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Fixed Rate Bonds – Approx 7 years
Seven-year Fixed Rate Bonds, which are shown on this page will usually a higher rate of interest than other shorter term fixed rates..
The fixed rate of interest is guaranteed not to change for the term of the account and remains fixed for a set period of time, in this case seven years avoiding fluctuation with changes to the prevailing interest rates.
Fixed Rate Bonds tend are generally available for periods of between one and 10 years, typically the longer your commit your savings for the higher the rate of interest.
Most fixed rate bonds will only allow a single initial deposit upon opening of the account and will not accept further payments during the fixed rate term.
The majority of bonds do not allow early access, always read the terms and conditions to ensure that the account you open is suitable for your needs.
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. However, care should be taken with longer term fixed rate where savings cannot be withdrawn early. If interest rates rise during the fixed term the rate of interest could suddenly become uncompetitive and the saver can generally not withdraw their savings early.
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.
Unless you are a non tax payer interest is subject to tax at your highest rate. Non tax payers can apply to have the interest paid without the deduction of tax.