If you don't need access to your savings, you could earn a higher rate of interest with a fixed-term bond.
Our Fixed Rate Bonds pay a fixed rate of interest for a set period of time, making them ideal for lump sum deposits.
We are currently offering a limited edition, one year fixed rate bond.
1 Year Fixed Rate Bond
Key product information for 1 Year Fixed Rate Bond
What is the interest rate?
1.00% Gross/AER fixed until 23 June 2021.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Gross interest will be added when the account matures on 23 June 2021.
Can Scottish Building Society change the interest rate?
Rates are fixed until after the maturity date. This means we cannot change the rate until after the fixed rate period.
What would be the estimated balance after 12 months based on a £1,000 deposit?
If you open a one year fixed-rate bond, and deposit £1,000, after 12 months the projected balance would be £1,010.
This projection is for illustrative purposes only and does not take into account your individual circumstances.
How do I open and manage the account?
This account is available to anyone over 18 and resident in the UK. You can open an account in branch or download and complete an application form online. The minimum opening deposit amount is £500, up to a maximum of £1million.
At the end of the fixed rate term your account reverts to an Instant Access Saver account.
Can I withdraw money?
You can not make withdrawals during the term of the bond.
Interest is paid gross without tax deducted. A small proportion of savers may be required to pay tax on savings interest – this should be arranged directly with HMRC through your tax return.
Please read the Savings Terms & Conditions leaflet for general conditions which apply to this account.
How do I apply?
Completed applications can be returned to any branch or agency office, along with proof of your identity and initial deposit. Alternatively, you can post your application and necessary documentation to:
Scottish Building Society
193 Dalry Road
Your Right to Cancel
If you wish to change your mind about any savings or investment account, please contact us within 14 days of opening the account. We will help you switch to another account with us or return your money in full together with any interest earned (without notice period or charges).
Your Questions Answered
How much do I need to open an account?
You can open the account with any amount from £500 to £1 million; no additional funds can be added at any time.
How can I make withdrawals from my one year fixed rate bond?
No withdrawals are permitted during the fixed rate period. When the fixed rate term ends, you will have instant access to your savings with no restrictions. We will write to remind you of this shortly before your term ends.
Can I close my one year fixed rate bond early?
No - closure during the fixed rate period is not permitted.
Am I guaranteed to be accepted for this bond issue?
This is a strictly limited issue and applications will be accepted on a ‘first come, first served’ basis until the issue has been fully subscribed. If your application is received after the issue has been closed, we will contact you to obtain further instructions.
When is the interest due?
Interest will be added to your account when the account matures on 23 June 2021. Or, if you prefer, the interest can be transferred to another account with us or paid to your bank