Trust - 2 Year Fixed Rate Bond (Issue 14)

Product details

What is the interest rate?

1.25% Gross/AER

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

Can Progressive change the interest rate?

No, the interest rate is fixed for 2 years.

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

£1,025.16.

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 and manage my account?

The bond is available to Trustees, acting for the benefit of the Trust, aged 18 years and above, resident in Northern Ireland only.

Personal details are required for all Trustees and named Beneficiaries.

Please note that all Trustees and Beneficiaries must be UK citizens and resident for tax purposes only in the UK.

The original or certified copy of the Trust Deed must be provided.

There is a minimum lodgement of £1 required to open a bond.

The maximum balance for the account is £5 million.

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

Can I withdraw money?

Withdrawals and early closure of the bond are not allowed.

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

If we do not receive written instructions from the Trustees, the quoted fixed rate of interest will cease to apply on the date of maturity and the balance of the bond will be rolled over into a new Trust - Fixed Rate Bond with a similar term and at the interest rate prevailing 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 the savings over time.

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

The interest rate is correct as of 1 February 2026.

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.