Fixed Rate Bond 1 year

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

Please read the summary box before applying

At a glance

Interest rates

Features and benefits

Keep in mind

Withdrawals

Access

0.40% Gross/AER fixed for 12 months from account opening.

  • 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

  • After 12 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
  • No withdrawals. Withdrawals aren’t permitted, but early closure is. Keep in mind that if you close the account early, you’ll lose 90 days’ gross interest, so you might get back less than you originally deposited.
  • Online
  • Branch
  • Phone

0.40% Gross/AER fixed for 12 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 12 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

  • No withdrawals. Withdrawals aren’t permitted, but early closure is. Keep in mind that if you close the account early, you’ll lose 90 days’ gross interest, so you might get back less than you originally deposited.

Access

  • Online
  • Branch
  • Phone

Summary Box - Fixed Bond - 1 year

1. What is the interest rate?

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

Your balanceAnnual interest
GrossAER
£1+ 0.40% 0.40%
  • 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:

Initial depositGross rateBalance after 12 months
£2000.00 0.40% £2008.00

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
  • The minimum opening deposit is £2,000
  • 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?

No withdrawals. Withdrawals aren’t permitted, but early closure is. Keep in mind that if you close the account early, you’ll lose 90 days’ gross interest, so you might get back less than you originally deposited.

After 12 months the account will automatically change to a 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 and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.

Your money is protected by the FSCS


FSCS logo

Open a Fixed Rate Bond today.

Apply for a Fixed Rate Bond

If you are looking to invest for more than 5 years why not consider investing in our managed funds. 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).