Fixed Saver - 2 or 5 year term
Want to earn fixed interest for two or five years on your savings? Check out our Fixed Saver.
Summary box for Fixed Saver
0.20% gross/AER on balances of £1 or more for two years from account opening.
0.50% gross/AER on balances of £1 or more for five years from account opening.
You can choose to have your interest paid monthly or after each year on the date you open the account.
No. This account has a fixed rate of interest so the rate won’t change during the term.
For example, if you deposit £1000.00 the balance after 24 months will be £1004.00.
If you deposit £1000.00 the balance after 60 months will be £1025.25.
- You don’t withdraw any money and interest isn’t paid out of the account.
- You pay your initial deposit on the day you open the account and you don’t make any further deposits.
- Interest is paid each year.
This account can be opened and managed:
- on our app
- in branch
- by phone.
Bear in mind:
- Online applications must be made in your sole name but the account can be made joint in branch or over the phone, once opened.
- You need to deposit at least £500 to open the account. You have 10 days from account opening to make your deposit. You can make as many deposits as you like within these 10 days.
- After the 10 days are up, you won’t be able to make any more deposits.
- The term starts on the day you open the account.
- The maximum amount that can be held in the account is £9 million.
You can’t make withdrawals from this account, but you can close the account early. If you close the account early, you’ll be charged the equivalent of 180 days’ gross interest on the two year account. You'll be charged the equivalent of 365 days' gross interest on the five year account. This means you may get back less than you put in.
When the 2 or 5 year term comes to an end, the account will change to an Instant Saver. Before this happens, we’ll contact you to explain your options and next steps.
Gross rate means we won’t deduct tax automatically from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).
AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
For more definitions, view our savings glossary.