Fixed-Term Bonds

Fixed-Rate Bond to 31st May 2023

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Product overview

Suitable for savers who want to save their money for a fixed period in exchange for a higher rate of interest.

This account is only available to private individuals, who are UK residents aged 18 or above, that live within a 25-mile radius of our Stockport Head Office, i.e., the postcode noted on the account must be within 25-miles of postcode SK1 1HF.

Key features

  • This account is only available to private individuals, who are UK residents aged 18 or above, that live within a 25-mile radius of our Stockport Head Office, i.e., the postcode noted on the account must be within 25-miles of postcode SK1 1HF.
  • A minimum deposit of £5,000 is required to open the account.
    The maximum deposit is £50,000 for Individual Applicants and £100,000 for Joint Applicants.
  • Deposits can be made in-branch by cash or cheque, standing order or online banking.
  • Subject to the maximum deposit level, additional funds may be added up to 14 days after the opening date of the account.
  • Withdrawals are not permitted 
  • Restricted to one account per Individual or Joint Applicants.

Product Summary

Account Name

Fixed-Rate Bond to 31st May 2023

What is the interest rate?

Annual Interest Gross Rate* Gross AER**
£5,000+ 1.05% 1.05%

 

Interest will be added to the account on 31st May 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 May 2023.

What would the estimated balance be at the end of the fixed term based on a £5,000 initial deposit?

£5,057.06.

This projection is provided for illustration only and does not consider individual circumstances. This calculation assumes the account is opened on the 1st May 2022 and closes on 31st May 2023.

How do I open and manage my account?

This account is only available to private individuals, who are UK residents aged 18 or above, that live within a 25-mile radius of our Stockport Head Office, i.e., the postcode noted on the account must be within 25-miles of postcode SK1 1HF.

A minimum deposit of £5,000 is required to open the account.
The maximum deposit is £50,000 for Individual Applicants and £100,000 for Joint Applicants.

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

You can open an account in-branch or download an application form from our website and email or post it to us. Additionally, you can manage your account in-branch or register for our Online Services.

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

Restricted to one account per Individual or Joint Applicants.

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 form 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.

2 easy ways to apply

Apply in branch

APPLY IN BRANCH

Book an appointment at your local branch and speak to one of our friendly advisors

BRANCH FINDER
Apply online

Apply Now

Ready to apply? Download our application form here, complete it and email it to info@thevernon.co.uk

APPLY NOW
Apply by phone

Got a question? Give us a call

0161 429 6262

Monday - Friday

08:45 - 17:00

Help Centre

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


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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