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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.
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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.