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Savings

2 Year Fixed Rate Bond

This account might be right for you if you:

  • Don't need access to your money for 2 years
  • Want a fixed rate of interest that's guaranteed for 2 years
  • Have a lump sum of at least £1000 to deposit and don't want to continue paying in over the term

Summary

Interest rate
4.05% AER
Available to
Existing & New customers
Minimum initial deposit
£1000
Interest
Paid annually

Key Product Information

A Fixed Rate, Fixed Term Bond offers a higher rate of interest as your money is ‘locked-in’ for a specific amount of time.

What is the interest rate?

Annual interest
4.05% Gross/AER
Interest is calculated daily and paid annually on anniversary and at maturity.

Can Leek Building Society change the interest rates?

The interest rate is fixed.

No matter what happens to interest rates, we won’t change the rate until the account matures at the end of the 2 year term.

What would the estimated balance be after the full term based on a deposit of £1000?

The estimated balance after 2 years would be £1,082.64.

This would be the balance if £1,000 is paid in at the time the account is opened, and no money is taken out or paid in. In this example all interest is paid into the account.

This illustration is just an example to help you compare accounts. It doesn’t consider any individual circumstances.

How do I open and manage my account?

Eligibility

  • You must be a UK resident and aged 16 or over
  • You can’t open this account for a child in trust
  • The account is for personal use only. It’s not for businesses, clubs or charities.

How to open and manage your account

  • You can open an account online, in branch or by post
  • The account must be opened with a minimum deposit of £1,000
  • A maximum of £250,000 can be held in the account.

How to put money into your account
We must receive the money you’re using to open your account, and any other money you want to pay in within 14 calendar days of opening it. After this period, you won’t be able to pay any additional money in.

You can…

  • Pay in cash or cheques in a branch
  • Post us a cheque. Please make sure cheques are payable to yourself and not Leek Building Society
  • Set up transfers from an account with another bank or building society or another account with us.

How to keep track of your account

  • You can view your statement online. If you have a passbook, post it to us or pop into a branch to get it updated.
Can I withdraw money?

You can’t take money out (including any interest paid into the account) or cancel the fixed rate bond before the end of the 2 year term. You shouldn’t open this account if you think you’ll need access to your money during the fixed 2 year term.

What happens when the fixed period ends (matures)

  • The account will mature after a period of 2 years from the date the account is opened
  • We’ll write to you at least 14 days before the account matures with details of how you can re-invest your savings with us or take out some or all of your money
  • If you take no action, the money in your account will be automatically re-invested into the Easy Access Saver or equivalent. This is an easy access account. You can take money out whenever you wish.
Additional information

This isn’t a payment account.

Accounts can be withdrawn from sale at any time without notice.

We pay your interest gross. The gross rate is the interest payable before the deduction of tax. Annual Equivalent Rate (AER) shows what the interest rate would be if interest is paid and added once a year.

In some circumstances customers will be required to pay tax on interest earned. Please contact HM Revenue & Customs for further information or view their website.

You should read these terms and conditions together with our General Savings Terms and Conditions leaflet to fully understand the details of your account. This includes standard terms and conditions relating to all our savings accounts.

The above rate is effective from 01 October 2024.

Apply online

Before you apply please ensure you’ve read the summary box and the terms and conditions of the account.

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Apply by post or in branch

You can apply for this account either by post or by visiting your local branch.

How can we help you?

We're always happy to help you, whatever your query. You can contact us via phone, online enquiry or pop into any of our branches.

For new savings account enquiries
0800 093 0002

Monday - Friday 9am - 5pm

For dedicated mortgages, savings, insurance and financial planning numbers, visit our contact hub.

For all savings administration enquiries
0800 281 9308

Monday - Friday 9am - 5pm

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