Two Year Fixed Term Member Bond
Savings with certainty
Interest is calculated on a daily basis and is paid annually on 28 February. Interest can be added to your Bond or paid to your bank account. Once added to the account, interest becomes subject to the same withdrawal conditions as the capital.
*Interest is paid without tax deducted. Some savers will be required to pay tax on savings interest; this should be arranged directly with HMRC through your tax return.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
This account has a fixed rate of interest until 28 February 2021, from the date the account is funded.
This projection is for illustrative purposes only.
If £1,000 was deposited on 1 March 2019, on 28 February 2020 the account balance would be £1,015.50. This assumes the interest earned is added to the account.
You can open and manage this account online or in branch.
You must fund the account within seven days of opening.
You must be a permanent UK resident and aged 18 or over. For under 18s the account must be opened by an adult in the capacity of Trustee.
You can pay into your account by electronic payment, or by cash or cheque. Once opened, no additional investments are allowed.
The minimum balance is £1,000 and the maximum balance is £500,000 per person (£1m joint).
Customers may hold more than one of these Two Year Fixed Term Member Bond – Issue 70 accounts, but the maximum holding in all accounts with the Society is £500,000 per person.
Withdrawals, transfer or closure are not permitted during the term of the account.
On maturity the account changes to an Easy Access account and the Easy Access account terms and conditions will apply.
This account is available to members only. This means current borrowers or savers who have held their account for six months or more.
This Fixed Term Bond matures at the close of business on 28 February 2021 and your funds will be available on the first working day following this date.
You can close your account without penalty for 21 days following maturity. We will contact you at least two weeks before maturity with details of your options.
This product may be withdrawn from sale at any time without notice.
We reserve the right to close your account and return the funds to you.
In the event of any apparent conflict between these Two Year Fixed Term Member Bond - Issue 70 Terms and Conditions and the General Savings Account Terms and Conditions, the Product Terms and Conditions take precedence.