Growth Bond
- Get a fixed interest rate for a fixed term
- Deposit just £500 to start your savings
- Apply in branch or by post
Summary box
1 year – 4.25% Gross/AER fixed
2 year – 4.00% Gross/AER fixed
3 year – 3.75% Gross/AER fixed
Interest is calculated daily and paid at a fixed rate annually. This means:
1 year Bond – interest is paid on maturity
2 or 3 year Bond – interest is paid on the anniversary of the account opening
You can’t make any additional deposits during the fixed term of your account.
No, the interest rate is fixed during the term of the account.
Eligibility
- To apply you must be a UK resident and resident in the UK for tax purposes. This doesn’t include the Channel Islands and the Isle of Man
- To apply you must be aged 16 or over. If you’re aged 11-15, the account can only be opened by an adult representative on your behalf
Opening and managing your account
- You can apply for an account in branch or by post
- You can manage your account online, by phone and by post
- Minimum balance to open the account is £500
- The maximum balance of the account is £1 million
As this is a fixed term product, once opened, you cannot add or withdraw funds, or switch to another product until the end of the fixed term.
If you wish to switch into or out of this product, outside of the fixed term, please select the ‘Online Products’ link on your online banking page or visit your local branch.
You can’t make withdrawals before the bond matures, so you need to be sure you won’t need access to your money during the fixed term. However, we may allow you to close your account during the fixed term, at our discretion, in exceptional circumstances. See section 11, ‘Closing your account’ in the Savings key information for further details.
Closure requests can be made by telephone (0800 169 7500) or in writing to Post Office Savings, PO Box 87, Armagh, BT61 0BN. You should include an explanation of the exceptional circumstance surrounding your request. We may ask for evidence and/or further information to be provided. Early closure is usually subject to a breakage fee. The way the breakage charge is calculated will be fully explained to you at the time of your request, and could mean that you get back less than you originally deposited. Partial withdrawals are not permitted.
When your bond matures, your money will be moved into a variable rate account. We’ll contact you before the end of your fixed term to explain what will happen and tell you the current interest rate of the variable rate account. We may offer you the opportunity to reinvest in a new account and deposit additional funds into your account.
Interest is paid gross without tax deducted on our Growth Bond.
If you’d like to cancel, you can do so within 14 days of the date your Growth Bond was opened. Your money will be returned in full with any accrued interest.
