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How a bond works - at a glance 

Follow these four easy steps:

1.  Apply and open the bond 

Choose your bond and apply online, at a branch or by phone. 
You'll always have 14 days to change your mind after we've opened the account for you.

2. Pay in

You have a limited time to pay in - the 'deposit window'. This is 14 days from when we open your bond or while the account is still to open to new investors, whichever is longer. Our fixed rate bonds are limited issue (that means they're often only open for a few weeks or months) so if you're interested in one of our accounts, you have to move quickly. 

3. Earn interest

You can have this paid annually into the bond, or if you’d like to have an income while we look after your money, you can have the interest paid  monthly or annually to another account. If you have monthly interest, this has to be paid to another account. We pay higher rates in exchange for leaving your savings with us for a while - so you won't usually be able to take money out before the account 'matures'.

4. Term ends - the bond matures

We’ll write to you at least 14 days before this happens with details of your options. We'll always offer you a choice of bonds, including a re-investment bond with similar terms.

When a bond matures, these are your options

  • You can choose to withdraw all your savings and close the account.

  • You can take some money out and re-invest the rest. You have 21 days after the maturity date to change your mind. 

  • You can opt to re-invest all of your funds with us. If we don't hear from you, we automatically re-invest your savings into a similar bond with an attractive rate.
  • We may also give you the option to 'top up' by paying in more money.