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Business - 2 Year Fixed Rate Bond (Issue 1)

How to Apply

4.15 %Gross/AER*

  • A fixed rate of interest
  • Invest from £5,000
  • Apply in branch or by post.

Summary Box

Account name

Business - 2 Year Fixed Rate Bond (Issue 1)

What is the interest rate?

4.15% 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 after 12 months based on a £5,000 deposits?

£5,423.61

This is an example based on an initial deposit of £5,000 made on account opening for the term of the bond.

How do I open and manage my account?

The account is available to 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
  • credit unions

There is a minimum lodgement of £5000 required to open the account.

Cash lodgements are not permitted to this bond.

Lodgements should be made by cheque, debit card or electronic transfer.

The maximum balance for the account is £3 million.

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

Can I withdraw money?

Yes, 1 withdrawal up to 20% of the account balance is allowed during the term of the bond subject to the balance not falling below the minimum of £5,000.

You can withdraw up to £500 in cash in a branch, larger amounts must be withdrawn by cheque payable to the same name as the bond holder.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

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 1st June 2024.

How to apply

Before you apply, please make sure you read the Summary Box, account terms and conditions, Business Savings General Terms and Conditions and FSCS Information Sheet in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.

In Branch

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 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.

Visit your local branch to open this account.

Find your nearest branch
By Post

To open this account by post:

  • review the Summary Box above;
  • read the account terms and conditions and the Business Savings General Terms and Conditions;
  • review the FSCS leaflet for further information or visit fscs.org.uk;
  • download and complete 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.

Speak to our team today

We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.

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