This allows you to withdraw your money if you wish to, or reinvest into a different account, either with us or a different provider.Īround 4 weeks before your fixed rate bond reaches maturity, we will contact you to let you know of your options. Here at the Co-operative Bank, on maturity of your fixed rate bond ( The Co-operative Bank Fixed Term Deposit), we transfer your money into an instant access account. It depends on what provider your fixed rate bond is with. No, the interest rate is fixed until your account matures. When your fixed rate bond term ends, your money ‘matures’ and you get access to it. With fixed rate bonds, the ‘term’ is the amount of time you choose to lock your money away for, e.g. Providers of fixed rate bonds may give you the option to have earned interest paid out either monthly or yearly. Unlike many other savings accounts, you are usually only allowed to pay in once, which is when you open the account. Most fixed rate bonds require a minimum deposit to open the account. In general, the longer the term, the higher the interest rate. Fixed rate bonds are available with different terms.
