Fixed Term Savings Account

4/1/2022 admin

Fixed Term Savings Account Meaning
Fixed Term Savings Account Barclays
Fixed Term Savings Account Natwest
Fixed Term Savings Account Santander

Fixed term savings Earn a higher rate of interest for setting aside your savings for a longer period of time. Tax treatment depends on individual circumstances and may change in the future. Savings accounts. Prepare for the best moments in life by saving tax free. Use your 2020/21 ISA allowance of up to £20,000 by 5 April, knowing you won’t pay tax on any interest your ISA makes. Fixed rate bonds can earn you interest at the same rate for 1, 2, 3 or 5 or more years. The best fixed rate bonds offer high rates a secure place for your money with deposit protection. Find the best bond rates for every fixed rate bond offered by UK providers. FCA regulated accounts put your savings away, fix the term. With a Fixed Term Account, you get the option of a high liquidity savings solution that will maximise earnings of idle funds. Existing customers can open a new account from the comfort of your home.

Rest assured that your rate will remain the same, even if interest rates change.

View our fixed rate accounts

Know exactly how much interest you'll earn

The longer you can put your money away for, usually the better your interest rate will be.

Our Fixed Rate accounts pay a fixed rate of interest for a set period of time (usually one to five years), making them ideal for lump sum deposits. In our range we offer Fixed Rate Cash ISAs, Fixed Rate Bonds and a Regular E-Saver account.

What's the difference?

If you're happy putting your money away for at least a year for a definite return, you can save tax-free up to your annual ISA allowance, currently £20,000, with our Fixed Rate Cash ISAs. You're able to access your money during the fixed rate period subject to a charge equivalent to a loss of interest.

If you've already taken advantage of your annual ISA allowance, or simply prefer to opt for a Fixed Rate Bond, this range similarly offers a definite return on your savings.

Want something fixed yet flexible? Our Regular E-Saver offers a fixed rate of interest whilst letting you save monthly (up to £250) and withdraw from your account whenever you like.

Frequently asked questions

Paying interest on the tax earned depends upon the type of account you have and your Personal Savings Allowance.

For general savings, basic rate tax payers won’t pay tax on the first £1,000 of interest they earn. The allowance is £500 for higher rate tax payers, and additional rate taxpayers won’t receive an allowance. With a Cash ISA you can save tax-free up to your annual ISA allowance, currently £20,000. The tax year runs from 6 April to 5 April the following year.

Find out more about Personal Savings Allowance.

The minimum amount required to open an account is £1.

Before your fixed rate period ends, we’ll contact you to let you know what your options are. You will then be able to tell us what you’d like to do when the account matures. If you decide to not do anything, your account will become a Variable Rate account.

Remember, if you open a Fixed Rate Bond or Cash ISA online, we'll ask you to sign in to our Online Service before maturity to tell us what you'd like to do. If you're a Regular Saver customer, you don't need to do anything, your account will become a variable rate account on maturity.

Find a fixed rate savings account

View and compare our Fixed Rate Savings accounts now.

View our fixed rate accounts

Prefer to talk to us?

Book a Store appointment

Come into one of our Stores and talk to us about our accounts.

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Get in touch

Call us to discuss our range of accounts on

0345 600 4466

We're here from 8am to 6pm Monday to Friday, 8am to 2pm Saturdays and 10am to 1pm Sundays.

Call charges and information

Number	Cost
03 numbers	Same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way.
084 numbers	Maximum of 7p per minute, plus your phone company's access charge.
087 numbers	Maximum of 13p per minute, plus your phone company's access charge.
0800 numbers	Free from UK landlines and personal mobile phones.

Other ways to save

Wise words from our Money Mentors

Save with confidence

As we are covered by the Financial Services Compensation Scheme, savings with Virgin Money are covered up to £85,000 per person.

View the FSCS guarantee

Lock your money away for a fixed period and get a really competitive interest rate.

Competitive rates of interest up to 0.80% AER fixed
Minimum opening balance for 2, 3, 4 and 5 year terms: £1,000

View your savings account online whenever you want
Maximum 2 deposits: £250,000 total during first 14 days
Customer limit of £250,000 (can be spread across multiple Savings Accounts)

Fixed Term Savings Account Meaning

Apply now to take advantage of our savings accounts and personal loan.

