If you have been looking where to put your savings you may have wondered if Clydesdale Bank had the right fixed rate deposit for you. See below for a selection of market leading fixed rate bond deals:
Clydesdale Bank fixed rate bonds key facts
- terms from 3 months to 5 years
- The longer the term, the higher the interest rate
- Minimum deposit of £2,000 – Maximum deposit of £5,000,000
- Various options for how your interest is capitalised and paid to you
- You cannot make any withdrawals or early closures
Fixed rate bonds can vary between plans but they normally share a few common features such as:
- A consistent rate of interest
- You cannot make any withdrawals or additional deposits once you have set up the account
- You cannot close the account early, if you can you may incur some form of forfeit.
- Many bond providers will convert your bond into an instant access savings account when the term ends unless you otherwise tell them what you wish to be done with it.
- Tend to offer higher interest rates than their instant access alternative
Other types of plan you may wish to think about
- Tracker bonds – A different kind of bond where the interest rate will fluctuate in relations to changes made to the base rate, set by the Bank of England. This mean if after your account is opened the base rate improves you will still benefit from the rise, in the same vein however if it decreases you will also earn less interest on your savings.
- Structured Deposits – Structured deposits also involve you locking your savings in an investment for a set period of time. However structured deposits normally offer better potential rates of interest but you are not guaranteed to get it. If the index or indices the particular plan is tied to does not perform in the way the plan states then although you would get your original savings back you would not get any interest on 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.