Fixed rate accounts offer you a higher rate of interest in return for locking your money away for a period of time, usually between one and five years. Typically, the longer you choose the higher the rate will be.
The rate will remain the same during the fixed period meaning you will know exactly how much you will earn when your account matures.
Benefits of a fixed rate account
- Know exactly how much you will earn over the fixed period
- Earn a higher interest rate by locking your money away
- The choice of monthly or annual interest
How do fixed rate accounts work?
- A fixed rate account is designed for a lump sum investment; once you have made this you aren’t able to add further deposits during the rest of the fixed term
- You won’t be able to make any withdrawals from the account until the fixed term comes to an end
- When you open your account via our online application process, you will set up a nominated bank account that you will be able to make your opening payment from. And, should you choose to withdraw your funds when the fixed term comes to an end, we’ll return your money to the same nominated account
- The account is operated online, giving you the flexibility to check your balance and print statements around the clock
- When your fixed rate term finishes, your account will mature and you will have options to re-invest your money or gain access if required.
See our fixed rate accounts