3 Year Fixed Rate Bond

For peace of mind during uncertain times, why not guarantee that your savings will grow by investing in our 3 Year Fixed Rate Bond.

This Bond is designed for long-term investments and offers an interest rate that is fixed for a 3 year period.

The minimum investment is £1,000 and the maximum investment is £300,000. Although you cannot add to your initial investment, you can open additional accounts if the offer is still open.

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SUMMARY BOX	KEY PRODUCT INFORMATION FOR THIS SAVINGS ACCOUNT

Account Name	3 Year Fixed Rate Bond.
Interest Rate (AER)	The interest rate is fixed for three years. Please see below for the rate applicable. At maturity of the fixed rate term, your account will automatically become an Easy Access Bank Base Rate Tracker. The interest rate will then become variable and will match the Bank of England's Base Rate. Any increase we may make to the interest rate payable will take effect within one month of a change in the Bank of England's Base Rate (click here to view the Bank of England's Base Rate).
Tax Status	Normally, interest will be paid after deduction of income tax at the appropriate rate. Non-tax payers can reclaim this and are able to register for gross interest payments using HM Revenue & Customs Form R85, which is available from our offices. Higher rate tax payers may have a further tax liability. Interest on joint accounts will be paid gross if both holders are non-tax payers and sign separate R85s. If one account holder pays tax and the other does not, half of the interest will be paid gross and the other half will be paid after deduction of income tax at the appropriate rate.
Conditions for bonus payment	Not applicable to this savings account.
Withdrawal arrangements	Withdrawals are not permitted until the end of the first year. After this you may withdraw all or part of your investment by cheque, but if you do so you will lose a sum equivalent to 180 days' gross interest on the amount withdrawn. From maturity of the fixed rate term, when your account automatically becomes an Easy Access Bank Base Rate Tracker, further deposits and withdrawals can be made at any time without notice or penalty. The minimum withdrawal will be £250 and only cheque withdrawals will be allowed. Subject to the conditions set out above, money can be paid out against a cheque from the start of the sixth working day following the day of deposit. Working day means a day other than a Saturday, Sunday or Bank Holiday. Funds are available for immediate withdrawal for all other types of deposit.
Access	Transactions at branches or by post.

Payment of Interest

Interest is calculated on a daily basis up to and including the day before any withdrawal. For cheque receipts, interest is paid from the day after the cheque is deposited with us. For cash and automated credits, interest is paid from the day of receipt.

Each year on 1 December the interest earned will be paid to a bank or building society account, or transferred to another account with the Society. It cannot be added to your 3 Year Fixed Rate Bond.

3 Year Fixed Rate Bond

With effect from 15 January 2010

Minimum Investment	Gross*	Net**	AER***
£1,000	4.00%p.a.	3.20%p.a.	4.00%

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* Gross Rate - the contractual rate of interest payable before the deduction of Income Tax at the rate specified by law.

** Net - the rate of interest which would be payable after allowing for the deduction of Income Tax of 20%.

*** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year (or monthly, or half-yearly, as the case may be).

Important information about all our accounts