Go paper-free
Amend paper-free preferences for your statements and correspondence.
A fixed interest rate account for savers who are happy to put their money away for up to two years.
1 year term
3.80% AER/gross fixed interest on balances of £1 or more for one year from account opening when interest is paid annually. An extra 0.10% AER/gross will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
3.80% AER/3.74% gross fixed interest on balances of £1 or more for one year when interest is paid monthly. An extra 0.10% AER/ 0.09% gross will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
2 year term
3.40% AER/gross fixed interest on balances of £1 or more for two years from account opening when interest is paid annually. An extra 0.10% AER/gross will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
3.40% AER/3.35% gross fixed interest on balances of £1 or more for two years when interest is paid monthly. An extra 0.10% AER/gross will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
No.
This account has a fixed rate of interest so the rate won’t change during the term.
Below is an example of what the future balance might be, after interest has been paid:
Initial deposit |
Gross rate |
Balance after 12 months |
---|---|---|
Initial deposit£2000.00 |
Gross rate3.80% |
Balance after 12 months£2076.00 |
Initial Deposit |
Gross rate |
Balance after 24 months |
---|---|---|
Initial Deposit£2000.00 |
Gross rate3.40% |
Balance after 24 months£2138.31 |
This example assumes that:
This account can be opened and managed online, in branch or by phone.
Opening this account
You can’t withdraw money from this account, but you can close the account early. It’s important to note that if you do close the account early, you’ll be charged the equivalent of 90 days’ gross interest for the one year term and 180 days’ gross interest for the two year term. This means you may get back less than you put in.
After the fixed term ends, the account will change to an Instant Access Savings Account.
Before this happens, we'll contact you to explain your options and next steps.
Gross rate means we won’t deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).
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.
For more definitions, view our savings glossary.
Please note:
Rates of interest are subject to change, please check before opening. Rates are fixed on account opening. Rates effective from 0.00am on 08/10/2024.
For a definition of AER, gross and other terms, view our savings glossary.