With our Online Fixed Rate Bond, you can put your money to work, safe in the knowledge of how much interest it’s going to earn you.
The account is operated exclusively online, so you can open an account at a time that suits you with no need to worry about branch opening times or passbooks.
Online Fixed Rate Bond
Key product information for Online Fixed Rate Bond
What is the interest rate?
1.10% Gross/AER fixed.
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 to your account when the account matures on 31 March 2021.
Can Scottish Building Society change the interest rate?
The interest rate is fixed until the maturity date. This means that 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 an Online Fixed Rate Bond and deposit £1,000, after 12 months the projected balance would be £1,011.
This projection is for illustrative purposes only and does not take into account your individual circumstances.
How do I open and mange the account?
This account is available to anyone resident in the UK. Accounts can be opened by anyone in their sole name over the age of 16.
You can only open an account online. The minimum opening deposit amount is £5,000, up to a maximum of £100,000. At the end of the fixed rate term your account reverts to an Online Saver Account.
Can I withdraw money?
No withdrawals are permitted during the fixed rate period. Early closure is also not permitted.
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.
This account is a limited release and may be withdrawn at any time.
Ready to apply?
Before you apply, please note:
- You can only apply if you are over 16 and live in the UK.
- The account must be in your sole name.
- You'll need your bank account details handy during the application process.
- You won't be able to pay money in or take money out until we have confirmed your identity. We may need you to send us certain information by post. We'll tell you what this involves once your account is open.
- The application process will take around 10 minutes.
- Please note, once opened you will only be able to view your online accounts.