2 year fixed rate rolling investment bond 7
Do you want to fix your interest rate for two years?
Click here for the summary box - key product information for this savings account.
If you like the idea of earning a fixed rate of interest on your savings, then take a look at our 2 year fixed rate rolling investment bond. You can open a bond with £10,000 and whatever your balance you will earn the same attractive fixed rate of interest.
This fixed rate rolling investment bond has been designed to run continuously, but we will fix the interest rate for a twenty four month period from 1 September every two years (starting September 2010). If you do need to access your money, you can make a withdrawal or close the bond without losing interest for a 7 day period from 1 September every two years (starting September 2010). Of course, sometimes the unexpected happens and you may need a withdrawal before then. You can do this, but you will lose interest on the amount you withdraw.
If you would like a regular income from your investment, you can choose to have your interest paid monthly at a slightly reduced rate of interest of 6.30% gross*/5.04% net. To give you easy access, we can pay your interest into another of our savings accounts or direct into your bank account.
So if you want to fix your interest rate and then sit back and relax, take a closer look at our fixed rate rolling investment bond.
What are the full terms and conditions?
- Account name:
- 2 Year Fixed Rate Rolling Investment Bond 7
- Maturity date:
- 31/08/2010
- Minimum amount to open the account:
- £10,000.00
- Maximum Investment:
- £100,000.00
- Investment conditions:
- You must open this account with at least £10,000. You can make further investments into the bond whilst it is a current issue. The bond may be made a current issue for additional investments for a period from 1 September each year (starting September 2010).
- Withdrawal conditions:
- You can make a part withdrawal or close the bond before 1 September 2010 (providing the minimum balance of £10,000 remains in the account) but you will lose 120 days' gross interest. However you will normally be allowed 7 days from 1 September every two years (starting September 2010) in which to make a partial withdrawal or close the account without incurring any interest charge.
- Interest payment:
- Interest is calculated every day and can be paid monthly or annually on 31 August. Annual interest can be added to the bond, transferred to another Darlington Building Society account or to a bank account. Monthly interest can be transferred to another Darlington Building Society account or bank account.
- Eligibility:
- The bond can be held in just your name or in joint names.
- Maturity:
- This bond has been designed to run continuously and the interest rate is set for a 24 month period from 1 September every two years (starting September 2010). We will write to tell you what the interest rate will be.
The availability of the bond is reviewed every two years. If we decide to withdraw the bond we will give 30 days' notice to existing bond holders. - Notes:
- As this bond is a limited edition it may be closed to investors by the Society at any time without notice.
The interest rate below has been fixed until 31August 2010. If your bond is closed early the interest rate quoted below will not be achieved.
Current interest rates
| Amount | Gross * | Gross AER # | Net * |
|---|---|---|---|
| £10000+ | 6.55% | 6.76% | 5.24% |
Please make sure that you have read and fully understand the full terms and conditions before you decide to open this account. If you need any further information please telephone 01325 366366, email sales@darlington.co.uk or contact your local branch.
You should also read our general terms and conditions which you can download to the left of this page and which also form part of the terms and conditions of this account.
We are part of the Financial Services Compensation Scheme.
* - The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, and the net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate. Interest will be payable net after the lower rate of income tax has been deducted or, subject to the required certification, gross. Where the tax deducted exceeds an investor's tax liability (if any), a claim may be made to the Inland Revenue for repayment of tax. For individuals whose income falls within the lower or basic rate bands, the tax deducted will match their liability to tax on the interest and they will have no more tax to pay on it. Individuals who are liable at the higher rate of income tax of 40% will have to pay an additional tax on the interest to cover the difference between the tax deducted and the higher rate of tax due.
# - A.E.R. stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
