1 Year Fixed Rate Bond
1 Year Fixed Rate Bond
1 year fixed rate bonds are a popular method of saving, because they offer a competitive rate for a year, allowing you to work out exactly how much interest your cash will earn. Because of the relatively high rate, 1 year fixed rate bonds have restricted access with penalties for withdrawing or transferring cash during that fixed rate period. This is to allow the money to be left untouched can grow and produce a good return after 12 months. Features of 1 year fixed rate bonds:
- They have a minimum deposit – often around £2,000
- They carry a fixed rate for one year
- They have a guaranteed return
- You can choose whether you want the interest paid monthly or annually
- You can usually nominate an account for the interest to be paid into
Although they are designed to be left alone, most banks and building societies will allow you to access your cash in an emergency, but this will generally incur a charge.
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