2 Year Fixed Rate Bond

If you’re looking for a better return on your money than an easy access savings account, then our range of fixed rate bonds could be just the thing. They allow you the convenience of applying and managing your account online

1.10%

Gross*/AER**
  • The interest rate is fixed for the term of the account.
  • Invest between £1 and £1,000.
  • No withdrawals until maturity.
  • Online account.
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Summary Box

Account Name

2 Year Fixed Rate Bond

What is the interest rate?

1.10% Gross*/AER** interest is calculated daily and paid monthly to the account on the same day of the month as on which you made your initial deposit, and on maturity.

Can Bank North change the interest rate?

No, the interest rate for this account is fixed and will not change until the maturity date. We will email you before maturity to explain your options and the new accounts that are available for your maturing funds.

What would be the estimated balance at the end of the term based on a £1,000 deposit?

When your account matures, a deposit of £1,000 would have an estimated balance of:

£1,000.00

How do I open and manage my account?

You must be aged 18 or over, a UK resident and hold a UK bank or building society current account to open a Bank North 2 Year Fixed Rate Bond.

You can only open a Bank North 2 Year Fixed Rate Bond online at www.banknorth.co.uk.

Minimum opening deposit: £1

Maximum account balance: £1,000.

Your maximum investment with Bank North across all accounts cannot exceed £500,000.

Once opened, you can manage your account 24/7 online at www.banknorth.co.uk.

You can contact us at:

Email: hello@savings.banknorth.co.uk

Telephone: 08456 460 460

9 am – 5 pm Monday – Friday, except UK bank holidays.

Post:
FREEPOST Bank North,
Wallsend,
NE28 5ET.

Alternatively, contact us via secure message: Click ‘Send Message’ when logged into your account.

Can I withdraw money?

This product has a 14-day cooling-off period. After this period no withdrawals are allowed until the account matures.

We will email you 25 days before your account matures to explain your options at maturity. If you do not tell us what you would like to do at maturity, your maturing balance will be deposited into the Bank North Easy Access Maturity account. The terms and conditions and the interest rate applying to that account at the time will apply.

Additional information

You have 14 days from your application to make your initial deposit. You may make multiple deposits into your account within 14 days of your initial application. Once the 14 day period has expired, you cannot make any additional payments into the account. Interest is paid gross*, with no tax deducted, monthly back to the account.

*Gross interest is the contractual rate of interest with no tax deducted.

**AER stands for Annual Equivalent Rate and is a notional rate that illustrates what the interest rate would be if the interest was paid and compounded on an annual basis.

Apply for Bank North 2 Year Fixed Rate Bond

Additional Product Terms & Conditions

These Additional Product Terms and Conditions are specific to your savings product. They form part of your savings account's terms and conditions, so you need to read these along with the other documents that make up your agreement.

These Additional Product Terms and Conditions have priority over the Bank North General Savings Terms & Conditions.

This Account is designed for those who want to save money with the confidence that the interest rate won't change for a fixed period and who will not need access to their money during that period.

1. You must be aged 18 or over, a UK resident and hold a UK bank or building society current account to open a Bank North 2 Year Fixed Rate Bond.

2. There is a fixed term of two years for this Account. The fixed term will start on the day your initial deposit is received.

3. The minimum Account balance is £1.

4. The maximum Account balance is £1,000. (excluding any resulting interest earned).

5. The interest rate payable on the Account is fixed for the term of the account. The interest rate is 1.10% Gross p.a. fixed.

6. Interest is calculated daily and paid monthly to the Account on the same day of the month as you made your initial deposit, and on maturity.

7. The Account can be opened in sole or joint names.

8. The Bank North 2 Year Fixed Rate Bond matures on the second anniversary of your initial deposit being received.

9. You have 14 days from your application to make your initial deposit.

10. You may make multiple deposits into your account within 14 days of your initial application. Once the 14 day period has expired, you cannot make any additional payments into the Account.

11. No withdrawals are allowed until the Account matures.

12. We will email you before your Account matures to explain your options at maturity. If you do not tell us what you would like to do at maturity, your maturing balance will be deposited into the Bank North Maturity Easy Access Account. The terms and conditions and the interest rate applying to that Account at the time will apply.

13. Interest can only be added to the Account and not paid to any other account you hold with us or elsewhere until maturity.

14. The total of all of an individual’s deposits with us must not exceed £500,000. This limit is applicable to all your accounts held with Bank North in accordance with the Bank North General Savings Terms & Conditions.

15. Details are correct as of 10 February 2022.

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Copyright © 2022 Bank North Limited. All Rights Reserved.

Bank North Limited is authorised by the Prudential Regulation Authority and authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 848024). Bank North Limited is a company registered in England and Wales (company number 11030672) and its registered office is Suite 20A, Manchester One, 53 Portland Street, Manchester, M1 3LD.

Bank North has been Authorised with Restrictions since 24th August 2021, at which point the firm entered a phase known as mobilisation. During this phase, the bank will be undertaking lending activities but will not be accepting customer deposits.