Product details
- What is the interest rate?
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3.65% 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 1 year.
- What would the estimated balance be at the end of the fixed term based on a £1,000 deposit?
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£1,036.50
This is an example based on an initial deposit of £1,000 made on account opening for the term of the bond. - How do I open and manage my account?
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The bond is available to credit unions based in the UK, and the following types, which must be based in Northern Ireland:
limited companies incorporated in the UK,
public sector bodies,
limited liability partnerships,
charities registered in the UK,
solicitors,
churches.
There is a minimum lodgement of £1 required to open the bond.
Cash lodgements are not permitted to this account.
Lodgements should be made by cheque, debit card or electronic transfer.
The maximum balance for the bond is £5 million.
The bond can be opened and operated at any of the Society's branches or by post. - Can I withdraw money?
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Yes, 1 withdrawal up to 20% of the account balance is allowed during the term of the bond.
You can withdraw up to £500 in cash in a branch, larger amounts must be withdrawn by cheque payable to the same name as the bond holder.
Early closure of the bond is not allowed.
We will contact you in good time before the bond matures to advise of the options available for the closing balance of the 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 the bond will be rolled over into a variable rate Business - Instant Access Account at the interest rate prevailing at that time. - Additional information
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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.
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