Limited Issue 1 Yr Variable Rate Loyalty Bond Issue 45


Interest rate

0.70% Gross/AER

The interest is paid annually.

Can the interest rate change?

Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Terms and Conditions of the account.

If we are decreasing the interest rate we will notify you before the reduction but within 14 days before the change takes effect.

Estimated balance after 12 months based on £1,000 deposit

£1,007.00

This is an example based on a deposit of £1,000 made on account opening for the term of the bond.

How do I open or manage my account?

There are no age restrictions on this bond.

The bond is available to existing Members upon the maturity of an existing bond.

The bond can be opened and operated at any of the Society’s branches, agencies or by post.

There is a minimum lodgement of £500 required to open this bond and a maximum balance of £1,000,000.

Can I withdraw money?

Withdrawals and early closure of the bond are not allowed.

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


Additional Information

  • This is a passbook operated account. The passbook must be produced when transacting on the account.
  • The Variable Rate Loyalty Bond is for maturing bond funds only. No additional lodgements can be made to the bond.
  • Interest will be credited to your bond after close of business on 1 June. The interest amount due can be transferred to another Progressive account or to your nominated bank account.
  • We do not deduct tax from the interest we pay to you. The tax treatment may be subject to change in the future and depends on your individual circumstances.
  • We cannot guarantee that a Loyalty Bond will be available at the time your bond matures.
  • We reserve the right not to renew your bond at the end of the fixed term, but we will give you at least 30 days notice before the bond maturity date, should we intend to exercise this right.
  • 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.
  • Gross rate quoted is the taxable rate of interest without deduction of income tax.
  • The information provided is a summary of the key features of the savings account and it is not intended to be a substitute for reading the Terms and Conditions that apply to the bond.
  • For further information refer to the Terms and Conditions of the bond contained within the Fixed Term Savings booklet and the Society’s Savings Service Agreement.
  • This interest rate is correct as at 1 June 2017.

A Loyalty Bond can only be opened by contacting one of our branches or agencies. Please use the link below to search for your nearest branch or agency.

When you open the account in one of our branches we will use an electronic verification system to verify your identity and address.

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

It is important that you read the account Terms and Conditions, Savings Service Agreement and review the Key Product Information (including Summary Box) carefully as these contain the details of your agreement with us for this account and we rely on them for our relationship with you.

Branch application


Visit your local branch to open this account.

Find your nearest Progressive branch


Terms and Conditions  Savings Service Agreement FSCS Information