Minimum Deposit


Interest Rate (Gross)


Interest Rate (AER)

4.90% AER


Not permitted

Product Overview

Suitable for savers who want to save their money for a fixed period until 31st January 2025 in exchange for a higher rate of interest.

This product has limited availability and may be withdrawn at any time.

Key Features

  • Pays a fixed rate of interest.
  • Save between £5,000 and £85,000 for individual applicants or £170,000 for joint applicants.
  • Open online, in branch or by post.

Is this product right for you?

What are the key features of this product?

This product is available to UK residents only.

You must be aged 18 or over to open this product.

This product pays a higher rate of interest in exchange for saving funds for a fixed period and does not come with a passbook.

No withdrawals can be made on this account until the maturity date.

Who is this product designed for?

The product is designed for customers who:

  • already have instant access to other savings and are looking for a higher rate of interest on savings they do not need immediate access to.

  • are happy with interest being paid annually.

  • want a high rate of interest in exchange for locking their funds away to the maturity date of the product.

  • wish to use the branch network and/or Vernon’s Online Services.

Who is this product NOT intended for?

This product is not intended for customers who:

  • do not already have access to existing savings.

  • want to be able to deposit money at any time.

  • want to receive their interest monthly.

  • want unrestricted access to their money.

  • want a variable rate of interest that may change.

Does this product deliver "fair value" for customers?

Being a mutual building society, all our products are priced to balance the needs of our Member savers and borrowers and the Society’s operating costs to support the Society’s long-term future.

We deliver a friendly, personalised, person to person service through a local network of 6 high street branches in Stockport and East Cheshire. This is supported by online digital processes and a dedicated telephony service to quickly resolve any enquiries.

Our rates are competitive in comparison to similar organisations. Better rates may be available from other providers who do not offer the same personalised service.

We believe the rate of return and the customer support provided alongside this product, represents fair value for the customers it is designed for.

Product Summary

Account Name

Fixed-Rate Bond to 31st January 2025

What is the interest rate?

4.90% Gross*/AER** on balances above £5,000

Interest will be added to the account on 31st January each year. Interest is paid gross without tax deducted.

*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.

Can the Vernon Building Society change the interest rate?

The interest rate is fixed until maturity on the 31st January 2025.

What would the estimated balance be after 12 months based on a £5,000 initial deposit?


This projection is provided for illustration only and does not consider individual circumstances. This calculation assumes the account is opened on the 1st December 2023 and closes on 31st January 2025 and no further deposits are made during the initial 14-day period.

How do I open and manage my account?


This account is only available to UK residents aged 18 or above.

Restricted to one account per individual or joint applicants.


Opening the account

You can open an account using our Online Services (individual applicants only), in branch or download an application form from our website and email or post it to us.


Managing the account

You can manage your account in branch or by registering for our Online Services.

A minimum deposit of £5,000 is required to open the account.

The maximum balance allowed is £85,000 for individual applicants and £170,000 for joint applicants.

Subject to the maximum deposit level, additional funds may be added up to 14 days after the opening date of the account.

Deposits can be made in-branch by cash or cheque, standing order or online banking.

Can I withdraw money?

No withdrawals are permitted, and the bond cannot be closed until the maturity date.

In the month of maturity, we will send you a maturity schedule outlining the options available at that time. If you wish to withdraw funds at term-end, you will need to complete this schedule and return it to the Society. On the date of maturity, unless you tell us otherwise, your investment will automatically transfer to a new 1 year Fixed-Rate Bond. You will have 14 days to change your mind.

Additional information

The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our General Savings Account Terms & Conditions.

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.

It's easy to apply...

Apply online


Ready to apply? Head to our online portal to begin your application.

Apply in branch


Book an appointment to speak with one of our friendly advisers in-branch or over the phone.

Apply by phone


0161 429 6262


Monday - Friday


08:45 - 17:00

If you'd prefer to use a physical application form to open your account, you can download it here and post it to us.


Financial Services Compensation Scheme

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

Got a question about savings?

Jump over to our savings help centre and see if we can answer it for you.


Savings Jargon Buster

There are a few considerations to make when opening a savings account, so we've explained as many terms as we can.