Skipton Building Society fixed rate bond Features:
- A choice of fixed rate E-bonds managed online or fixed rate bonds managed in branch or by post
- A choice of 1, 2, 3 or 5 year bond terms
- Minimum balance of £500
- Maximum investment of £1million for individual accounts or £2million for joint accounts
- No withdrawals or early closures are permitted during the term of the bond
- Fixed rate of interest guaranteed for the term of the bond
- Choice of interest to up the value of your bond or receive monthly payments
As a fixed rate bonds by their nature require you lock your savings away without access for a period of time before you open one it may be wise to shop around thoroughly before to ensure you have found the plan that fits your requirements best. The comparison tables on this page may help you look at the various features of plans from different providers.
Other savings options
In addition to comparing the different fixed rate bonds that may be available you could also consider alternative savings options to see if they better suit your needs, plans that you may want look into include:
An alternative sort of savings bonds, they generally also offer durations of 1, 2, 3 and 5 years however unlike a fixed rate bond the interest paid on the bond over its duration van fluctuate in response to any changes made to the Bank of England’s base rate of interest which the bond tracks. This means you could receive a better or worse rate of interest and you cannot predict how much you will get in return at the end of the bonds term like you can with a fixed rate.
Structured deposits also require you to lock your savings up for a set period of time, however they usually offer higher potential interest returns, but your interest return is not guaranteed. Structured deposits work by being linked to an index or indices such as the FTSE 100. Although your original investment is guaranteed to be returned you will only get interest paid on it if the market the plan is tied to performs in such a way as stated by the terms and conditions of the investment plan.
Instant Access Savings Accounts
If you want an investment where you can access your savings more easily should you ever need to then you may want to consider an Instant Access Savings Account, although they normally offer lower interest rates than bonds or structured deposits, they usually offer unlimited free withdrawals.