2 Year Variable Rate Bond (Issue 29)

Product details

What is the interest rate?

3.70% Gross/AER

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

Can Progressive change the interest rate?

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

If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.

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

£1,075.37

This is an example based on a deposit of £1,000 made on account opening for the term of the bond, assumes no further deposits are made while the issue is open and the interest rate does not vary during the term of the bond.

How do I open and manage my account?

The bond is available to existing Members and new customers resident in the UK, aged 16 or over.

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

The maximum balance for the bond is £5 million.

The bond 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 you in good time before your bond matures to advise you of the options available to you for the closing balance of your bond.

If we do not receive written instructions from you, the quoted variable rate of interest will cease to apply on the date of maturity and the balance of your bond will be rolled over into a new Variable Rate Bond with a similar or shorter term, 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 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 www.hmrc.gov.uk.

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.