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Product focus: short term fixed rate bonds

Product focus: short term fixed rate bonds

Category: Savings

Updated: 31/03/2010
First Published: 31/03/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Savers who are reluctant to lock funds away for a long period of time may be best suited to a short term fixed rate bond.

These accounts are a popular choice as they allow savers to lock away funds with a view to receiving a guaranteed rate at the end of the term.

Terms tend to range from six months to two years. Here are the current top two year accounts.

ICICI Bank UK – HiSAVE Fixed Rate Account


This account pays 4.10% on its anniversary. Savers can invest a minimum deposit of £1,000 although there is no maximum limit. Early access and further additions are not allowed. A HiSAVE Savings Account will automatically open for administration of maturity proceeds. The account can be operated online only by savers aged 18 and over.

Post Office – Growth Bond Issue 11


This account pays 4.05% on its anniversary. Investments range between £500 and £1m and no additions are allowed. Early access is allowed on account closure only subject to a breakage charge. The account can be operated in branch, by post, telephone or online by savers aged 16 and over, although it can be opened for a child by an adult.

Bank of Cyprus UK – Bank of Cyprus UK Bond 84


This bond pays 3.95% on its anniversary. Savers can invest between £1 and £100,000 and further additions are not allowed. Early access is also not permitted. Interest is paid in gross on balances over £50,000. The account can be operated in branch, by post, telephone or online by savers of all ages.

Find the best savings accounts for you - Compare short term bonds

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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