Fixed Rate Bonds
Earn interest on your savings over a number of years, with a fixed rate bond account.
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What is a Fixed Rate Bond?
A fixed rate bond will pay you a set amount of interest, over a certain period of time. Your money will be locked away to avoid the temptation of making a withdrawal - if you do wish to withdraw money from the account early you may face a penalty.
Because your provider knows that it has your money locked in for a set duration, they can afford to pay you a higher rate of interest, than that on an instant access account.
However you will need to be prepared to lock your money away for up to 5 years to gain the best interest rates.If you do wish to make a withdrawal from your fixed rate bond, then you will usually be required to give notice, and you may be penalised for doing so.
Compare Fixed Rate Bonds
Before you agree to tie your money in for a lengthy period, you should make sure you check all the relevant terms and conditions before proceeding.
