Can I open a fixed rate savings bond in Online Banking?
Yes. A savings bond is an ideal way of saving if you want the safety of a traditional savings account but also want a high rate of return with no risk to your capital.
You cannot access the funds for the term of the bond.
We offer a choice of bonds, depending on how long you'd like to invest your money and how you'd like your interest paid. You can have the interest paid into your account on a monthly, quarterly or annual basis. Alternatively, you can have your capital and interest paid as a lump sum when the savings bond matures.
You can't add to your savings bond once it's set up but there's no limit to the number of savings bonds you can hold.
About a month before the bond is due to mature, we will contact you. You will be offered (subject to availability) a replacement for the existing savings bond. To accept this offer, you will not need to take any action. The replacement savings bond will be automatically opened on the next working day after your current bond matures.
The interest rate on your savings bond will depend on the type of savings bond you have chosen. The rate of interest will be set at the time the savings bond is issued and will not vary through the term of the savings bond.
Interest will be paid gross to non-tax payers or if the total deposit is £50,000 or more. Otherwise, income tax will be deducted at the lower rate.
How do I apply for a savings bond?
- To apply for a savings bond, log-in to Online Banking and choose Savings from the menu of your At a Glance page.
- Savings bonds require a minimum investment so you'll need to have enough cleared funds in your Barclays account before applying. We'll give you your new savings bond account number straightaway and you'll see it listed with your other accounts. You'll also receive a welcome letter and terms and conditions through the post within 14 days.
