If you want to make to make a one off payment into a savings account can afford to leave it untouched for a predefined period of time tine then West Bromwich fixed rate bonds might be able to offer you a better rate of interest than their instant access option.
West Bromwich fixed rate bond features:
- A choice of 1, 2, or 3 year bonds
- Minimum investment of £1000
- Maximum investment of £1million for single accounts or £2million for joint accounts
- No additional deposits are permitted
- No withdrawals can be made during the bond’s term
- Can be opened online, over the phone or in branch.
- Monthly interest payment option
Before you do lock your money away it is a good idea to shop around to compare the fixed rate bond market to try and find the plan that suits your needs best there are a wide variety of providers. You can use the free comparison tables above to compare fixed rate bond plans from different providers at the same time which might help you decide.
In addition to this you may also want to look into other savings plans than fixed rate bonds to see if you may prefer them.
Other savings plans include:
These saving products are similar to fixed rate bonds, but the interest rate you receive on the bond can go up or down response to any changes made to the Bank of England’s Base Rate which the bond tracks. This means you could receive a better or worse rate of interest depending on what happens to the Base Rate.
Structured deposits are another saving plan which requires you to tie up for savings without access for a set period of time. They generally offer higher potential rates of interest than bonds but receiving the interest payment is not guaranteed, you may only get back your original investment. 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.
Instant access savings accounts
With instant access savers you can access your money whenever you want, there’s no need to tie up your cash so you can make withdrawals whenever should you need to. They do however usually offer lower rates of interest than bonds or structured deposits.