No withdrawals are permitted until the day after maturity for the accounts.
For example, if someone opted for the 5 Year Fixed Rate Bond the account will mature at midnight on January 3, 2028.
People can only access their money after January 3, 2028 and deposits can only be made up to December 31, 2022.
A fixed rate bond could be right for the individuals who like a fixed rate of interest and have a lump sum to deposit.
Assuming that £1,000 is deposited into the account at the time it is opened, without any withdrawals, savers will receive an interest payment of £243.20 at the end of the fixed term January 3, 2028.
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