Fixed Rate Bonds

Yes. Eligible deposits up to £120,000 held with Hodge are protected by the Financial Services Compensation Scheme (FSCS) up to applicable limits, providing additional reassurance for your savings.

Our Fixed Rate Bonds are fixed term savings accounts, so your money is locked away for the agreed term.

No. Once your Fixed Rate Bond is opened and funded, the interest rate is fixed for the full term and will not increase or decrease.

When your Fixed Rate Bond approaches the end of its term, we’ll contact you with your available options. You can choose to reinvest the whole of your investment to a new Hodge account (subject to availability), part reinvest and part withdraw or you can withdraw your whole investment. Learn more. 

Fixed bond saving accounts offer a guaranteed interest rate for the chosen term, providing certainty about how much interest your saving will earn. Variable rate savings accounts can increase or decrease over time depending on market conditions, meaning the amount of interest you earn may change.

Your nominated current account is the account you register with us when you open your Hodge savings account, and is the one you’ll use to send money to and from your new Hodge account. Your nominated account must be a UK current account, and not a savings account.

To help keep your money safe and protect against fraud, we’ll only accept deposits from this account, and we’ll always transfer money back to it too – whether that’s interest payments, withdrawals, or maturity. If your nominated current account changes because you switch banks, let us know as soon as possible.

There are a few great benefits to putting your cash into fixed bond savings, including:  

• The longer you save, the more you save: If you can part with your cash for a longer amount of time, you’ll often get better interest rates. This makes it a great option if you’re depositing a big lump sum that you won’t need to access. 
• Competitive interest rates: Because we know how long your money will be with us, we can offer you a competitive interest rate that may be higher than some of our other accounts. 
• FSCS protection: up to £120,000 is protected by the Financial Services Compensation Scheme (FSCS), so you can be rest assured that your money’s safe and secure.  

We can’t accept joint applications for fixed rate bonds at the moment. We’re working hard to make this possible via our online platform, and hope to make the necessary changes in the near future.

You can open a Fixed Rate Bond account with Hodge if you:

• Are at least 18 years of age
• Living in the UK and a UK tax resident only
• Hold a UK National Insurance number
• Hold a valid unique email address
• Hold a valid UK mobile number
• Hold a UK bank or building society current account in your name
• Are not be a US citizen (a resident, green card holder, or a US person on your worldwide income).

In addition to the above you could also be working as a Crown employee serving overseas and paid out of public revenue of the UK – typically a serving member of the armed forces or a diplomat.