Fixed Rate Bonds For Over 65s
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This comparison simply includes all savings accounts.
Most Popular
Highest Rate
Opening Amount
Fixed Rate Bond
Interest AER
4.35%
Min deposit
£1
Term
6 Months
Fixed Rate Bond
Hampshire Trust Bank
More Information
Why we like it
Open in a single or a joint name. No withdrawals permitted. FSCS Protected
Details
Interest Paid
At maturity
Maximum Balance
£250,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.27%
Min deposit
£1
Term
9 Months
Fixed Rate Bond
Hampshire Trust Bank
More Information
Why we like it
Open in a single or a joint name. No withdrawals permitted. FSCS Protected
Details
Interest Paid
At maturity
Maximum Balance
£250,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.50%
Min deposit
£5000
Term
1 Year
Fixed Rate Bond
Investec Savings
More Information
Why we like it
Interest paid to your linked account. No withdrawals permitted. FSCS Protected
Details
Interest Paid
At maturity
Maximum Balance
£250,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.36%
Min deposit
£1000
Term
1 Year
Fixed Rate Bond
Aldermore
More Information
Why we like it
No withdrawals permitted. FSCS Protected
Details
Interest Paid
Monthly or at maturity
Maximum Balance
£1,000,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.14%
Min deposit
£1
Term
18 Months
Fixed Rate Bond
Hampshire Trust Bank
More Information
Why we like it
Open in a single or a joint name. No withdrawals permitted. FSCS Protected
Details
Interest Paid
Annually
Maximum Balance
£250,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.40%
Min deposit
£1000
Term
2 Years
More Information
Why we like it
No withdrawals before the end of the term. FSCS Protected
Details
Interest Paid
Monthly or annually
Maximum Balance
£1,000,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.35%
Min deposit
£5000
Term
2 Years
Fixed Rate Bond
Investec Savings
More Information
Why we like it
Interest paid to your linked account. No withdrawals permitted. FSCS Protected
Details
Interest Paid
Annually
Maximum Balance
£250,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.45%
Min deposit
£1000
Term
3 Years
More Information
Why we like it
No withdrawals before the end of the term. FSCS Protected
Details
Interest Paid
Monthly or annually
Maximum Balance
£1,000,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.35%
Min deposit
£5000
Term
3 Years
Fixed Rate Bond
Investec Savings
More Information
Why we like it
Interest paid to your linked account. No withdrawals permitted. FSCS Protected
Details
Interest Paid
Annually
Maximum Balance
£250,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.10%
Min deposit
£1000
Term
4 Years
Fixed Rate Bond
Aldermore
More Information
Why we like it
No withdrawals permitted. FSCS Protected
Details
Interest Paid
Monthly or annually
Maximum Balance
£1,000,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.05%
Min deposit
£1
Term
4 Years
Fixed Rate Bond
Hampshire Trust Bank
More Information
Why we like it
Open in a single or a joint name. No withdrawals permitted. FSCS Protected
Details
Interest Paid
Annually
Maximum Balance
£250,000
Minimum Age
18
UK Resident
Yes
Fixed Rate Bond
Interest AER
4.10%
Min deposit
£1000
Term
5 Years
Fixed Rate Bond
Aldermore
More Information
Why we like it
No withdrawals permitted. FSCS Protected
Details
Interest Paid
Monthly or annually
Maximum Balance
£1,000,000
Minimum Age
18
UK Resident
Yes
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Fixed rate bonds allow you to earn higher interest than other savings options, such as instant access accounts, in exchange for locking up your savings for a longer period of time. The majority of banks offer a number of fixed rate bonds ranging from 1 year , 2 years , 3 years or 5 years . It should be noted that longer fixed rate bonds offer the highest interest.
Fixed rate bonds for over 65s
In January 2015, the government launched a type of fixed rate bond aimed at those over 65. The bond was created to encourage more people to put money aside for their retirement. T
Initially, you could deposit between £500 and £10,000 on each bond. There was no cooling off period. This meant that as soon as you deposited your money, you were unable to withdraw any of your savings from the bond without a 90 days’ interest penalty.
If you are over 65 and looking for a fixed rate bond, you will no longer be able to get this special government released bond and you should review the fixed rate bonds on the market.
Fixed rate bonds available There are other fixed rate bonds available and the market leading bonds can be found in the table above.
It should be noted that if you deposit your savings into a fixed rate bond, you will not be able to make a withdrawal until the end of the term. Some banks do offer the option to withdraw from the bond early, but this will usually require written notice and will result in a potentially large penalty.
