Limited Issue 2 Yr Fixed Rate Loyalty Bond Issue 44 (Monthly Income)

Interest rate

0.75% Gross/AER

The interest is paid monthly.

Can the interest rate change?

No, the interest rate is fixed for two years.

Estimated balance after 12 months based on £5,000 deposit


This is an example based on the bond being opened on the 2nd of the month with a deposit of £5,000 for the term of the bond. The figure above includes the total amount of interest paid over a 12 month period. This interest will have been paid in 12 equal payments to another Progressive account or your nominated bank account on the first banking day of each month.

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 £5,000 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.
  • Fixed Rate Loyalty Bonds are for maturing bond funds only. No additional lodgements can be made to the bonds.
  • Monthly interest is paid on the first banking day of each month. Monthly interest must be credited to another Progressive account or your nominated bank account. By banking day we mean Monday to Friday excluding bank holidays. Interest is payable on closure of the bond.
  • 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.
  • The interest rate is correct as at 1 May 2017.

Before you apply, please make sure you read the Key Product Information (including 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 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 account Key Product Information (including 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 Key Product Information (including 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;
  • 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