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2 Year Fixed Rate ISA Bond (Issue 2)


key facts
Interest rate bands 1.50% Tax-free/AER

The interest is paid annually and will be credited to your account after close of business on 1 January.

Can the interest rate change? No, the interest rate is fixed for 2 years.

Estimated balance at the end of the bond term based on £1,000 deposit

£1,030.23

This is an example based on a deposit of £1,000 made on account opening for the term of the bond and assumes no further deposits are made.

How do I open and manage my account The ISA bond is available to existing Members and new customers resident in Northern Ireland only who are aged 16 years and over.

There is a minimum lodgement of £500 required to open an ISA bond.
You can save up to a maximum of the annual ISA allowance (£20,000 for the current tax year).
The ISA bond can be opened and operated at any of the Society’s branches, agencies or by post.

Can I withdraw money? You can make withdrawals, close the ISA bond, or transfer the balance to another ISA provider before the maturity date subject to a loss of interest equivalent to 180 days gross interest on the amount withdrawn.

We will write to you at least 14 days before the maturity date in order to advise you of the options available to you for the closing balance of your ISA bond.

If we do not receive written instructions from you, the quoted fixed rate of interest will cease to apply on the date of maturity and the balance of your ISA bond will be rolled over into a variable rate instant access Cash ISA.

Additional information AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. The AER allows you to easily compare the interest rate on savings accounts. The higher the AER, the better the return on your savings.

This is a tax free account which means the interest paid is exempt from income tax.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings Service Agreement. You can obtain a copy of these documents in the ‘How To Apply’ tab.


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Before you apply, please make sure you read the Summary Box, the account terms and conditions and the Savings Service Agreement in full. You can save or print a copy of the PDFs for future reference.

If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for postal applications, for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.

You can view any charges that relate to our savings accounts in our Tariff of charges leaflet.

It is important that you read the account terms and conditions, Savings Service Agreement and review the account Summary Box carefully as these contain the details of your agreement with us for this account and we will rely on them for our relationship with you.

Branch application


Visit your local branch to open this account.

Find your nearest Progressive branch


Postal application


To open this account by post:

  • review the Summary Box on the previous tab;
  • read the account terms and conditions and the Savings Service Agreement;
  • review the FSCS leaflet for further information or visit www.fscs.org.uk;
  • download the application form;
  • return the completed form with your cheque to the branch you want your account opened in.

We recommend that you download a copy of the documents and retain for your records.

Application form  Terms and conditions  Savings Service Agreement FSCS Information


Before you apply, please make sure you read the Summary Box, the account terms and conditions and the Savings Service Agreement in full. You can save or print a copy of the PDFs for future reference.

If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for postal applications, for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.

You can view any charges that relate to our savings accounts in our Tariff of charges leaflet.

It is important that you read the account terms and conditions, Savings Service Agreement and review the account Summary Box carefully as these contain the details of your agreement with us for this account and we will rely on them for our relationship with you.

Branch application


Visit your local branch to open this account.

Find your nearest Progressive branch


Postal application


To open this account by post:

  • review the Summary Box on the previous tab;
  • read the account terms and conditions and the Savings Service Agreement;
  • review the FSCS leaflet for further information or visit www.fscs.org.uk;
  • download the application form;
  • return the completed form with your cheque to the branch you want your account opened in.

We recommend that you download a copy of the documents and retain for your records.

Application form  Terms and conditions  Savings Service Agreement FSCS Information