Online 2 Year Fixed Rate Bond (Issue 12)

Product details

What is the interest rate?

3.80% Gross/AER

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

Can Progressive change the interest rate?

No, the interest rate is fixed until the maturity date of the bond.

What would the estimated balance be at the end of the fixed term based on a £1,000 deposit?

£1,077.44

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

How do I open and manage my account?

The bond can only be opened and managed online theprogressive.com

The bond is available to existing Members and new customers resident in the UK, aged 18 or over.

The bond must be held in sole name.

There is a minimum lodgement of £1 required to open a bond. The lodgement can be made by electronic transfer from a bank account held in your name or by debit card. You have 14 days from the day of account opening to lodge additional funds to the bond. You can no longer deposit funds to the bond after 14 days.

Lodgements to the bond must be made by electronic transfer from a bank account held in your name or by debit card.

The maximum balance for the bond is £5 million.

Can I withdraw money?

Withdrawals and early closure of the bond are not allowed, after 14 days of account opening.

We will contact you approximately 14 days before your bond matures to remind you about the maturity of the bond.

At maturity of the bond, your bond will be rolled over into a new variable rate online instant access account, at the interest rate applicable at that time.

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. This will enable you to compare more easily the return you can expect from your savings over time.

Gross rate quoted is the taxable rate of interest without deduction of income tax.

We are unable to comment on an individual's tax position. You may need to consider, professional, independent tax advice if you are unsure of your personal circumstances.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please visit HM Revenue & Customs (HMRC) website hmrc.gov.uk

The interest rate is correct as of 15 December 2025.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings General Terms and Conditions. You can obtain a copy of these documents in the 'Useful Information' section below.