Summary Box - Fixed Rate Bond
1. What is the interest rate?
It’s a fixed rate as shown in the table below
|Your balance||Annual interest|
- 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?
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 deposit||Gross rate||Balance after 24 months|
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 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.