account Management team, please complete the enquiry form below or give us a call.
