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Fixed Rate Bonds – Approx 4 years
A Fixed Rate Bond is a type of savings account within which the rate of interest remains fixed for a set period of time and does not change during the duration of the fixed rate.
Bonds tend are generally available for periods of between one and five years, typically the longer your commit your savings for the higher the rate of interest. The Fixed Rate Bonds on this page have a term of four years.
Most Fixed Rate Bonds will only allow a single initial deposit upon opening of the account and will not accept further payments.
The majority of bonds do not allow early access, and savers should always read the terms and conditions to ensure that the account is suitable for their needs and they can afford to tie up their savings for the length of the fixed rate.
Fixed rate bonds are perfectly suited to savers who are interested in forward planning and getting a better rate of interest than is offered by other accounts.
There is a wide variety of bonds to choose from; however the best rates may only be available for a short period of time, meaning it is worthwhile regularly checking the market to ensure that you select the account with the most competitive rate of interest to invest into.
Interest from a Fixed Rate Bond is taxable, with the only exception to this being non tax payers and savers who use a Cash ISA (Individual Savings Account) to access a Fixed Rate Bond.