Fixed Term Bond

A Fixed Term Bond is a savings account that holds your money for a set period known as a term.

You can make additions into all our Fixed Rate Bonds for 15 calendar days after account opening, and no withdrawals can be made until the end of the term, when the bond reaches its maturity date.

A Fixed Rate Bond offers guaranteed, often higher, interest rates compared to easy-access accounts. 

These accounts are best suited to customers that won’t need to access their money and don’t need the flexibility of an easy access account or a notice savings account.

You may be able to apply online, by post, or at our Epsom branch, depending on the product selected.

You can compare our Fixed Rate Bonds below to find the product best suited to you. Our 1, 2, 3 and 5 year Fixed Rate Bonds are best suited for individuals with long term savings goals, as the fixed rate allows you to calculate exactly how much interest you could earn when the bond matures. View product details for more information on savings rates and key features.

If you are applying online and new to Family Building Society, it only takes a few minutes to apply. Please have your National Insurance number to hand.

As you cannot access funds held in a Fixed Term Bond until maturity, there is an element of some risk. If you are likely to need access to your money before the end of a fixed term, then an alternative type of savings account might be more suited to you.

Your savings are in safe hands, protected up to a total of £120,000 by the Financial Services Compensation Scheme.

This limit is applied to the total of any deposits you have with the following: Family Building Society and National Counties Building Society. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Learn more about the FSCS.

Withdrawals are not permitted during the fixed rate term before maturity. Your Fixed Rate Bond becomes available for withdrawals or reinvestment on its maturity date.

This type of savings account is better suited to people with long term financial goals. Whilst early withdrawal is not permitted, a fixed rate savings account allows you to calculate the interest paid when the account reaches maturity.

More details around withdrawals from a Fixed Term Bond can be found in the product account summary box or within the Product Features Leaflet.

Yes, you can open a Fixed Term Bond account jointly.

Family Building Society's savings products are open to new and existing customers. Sometimes, we offer existing customer exclusive accounts. Our Fixed Rate Bonds offer individuals, as well as couples or family members, the opportunity to grow their savings over a fixed period. This type of savings account is well suited for people with an end goal in mind, whether that is preparing for a holiday, retirement or moving house.

You make a one-off deposit when you open the account, and our accounts typically have a minimum deposit requirement of £1,000. Deposits into our savings accounts are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS).

Fixed Rate Bonds usually have a short window during which you can add funds to your account, and after that, you typically cannot add more funds. At Family Building Society, we offer a 15-day funding window where you can add further deposits to accrue a fixed rate interest over the specified period.

There is no early withdrawal option on this type of product. You lock your money away until your fixed rate bond reaches the end of the term. Whilst this fixed interest rate often leads to a better interest rate, everyone's individual circumstances are different and if you need access to your money it may be worth considering an easy access savings account.

With our Fixed Rate Bonds, you’ll receive a fixed rate of interest throughout the bond’s term. With this type of account (as the interest rate and product term are fixed), you will be aware upfront of how much interest you’ll earn by the end of the fixed term. You can find more information on this guaranteed interest rate in the product account summary details.

Yes, the interest earned on Fixed Term Bonds is taxable and you might have to pay tax on it if it’s above your Personal Savings Allowance. The allowance is £1,000 in interest each tax year for basic rate taxpayers and £500 for higher rate taxpayers. There is usually no allowance for additional rate taxpayers.

Yes, with all of our Fixed Rate Bonds the interest rate is fixed throughout the fixed term. This means the interest rate on a Fixed Rate Bond remains the same from when the account is opened until the end of the fixed term period, providing a predictable return on savings. Our current fixed interest rates are listed in the table above.

This guaranteed interest rate is often why people choose a Fixed Rate Bond over an easy access savings account. To find out how much interest you could make, view the product details above. In the product account summary box we have calculated an estimated interest and projected balance for both annual and monthly product options.