2 Year Fixed Rate Bond
2 Year Fixed Rate Bond (31.05.2024)
1.05% Gross* /AER**
Interest is added to the account annually on 31 May or can be paid into another Suffolk Building Society account or direct to your bank account.
Can the Society change the interest rate?
The interest rate is fixed until the maturity date on 31 May 2024.
What would the estimated balance be after 12 months based on a £1,000 deposit?
Based on the fixed rate of interest, if you deposited £1,000 into this account, after 12 months you would have £1,010.50.
(This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.)
How do I open and manage my account?
To open this account:
To open an account, you must complete the appropriate application form. You can visit any of our branches with your opening investment of cash or cheque or apply by post by sending the application form with an opening cheque. You will be asked to provide proof of identity. This is to reduce the risk of fraud and is in line with anti-money laundering legislation. Acceptable forms of identification are detailed in our ‘Verifying your identity’ leaflet. Alternatively, our staff will give you full details.
How do I manage my account:
Can I withdraw money?
• No, you cannot withdraw any money until the end of the fixed interest rate term, which ends on the 31 May 2024.
What happens at the end of the fixed rate period?
Your savings will be transferred to another fixed term account with the closest access and duration to your existing product, so you can continue your investment; however, we will also detail your options including how to transfer to an easy access account or how to close your account.
You will be given full access to your funds for a specified period if you have other plans for your savings and wish to withdraw your funds or choose an alternative product.
AER (Annual Equivalent Rate)**
We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint please let us know by visiting any branch or agency, or call 0330 123 0723 and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure. You can request a copy of this at any time.
Changes to these terms
Financial Services Compensation Scheme
Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff.
Retail Banking Conduct of Business
Open your savings
To open a new account, you must be an existing member or a new applicant resident in our local postcode areas IP, NR, CO, CM, CB and PE.
If you’re ready to open your savings account by post you’ll need to do the following:
- Download, read and accept the product terms and conditions
- Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
- Read and retain the Privacy Notice
- Print the application form by clicking this link, fully complete and sign it. Then email it to us or pop into branch
We will require proof of your identity to open a new account if you are a new customer. For existing members we may request identification, for example if your records with us are incomplete. Read more about proof of your identity by clicking here.
Completed application forms should be posted to Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.
2 Year Fixed Rate Bond – Terms and ConditionsDownload
INV3 Savings Application FormDownload
FSCS Information SheetDownload
Proof of your identityDownload
Customer Savings Information FAQsDownload
General investment terms & conditionsDownload
Standing order formDownload
Savings tariff of chargesDownload
Guidance for people wanting to manage a bank account for someone elseDownload