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Lock your money away for 24 months
- With a two-year fixed rate bond, you lock your money away for 24 months to get a guaranteed return on your savings.
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What are 2 year fixed rate bonds?
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Can you save money with a two-year fixed rate bond?
2 days ago · With a fixed-rate savings bond, you choose a bond and deposit a lump sum and don’t touch your savings for an agreed timeframe e.g. two years. Once the two years are up, the bond has ‘matured’ and you can now access your savings.
- Fixed Rate Bonds
A fixed-rate bond is a type of savings account that gives...
- Fixed Rate Bonds
How does a two-year fixed rate bond work? Like most fixed savings accounts, a two-year bond requires you to lock away your funds for a given amount of time. In return, a provider will offer an interest rate that is guaranteed not to change over the course of the term.
Jun 13, 2024 · Two-year fixed rate bonds are a great way to earn more money on extra savings. In this article, you'll learn about fixed rate bonds and how interest is paid on your savings, and we've picked the best for you to choose from.
- What Does ‘Term’ Mean?
- What Does ‘Maturity’ Mean?
- What Happens When The Fixed Term Ends?
- Are There Fixed Rate Bonds For Children?
With fixed rate bonds, the ‘term’ is the amount of time you choose to lock your money away for, e.g. 1 year.
When your fixed rate bond term ends, your money ‘matures’ and you get access to it. This is known as maturity.
It depends on what provider your fixed rate bond is with. Here at the Co-operative Bank, on maturity of your fixed rate bond (The Co-operative Bank Fixed Term Deposit), we transfer your money into an instant access account. This allows you to withdraw your money if you wish to, or reinvest into a different account, either with us or a different pro...
Yes, some providers offer children’s fixed rate bonds, and some adult fixed rate bonds do not have a minimum age requirement. A fixed rate bond can also be opened as a ‘re: account’. This is a fixed rate bond that has been applied for on someone else’s behalf, and is usually for people who don’t have their own current accounts yet. As children have...
3 days ago · A fixed-rate bond is a type of savings account that gives you a fixed amount of interest for an agreed period as long as you don’t withdraw your money early. The interest rates paid on fixed-term bonds can be attractive, but you won’t be able to access your cash for the duration of the bond term without a penalty charge.
- Fixed term bonds generally have minimum and maximum opening deposits. Some fixed rate bond accounts can be opened with as little as £1, for example...
- You will usually need to be 18 or over to open an account in the UK although there are some accounts which can be opened from the age of 16. Junior...
- Thanks to the introduction of the Personal Savings Allowance in 2016, basic rate taxpayers can earn £1,000 of savings interest a year without havin...
- You’re unlikely to lose money on a fixed rate bond, but if savings rates rise while your money is locked away at a lower rate, you could end up fee...
- In some cases, you may be able to access your funds before the end of the bond term, but you’ll usually pay a penalty fee – or you’ll lose interest...
- While both are types of savings account, the main difference is that the interest rate on a fixed rate bond won’t change. In contrast, the returns...
- Fixed rate bonds usually have a short window when you open the account in which you can deposit more savings up to the maximum limit. But they are...
Fixed Rate Bonds are a type of savings account that offer a fixed rate of interest for a set length of time, also known as the term. Using the chart below, compare terms from 1 to 5 years, alongside two new options: up to one year and 18 months. All providers that we feature in the below chart are FSCS protected.
2 year fixed rate bonds (also known as “fixed rate savings” or “fixed term savings”) are cash savings products that will usually give you a higher rate to set your money aside for two...
