5 Year Fixed Rate Bond Issue 24
What is the interest rate?
Interest rate for balances of £5,000 or more:
1.85% Gross / AER (Fixed)
Interest is calculated daily. We will credit the interest on the anniversary of the date of receipt of your first deposit and at the closure of your account.
Can Shawbrook Bank change the interest rate?
As the interest rate is fixed, the interest rate cannot be changed over the term of the account.
What would the estimated balance be after 60 months based on a £5,000 deposit?
A deposit of £5,000 at an annual Gross rate of 1.85% (fixed) would generate an estimated balance of £5,480 in five years - This is for illustrative purposes only.
(This illustrative example assumes no withdrawals, no changes to the fixed interest rate over the period and interest is paid and compounded annually on a cleared deposit. Interest is rounded to the nearest pound. The illustrative example does not take into account the individual circumstances of a customer.)
How do I open and manage the account?
- You can apply on-line or by post. The account can be operated online or by telephone on 0345 266 6611.
- Minimum account opening balance of £5,000.
- Maximum account balance of £2,000,000.
- The account is only available to individuals who are 18 years of age or over, permanently resident in the UK and can provide a UK bank account as a nominated account. Shawbrook Bank only provides savings accounts for individuals who are permanent UK residents (excludes Channel Islands, Isle of Man and other Crown dependencies) and only liable to pay tax in the UK. Please notify us immediately if your circumstances change and you are no longer a permanent UK resident and/or no longer only liable for UK tax.
Can I withdraw money?
- This account has a fixed term, so you can only withdraw your money at the end of the fixed term (also known as ‘maturity’).
- If the end of the fixed-term falls on a non-working day, your funds will be made available on the next working day.
- We’ll write to you before maturity to remind you of the date that your fixed term ends.
- At maturity, you can either withdraw your funds or transfer them into a new Shawbrook account of your choice (subject to any specific account terms and conditions). If you do not let us know what you wish to do by the maturity date, your account will revert to a Matured Funds account and the interest rate will be confirmed to you in writing. The Matured Funds account is subject to the following conditions:
- You cannot make additional deposits into the account
- Withdrawals can be made without giving prior notice
- Interest earned on the Matured Funds account will be paid annually on 31st December and at closure of the account.
Interest is paid Gross.
The information provided in the summary box above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.