Fixed Rate Bonds

A Fixed Rate Bond is a savings account that gives you a guaranteed interest rate for a fixed period of time, usually between 1-5 years.

Our Fixed Rate Bonds could be suitable if you have a lump sum and don’t need access to your money during the term. Our bonds typically don’t allow payments in, withdrawals or early closure. However, from time to time we do offer limited access bonds which might allow you to access a certain percentage of your savings. Or offer you the chance to make a limited number of withdrawals during the fixed term.

When your Skipton Building Society Fixed Rate Bond’s term ends (known as maturity), you can choose to withdraw some or all of your money. This includes the interest you’ve earned.

We’ll send you a maturity pack shortly before your Fixed Rate Bond term ends. This pack will explain your options:

• Withdraw your money.
• Do nothing (we’ll automatically transfer your money to another savings product at the end of the fixed term).
• Transfer your money into another Skipton Building Society account (in your name).
• Choose a new savings product, from our savings range, to transfer your money into.

The short answer is yes. In general, there are no limits to how many Fixed Rate Bonds you can have.

You should know that, at Skipton Building Society, some of our individual Fixed Rate Bond products have limits on how many a customer can have. It’s always best to check the terms of the product.

There are two key things to consider. Firstly, how long you can commit your money for. And secondly, what it is you’re saving for.

It’s not a good idea to put all your savings into a Fixed Rate Bond. Life changes and things happen. Having some savings in an easy access account – for those just-in-case moments like an unexpected bill – will give you greater flexibility.

For other financial goals, a Fixed Rate Bond could be ideal for your other savings. Given you usually can’t access your money for the term of the bond, you need to be confident you won’t need to use these savings until the fixed term ends.

Before you choose any savings product, it’s always a good idea to consider what it is you’re saving for, and how much time you have to achieve your goals.

For example:

• If you’re saving for a wedding a few years down the line, a longer-term Fixed Rate Bond could be suitable.
• If the goal is sooner, such as going on a special holiday in 18 months’ time, a shorter-term Fixed Rate Bond is likely to be more suitable.

No matter what’s happening with savings rates elsewhere, your interest rate won’t change during the term of your Fixed Rate Bond.

You can have joint accounts for most of our bonds. The terms of the product will make this clear either way. Please note, you can’t open joint accounts through our app.

You can open a joint Fixed Rate Bond by selecting the relevant product above, by calling us on 0345 608 0783, by visiting your local branch, or by post.

With most of our Fixed Rate Bonds, you can choose to have the interest paid monthly or annually.

There are two options for how you receive interest. You can choose for interest to be added to your Fixed Rate Bond account, to build up your savings total. Or you can have the interest paid into a nominated bank account, where you can use it straight away.