Features of Skipton Building Society fixed rate bonds include
- Fixed interest rates of interest for the bond term
- Terms from 1 to 5 years
- Guaranteed returns
- Tiered interest rates – the more you save the more you earn
- Save from £500 to £1 million, 2 million for joint accounts
- Interest paid on maturity
- No withdrawals are allowed once the account has been opened
No withdrawals or additional deposits permitted
Make the most of your money with a Skipton Building Society fixed rate bond, or one from another provider, which offer guaranteed returns on your investment because the interest rate will not change – regardless of what happens in the stock market or if interest rates go up or down. Compare deals with our FREE service and apply online!
Other types of savings plan to consider
- Tracker bonds – Another type of bond so they share many of the features of a Fixed Rate bond. The key difference is that the amount of interest your bond accumulated can vary in response to changes in the Base Rate set by the Bank of England, rather than being consistent as with a fixed rate. This means if the base rate does improve you will benefit from a better interest rate, however if it falls you will earn less interest.
- Structured Deposits – As with a bond this plan requires you to tie up your savings for a set period of time, this type of plan usually offers better potential interest rates than a bond but your return is not guaranteed. Your return is usually dependant on how a index or indices perform over the period. If over the structured deposit’s term the index or indices it is tied to fails to perform in the way the deposit states then you will get your full deposit back but you will not receive any interest gains on it. Because you risk earning no interest on this type of plan you should carefully consider if it is the right choice for you before you lock your money away in it.
- Savings Account – If you are looking into how you can earn interest on your savings but still also maintain access to them should you ever need them then an instant access savings account may be the solution to you. Although they do normally offer lower interest rates than bonds or structured deposits, they tend to offer unlimited free withdrawals meaning if you should ever need your savings you don’t need to worry about any forfeit for closing the account early.