Is a Bank of Cyprus fixed rate bond right for you?
We all want to earn interest on our savings, but it’s not always obvious what the best way to do this is. For smaller sums, it is usually best to put your money into a savings account, as these generally offer the best rates of interest – but they usually have a maximum balance or a limit over which they will not pay interest.
Most fixed rate bonds run for 1 year, 2 years, 3 years or 5 years and the longer the term of the bond, the higher interest rate you will tend to receive. You may be able to withdraw money from your bond early if you really need to, but this will usually incur a penalty, which is normally in the form of lost interest payments.
Fixed rate bonds are a relatively simple way to start earning a return on the whole of your savings. They can be set-up alongside your existing current account, so should not interfere with your regular banking.
Why choose a Barclays fixed rate bond?
Bank of Cyprus UK offer the following terms on their fixed rate bonds:
Minimum deposit of just £10,000
Maximum deposit of £1million
Fixed rate of interest guaranteed for the term of the bond
Annual or monthly interest options
Restrictions
Barclays fixed rate bonds are subject to the following conditions:
You must be 18 years old or over
You must be a UK resident for tax purposes
You cannot make any withdrawals until the bond matures
Compare Bank of Cyprus fixed rate bonds
Bank of Cyprus UK are currently offering 1,2 and 3 year fixed rate bonds, so if you are looking for a longer term investment you will need to consider alternate providers, such as Aldermore.
Getting the best deal on fixed rate bonds
The interest rates and conditions on fixed rate bonds change regularly in response to market conditions and customer demand. As a result, knowing which brands and products currently offer the best deal for consumers can be tricky.
You also need to carefully consider your own needs and circumstances, to make sure you are selecting the best fixed rate bond for your personal requirements.
Our table at the top of the page is constantly updated with the very best fixed rate bonds currently available, so please make sure to check in regularly to find the best savings deals on the market.
