Hunting around for a savings bond can be a challenge, that’s where our easy to read best buy table can help. You can quickly compare information such as provider, interest rate and access features to find the savings bond that’s right for you!
- Fixed up to 1 Year
- Fixed up to 3 Years
- Fixed up to 5 Years
Interest rate (AER)
Min/Max account balance
Fixed Rate Bonds
What is a fixed rate bond?
Term or bond accounts are best-suited to people willing to lock up their savings for a long time, at least a year, who want a guaranteed income but are not prepared to take on much risk.
A bond, sometimes known as a term account, requires you to lock your money away for a set period of time, which can be from six months up to five years.
In exchange for locking your money away, the provider will give you a rate of interest that is much higher than the rates offered by most other types of savings accounts.
The main difference to watch out for is that although term or bond accounts tend to pay out higher rates of interest than an instant access account would, their interest rates are also fixed.
So even if interest rates rise during the term, you will still be on your fixed rate for the duration.
Many savings bonds or term accounts also require you to invest a sum at the start of the set period, and then prohibit you from adding to this. In addition you may not be able to withdraw from your account at all or without paying an interest penalty.
In most circumstances if you need access to your money, you will be penalised with loss of interest, or even required to close your account.