2.75 %Gross/AER*
- Fixed interest rate for 5 years
- Invest from £500
- Apply in branch
- Gross/AER* - See Jargon Buster
Summary Box
Account name
Trust - 5 Year Fixed Rate Bond (Issue 7)
What is the interest rate?
2.75% Gross/AER
The interest is paid annually and will be credited to the account after close of business on 1 April.
Can Progressive change the interest rate?
No, the interest rate is fixed for 5 years.
What would the estimated balance be at the end of the fixed term based on a £1,000 deposit?
£1,145.27
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 £500 required to open a bond.
The maximum balance for the account is £1 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 your savings over time.
Gross rate quoted is the taxable rate of interest without deduction of income tax.
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.
We reserve the right not to renew your bond at the end of the fixed term, but will give you 30 day’s notice before the bond maturity date should we intend to exercise this right.
The interest rate is correct as of 1 September 2023.
For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings Service Agreement. You can obtain a copy of these documents in the ‘Useful Information’ section below.
How to apply
Before you apply, please make sure you read the Summary Box, account terms and conditions, Savings Service Agreement and FSCS Information 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 examples of these can be found in our Proving your identity leaflet.
Visit your local branch to open this account.
Find your nearest branchBy Post
To open this account by post:
- review the Summary Box above;
- read the account terms and conditions and the Savings Service Agreement;
- 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.
