Want to save for something in the future? Taking out a fixed-rate bond means you won't have access to your funds until the maturity date; however, you may secure a better rate for the period of the bond.
| Account | Interest rate | Open from | Withdrawals | Useful information | |
|---|---|---|---|---|---|
| Monthly Income Fixed-Rate Bond to 31st July 2025 (Issue 2) | 4.65% Gross p.a4.75% AER |
£20,000 | Not permitted |
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| Fixed-Rate Bond to 31st January 2025 | 4.90% Gross p.a4.90% AER |
£5,000 | Not permitted |
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The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
The AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Here's everything you need to know.
Did you know that your eligible deposits with the Vernon are protected up to a total of £85,000 (£170,000 for joint accounts) by the Financial Services Deposit Scheme (FSCS), the UK's deposit guarantee scheme?
Learn more about the FSCS