How do I choose the right fixed rate bond?

Decide how much you can afford to save, with no access and how long you can save it for. To help with this, think about future financial commitments you know about. It’s also a good idea to have a pot of money that you can get quick access to for unexpected bills. Then look for a Fixed Rate Bond that suits your needs.

How many fixed rate bonds can I have?

There is no limit on the number of Fixed Rate Bonds you can have.

Fixed rate BONDS

Q: What is a fixed rate bond?

A Fixed Rate Bond is a savings account that’s designed to give you certainty about the interest rate you’ll receive for locking away your money for a fixed period of time. Fixed Rate Bonds come with withdrawal and closure restrictions. This can be helpful if you want to lock money away, but it’s definitely not an account for someone who wants regular access to their money.

Lock your money away and get a guaranteed interest rate.

What is a fixed rate bond?

A fixed rate bond guarantees that your interest rate will stay the same for a set time. You cannot access your money during that time. Your money is left to grow and you’ll know exactly how much interest you will get.

You can usually get 1 year fixed rate bonds, up to 5 year fixed rate bonds.

You can only add money for a short amount of time after you first open the account. It’s designed for one-off payments.

Is a fixed rate bond right for me?

It might be right for you if:

you're saving for a longer-term goal
you're comfortable with no access to your money until a set date
you want to know exactly how much interest you’ll earn.

It's not right for you if:

you want to know exactly how much interest you’ll earn
you want to save tax-free and not pay income tax on the interest you earn.

The content on this page is for reference. It is not financial advice.

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