Your fixed term savings account will then be converted to an Instant Saver account with instant access on the maturity date. If you do choose to opt out of the automatic reinvestment of your funds into a new fixed term savings account, you will be able to do so via telephone, by completing the form included in your reinvestment pack, filling out our online form, or by visiting one of our branches. Instructions on how to do this will be included in your reinvestment pack issued prior to the maturity date. Upon maturity of your fixed term savings account, your funds will be automatically reinvested into a new fixed term savings account unless you choose to opt out of this on the maturity date of your account. Typically, longer fixed rate bonds offer the highest interest.įixed rate bonds enable you to access higher interest rates, which could protect your savings from losing value in real terms.We will write to you with a reinvestment pack in advance of your maturity date to advise what happens next. You can find a number of fixed rate bonds on the market, which usually run for either 1 year, 2 years, 3 years or 5 years. If you confident that you will not need to use your savings for a period of time, fixed rate bonds may help grow your savings faster than other available options they offer a higher rate of interest in exchange for tying up your savings for the duration of the fixed term. To maximise the return on your savings, you could explore your fixed rate bond options.

Other savings accounts may have different conditions such as a maximum balance that you are permitted to have at one time, meaning that any money above the limit will likely earn no interest at all. However, for the majority of savings accounts, the interest rate on offer reverts to the bank’s underlying interest rate after the first year. Savings accounts offer competitive rates of interest for smaller amounts of money. Traditionally, people who have wanted to get the most from the money they are putting aside have looked to savings accounts. The best way to get the most out of your savings depends on how much you have in the pot. Load more Is a Bank of Scotland fixed rate bond right for you?

Bank of scotland term deposit rates