Interest rate	Term	Deposit	Withdrawals	Account servicing	Interest
0.55% gross AERⱡ fixed	1 Year	£100* minimum, maximum £250,000	None	Online	Calculated daily, paid annually
0.65% gross AERⱡ fixed	2 Year	£1,000** minimum, maximum £250,000	None	Online	Calculated daily, paid annually
0.70% gross AERⱡ fixed	3 Year	£1,000** minimum, maximum £250,000	None	Online	Calculated daily, paid annually
0.75% gross AERⱡ fixed	4 Year	£1,000** minimum, maximum £250,000	None	Online	Calculated daily, paid annually
0.80% gross AERⱡ fixed	5 Year	£1,000** minimum, maximum £250,000	None	Online	Calculated daily, paid annually

Interest rate	Term	Deposit
0.55% gross AERⱡ fixed	1 Year	£100* minimum, maximum £250,000
0.65% gross AERⱡ fixed	2 Year	£1,000** minimum, maximum £250,000
0.70% gross AERⱡ fixed	3 Year	£1,000** minimum, maximum £250,000
0.75% gross AERⱡ fixed	4 Year	£1,000** minimum, maximum £250,000
0.80% gross AERⱡ fixed	5 Year	£1,000** minimum, maximum £250,000

None

Online

Calculated daily, paid annually

You can apply for a JN Bank Fixed Term Savings account if you:

• Are over the age of 18

• Have a UK mobile phone number and an email address

• Have a UK bank account from / to which you can make transfers

• Transfer at least £100 within 14 days of opening a 1 Year Term, or £1,000 within 14 days of opening a 2, 3, 4, 5 Year Term

Fixed Term Savings Account Barclays

Please note: interest is paid annually; there is no early withdrawal entitlement; the account must be opened in sole name only;

* You can only make two deposits of at least £100; which must be within 14 days, otherwise it will be automatically closed.

** You can only make two deposits of at least £1,000; which must be within 14 days, otherwise it will be automatically closed.

Fixed Term Savings Account Natwest

ⱡ Interest rates are correct at the time of publication but may change in the future.

Fixed Term Savings Account Santander

Summary Box

What is the interest rate?	Term	Minimum / Maximum Balance	AER / Gross p.a.
	1 year	£100 - £250,000	0.55%
	2 years	£1,000 - £250,000	0.65%
	3 years	£1,000 - £250,000	0.70%
	4 years	£1,000 - £250,000	0.75%
	5 years	£1,000 - £250,000	0.80%
	Interest is calculated daily and paid on the anniversary of the initial deposit, to your JN Bank Fixed Term Savings Account. You can check the interest rate applicable to your account on any day by logging into internet banking. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year. Gross interest is the interest rate paid without the deduction of income tax.
Can JN Bank change the interest rate?	Rates are fixed until the maturity date. For further information please refer to clause 4 of our JN Bank Fixed Term Savings Account Specific Terms and Conditions.
What would the estimated balance be on the following:	Term	Based on an Initial Deposit of	Projected Return
	1 year	£1,000	£1,005.50
	2 years	£1,000	£1,013.04
	3 years	£1,000	£1,021.15
	4 years	£1,000	£1,030.34
	5 years	£1,000	£1,040.65
	Please remember that any interest earned on your account is paid annually to your JN Bank Fixed Term Savings Account. This example is provided as an illustration only and does not take into account individual customers' circumstances.
How do I open and manage my account?	You can open and manage your JN Bank Fixed Term Savings Account online here or by contacting Customer Services on 0808 196 1945. You must be aged 18 or over and be a UK resident to open a JN Bank savings account. The minimum amount you can deposit in the account is £100 or £1,000, depending on the term that you select. The maximum amount that can be deposited in the account is £250,000 You must invest a minimum of £100 or £1,000 (depending on the term) within 14 days of account opening to ensure that your account remains open and that you benefit from the advertised rate of interest. Once you have opened your account, you can make two lump sum deposits to fund your JN Bank Fixed Term Savings Account. No additional deposits may be made after your initial two deposits. You can deposit into your JN Bank Fixed Term Savings Account in two ways: Transfer money from your nominated account; or Transfer funds direct from your existing JN Bank savings account.
Can I withdraw money?	You will not be able to make any withdrawals from this account until the fixed rate period ends. We will notify you 21 days before the fixed rate period has ended and ask you what you would like us to do with your money. You will be able to open another JN Bank savings account and have your funds deposited into this new account, or we will be able to transfer your money to your nominated account held in your name with another provider. If you do not provide us with an instruction, your funds will earn interest at the same rate as our JN Bank Easy Access Savings Account until instructions are provided.
Additional Information	The maximum that any customer can hold across their JN Bank Fixed Term Savings Accounts is £250,000. You will not be able to close or switch your JN Bank Fixed Term Savings Account before its maturity date. We will write to you 21 days prior to maturity to advise you of the options available to you. Interest is paid gross. If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself. The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers don’t receive a Personal Savings Allowance. You may need to pay tax on any interest that exceeds the Personal Savings Allowance. Please contact HMRC if you need more information. An account with JN Bank in the UK does not confer any membership rights with the JN Group.