Fixed Rate Bond

A fixed interest rate account for savers who are happy to put their money away for the two year term

At a glance

At a glance

Interest rates

Features and benefits

Keep in mind

Withdrawals

Access

Interest rates

0.55% gross/AER fixed for 24 months from account opening.

Features and benefits

  • Fixed rate of interest so you know exactly how much you will earn
  • Choose for your interest to be paid monthly or annually
  • Minimum balance of £2,000 with no withdrawals or additional deposits allowed

The right to cancel does not apply to our fixed rate fixed term products

Keep in mind

  • After 24 months the account will automatically change to an Instant Access Savings Account (PDF).
  • The minimum opening deposit is £2,000
  • You have to make your initial deposit within 10 days of opening the account

Withdrawals

  • 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 your account early, you’ll be charged the equivalent of 180 days’ gross interest. This means you may get back less than you put in.

Access

  • Online
  • Branch
  • Phone

Summary Box - Fixed Rate Bond

1. What is the interest rate?

It’s a fixed rate as shown in the table below

Fixed rate interest rate example

Your balance

Gross (Annual Interest)

AER (Annual Interest)

Your balance

£1+

Gross (Annual Interest)

0.55%

AER (Annual Interest)

0.55%

  • You can choose to have your interest paid monthly or annually on the anniversary of the account opening.

2. Can Bank of Scotland change the interest rate?

No.
This account has a fixed rate of interest so the rate won’t change during the term.

3. What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

Example of future balance

Initial Deposit

Gross rate

Balance after 24 months

Initial Deposit

£2000.00

Gross rate

0.55%

Balance after 24 months

£2,022.06

This example assumes that:

  • You don’t withdraw any money and interest isn’t paid out of the account
  • You make your initial deposit payment on the day you open the account
  • You don’t make any further deposits
  • Interest is paid annually

4. How do I open and manage my account?

This account can be opened and managed online, in branch or by phone.

Opening this account

  • You must be 16 or over and resident in the UK
  • Online applications must be made in your sole name but the account can be made joint in branch or over the phone once opened
  • You can open this account with a minimum deposit of £2,000 and a maximum of £9 million. This is the maximum amount that can be held in the account.
  • The term starts on the day you open the account
  • You have to make your initial deposit within 10 days of opening the account
  • You can make as many deposits as you like within these 10 days
  • After the 10 days are up, you won’t be able to make any more deposits

5. Can I withdraw money?

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 180 days’ gross interest. This means you may get back less than you put in.

After 24 months, the account will automatically change to an Instant Access Savings Account. See Instant Access Savings Account interest rates (PDF).

Before this happens, we'll contact you to explain your options and next steps.

6. Additional information

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.

Open a Fixed Rate Bond today.

Please read the summary box before applying.

You can open this account with a minimum deposit of £2,000 and a maximum of £9 million. We recommend that you download and read the account conditions (PDF) carefully as they form a legal contract with us. If there is anything you do not understand, please contact us before you agree to them (as part of the application). If you are looking to invest for more than 5 years why not consider investing in our managed funds.

Apply for a Fixed Rate Bond

Your money is protected by the FSCS

The Financial Services Compensation Scheme (FSCS) protects your money.

FSCS logo

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 23/07/2019.

For a definition of AER, gross and other terms, view our savings glossary.