Bank of Scotland Fixed Rate Bonds
- No maximum deposit
- Minimum deposit of £2000
- A choice of how your interest is paid
- Different options for the length of the fixed term
- Branch, phone or online fixed rate accounts
If you are considering putting your savings into a fixed rate bond, see the tables above to view the range of fixed rate bonds currently available and compare leading deals to see how Bank of Scotland fixed rate bonds measure up. Once you put your savings into most types of fixed term bonds you won’t be able to access your savings until the term is up without some sort of forfeit which could mean you get back less than you originally put in, therefore shopping around is a good idea to try and make sure you get the best deal.
You might also want to think about a tracked fixed bond in addition. These are similar to fixed rate bonds however the interest rate you receive will vary over the course of the term reflecting changes in the base rate set by the Bank of England. This means if interest rates improve during your bond term you will get a better rate, However if the Bank of England lowers the base rate the interest rate you receive will also decrease causing you to earn less.
Structured deposits may be another financial product that interests you. They also require you to lock your money up in a plan for a set period of time; however they generally offer higher interest rates than bonds.
Although they have the potentially to earn you more a return on your investment is not guaranteed with this type of plan. Structured deposits offer you returns based on the performance of a share index such as the FTSE 100. If over the period the index fails to perform in the way your plan specifies you may not earn any interest on your deposit, you will however still receive the full amount you received back.
If you think it would be better to have your savings readily available in case you need them then an instant access savings account might be a better choice for you. Although these tend to receive lower interest rates compared to bonds and structured deposits they do have the advantage that many will allow you to make unlimited withdrawals without any kind of penalty