FAQs
What is our highest interest rate for a fixed rate bond?
Our best interest rate for a fixed rate bond is currently 5.03%.
How much money do I need to open a fixed-rate bond?
In terms of how much money you need to open a fixed rate bond, you can open most fixed rate bonds with as little as £1 and as much as £5,000.
Can I open a fixed rate bond online?
Yes, you can open a fixed rate bond online. Just like any savings account, you can open a fixed-rate bond online, or by visiting a bank or building society branch.
Can I have more than one fixed rate bond?
Yes, you can have more than one fixed rate bond but make sure you keep some money accessible in case of an emergency. Read this guide for helpchoosing the right savings account.
Can I have a fixed rate bond if I have bad credit?
Yes, you can have a fixed rate bond if you have bad credit as your finances are not checked when you open a savings account. If you needhelp choosing the right savings account, read this guide.
Can I withdraw my money before the term ends?
You may be able to withdraw your money before the term ends, but you'll likely have the pay a penalty. Typically this amount any interest you've earned on your money. It's worth checking the terms and conditions of your fixed rate bond before you sign up.
Do you have to pay tax on the interest earned from a fixed rate bond?
You only have to pay tax on any interest you have earned from a fixed rate bond if it exceeds your Personal Savings Allowance.
However, those earning £17,570 or less also qualify for the "starting rate", which could give you up to an extra £5,000 savings allowance depending on your income.
Under current rules, those earning £12,750 would be eligible for the full £5,000, but this entitlement decreases by £1 for each additional £1 you earn in income.
