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Fixed Rate Bond
A fixed interest rate account for savers who are happy to put their money away for up to two years.
Summary box for the Fixed Rate Bond
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1 year term
3.95% AER/gross fixed interest on balances of £1 or more for one year from account opening when interest is paid annually. An extra 0.05% AER/gross will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
3.95% AER/3.88% gross fixed interest on balances of £1 or more for one year when interest is paid monthly. An extra 0.05% AER/gross will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
2 year term3.65% AER/gross fixed interest on balances of £1 or more for two years from account opening when interest is paid annually. An extra 0.10% AER/gross will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
3.65% AER/3.59% gross fixed interest on balances of £1 or more for two years when interest is paid monthly. An extra 0.10% AER/gross will be added if you already hold a Bank of Scotland Personal Current Account that has been open for a minimum of 40 days.
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No.
This account has a fixed rate of interest so the rate won’t change during the term. -
Below is an example of what the future balance might be, after interest has been paid:
Initial deposit
Gross rate
Balance after 12 months
Initial deposit
£2000.00
Gross rate
3.95%
Balance after 12 months
£2079.00
Example of future balance Initial Deposit
Gross rate
Balance after 24 months
Initial Deposit
£2000.00
Gross rate
3.65%
Balance after 24 months
£2148.66
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
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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
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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 90 days’ gross interest for the one year term and 180 days’ gross interest for the two year term. This means you may get back less than you put in.
After the fixed term ends, the account will change to an Instant Access Savings Account.
Before this happens, we'll contact you to explain your options and next steps.
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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.
Your money is protected by the FSCS
The Financial Services Compensation Scheme (FSCS) protects your money.
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 26/11/2024.
For a definition of AER, gross and other terms, view our savings glossary.