Women are increasingly using their savings accounts.
Many adults are issuing handouts to their parents.
Fixed-term savings accounts, or bonds, are savings accounts where you commit to leaving your money untouched for a set period of time, usually between one and five years. In return, you will normally receive a very competitive interest rate which will be fixed for the entire agreed term. Read more>
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Lloyds TSB eBondChoose to have your interest paid monthly or yearly |
3.75% | 3 years |
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Nationwide eBondManage your account online |
2.5% | 6m, 1, 2, 3 or 5 years |
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| ** In order to access this rate you will need to open a Nationwide current account or be an existing Nationwide current account holder ** | ||||
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Scottish Friendly Assurance Bond10 year tax free savings bond |
0% | 10 years |
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Generally speaking, the longer you agree to leave your money untouched, the higher the interest rate you will receive.
Once you have opened your fixed-term savings account, you will not normally be allowed to add to the initial deposit. Therefore, it is worth considering your uppermost savings limit for an account of this type before you open it.
Additionally, once your money is in the account, you will usually have very limited access to it. Most providers will penalise you if you access your money before the term is up. The penalty is usually either a lower interest rate or, in some cases, no interest at all for the month in which the withdrawal was made.
These accounts are great if you have some money which you know you do not need in the near future and to boost some of your long-term savings cash fund. However, they are probably not best for those who are unsure whether they will need their savings soon and at short notice.