Ipswich Building Society’s fixed rate bond deals include features such as:
- Fixed interest rates for a choice of terms
- Limitations on accessing the money
- No additional deposits allowed
- Interest paid upon maturity
- The option to receive monthly interest
- Tiered interest rates, so the more you save the more you earn
To be eligible for an Ipswich Building Society fixed rate bond you must:
- Be a resident in one of the following postcodes: IP, NR, CO, CM, CB and PE
- Be aged 16 or over
- Be a resident of the United Kingdom
Alternatives to fixed rate bonds
If you are considering investing in a fixed rate bond, you may wish to also consider alternative savings products first, as bonds require you to lock your money away with a set period of time you don’t want to do so and then later find a product that would have been more suitable for needs.
- Tracker bonds – This is a different type of bond, unlike with a fixed rate where the interest rate is consistent throughout the bond’s term, the interest rate tracker’s receive can vary over their course, this is because the interest rate is linked to the Bank of England’s Base Rate, as such if a change is made to the base rate, the rate of interest you receive on your bond will also change to reflect this, this means you could get a better or worse rate of interest.
- Structured Deposits – Structured deposits also require you to lock your savings into the investment for a set period of time, however they usually offer higher potential interest returns, but they are not guaranteed. Structured deposits work by being linked to an index or indices such as the FTSE 100. If the index the plan is tied to do not perform in the way laid down by the plan then you will only receive your original deposit back without any of the interest. Because you risk not getting gaining any interest with this type of savings product.
- 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.