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A Fixed Rate Bond is an account that you save your money in for a set amount of time without making withdrawals. This type of account is a longer-term commitment so you would typically earn more interest compared to one where your savings are accessible such as an Easy Access or Regular Savings account. A Fixed Rate Bond may be worth considering if you are confident you won’t need to take your money out during the term and have other sources of income for regular outgoings or in case of an emergency.
You will earn a set amount of interest on the money deposited over the fixed term of the bond. That means you will receive interest on top of your original savings so you will end up with more than you put in – the extra could go towards a well-deserved holiday or a home improvement project you’ve had in mind or, you could decide to continue saving.
Once you have deposited your savings into your account, you won’t be able to access the money or close the account until after the fixed term has expired which means no risk of you withdrawing funds to spend! You won’t be able to dip in and out of your savings which will help keep your plans on track and give you the confidence to continue saving to meet your goals.
A Fixed Rate Bond is straightforward. You can only deposit savings within 14 days of opening an account and you won’t be able to withdraw funds or close the account before the term has passed. What you get in return is a fixed rate of interest on the account balance for that period of time. You will be able to calculate how much interest you will earn as this won’t change, giving you a sense of security that your savings are working hard for you.
If a Fixed Rate Bond account sounds like the right choice for you, read more or apply here or find out about the different types of savings accounts Charter Savings Bank offers - Notice Account, Easy Access and ISAs.
Your eligible deposits held by a UK establishment of Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk.
