Yorkshire Bank fixed rate bonds could be for you if you can afford to keep your money locked away for at least 3 months. You can get higher interest rates in return for longer terms. Whilst there are before you decide if they are the right plan for you or not you may want to look at a range of leading bonds using our simple comparison tables below:
Yorkshire Bank fixed rate bond features:
- Range of different term durations available from 3 months to 5 years
- Choice of monthly or annual payments
- Early closure is not permitted except in the event of the death of the account holder
- No additional deposits may be made during the term
- Minimum deposit of £2000
- Maximum deposit of £5million
- Access available online, in branch, via telephone or online
Although Yorkshire bank to offer a term deposit of just 3 months long, you may still wish to shop around before taking out a bond to make sure the bond you take out is the one that fits your specific needs best. In addition to looking at the different fixed rate bonds available you may want to consider alternative savings plans
Other saving plans include:
- Tracker bonds – This is another type of bond so it so it also requires you to lock your savings into the investment for a predefined period of time. Unlike a fixed rate bond the interest you receive is tied linked to the Base Rate of the bank of England. As a result of this the interest rate paid on a tracker bond over its course can fluctuate up or down in response to any changes made to the base rate. This means you could receive a better or worse interest rate depending on what happens to the base rate.
- Structured Deposits – Like fixed rate and tracker bonds a structured deposit requires you to lock up your funds for a period of time however they generally offer better potential interest payments, but they are not guaranteed so you may only get your original deposit back, the conditions to receive an interest payment is dependent on the index or indices (such as the FTSE 100) meeting certain criteria over the plan’s course, as set out in the terms and conditions.,
- Savings Account – Instant access savings accounts tend to offer lower interest rates than long term bonds or structured deposits, however they will usually allow you to make unlimited penalty free withdrawals from the account.