2 Year Fixed Rate Bond

Summary box

Account Name

2 Year Fixed Rate Bond.

What is the interest rate?

• 4.74% AER*/Gross** (fixed) – Annual
• 4.74% AER*/4.64% Gross** (fixed) – Monthly

Interest is calculated daily. Interest can be paid annually or monthly. The term of the product is 2 years with annual interest paid on the anniversary of initial account funding. If you choose to have your interest paid monthly, interest payments will start one month after you fund the account.

If you choose monthly interest and have it paid to your nominated bank account, you will receive the monthly gross interest each month. If you choose to leave this interest in your savings account, the interest will be compounded over 12 months and will equate to the AER rate.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded each year.

Any time an advertisement for a savings account shows an interest rate, it will also show the AER. This means you’ll be able to easily compare the return you can expect from your savings over time.

**Gross means interest is paid without tax being deducted.

Can Hodge Bank change the interest rate?

No, the interest rate is fixed for the term.

What would the estimated balance be after 24 months based on deposit of £1,000?

£1097.05

This is based on one initial deposit of £1,000 into the account at the time it is opened, with no further deposits or withdrawals, with interest paid annually and added to the account. This projection is provided for illustrative purposes only and does not take into account the individual circumstances of a customer.

How do I open and manage my account?

You can only open and manage your account online. We don’t accept joint account applications.

You’ll need to pay your deposit into your account within 14 days of account opening, no further funds can be added after this date.

The minimum deposit for a Fixed Rate Bond is £1,000 and the maximum is £1,000,000.

All deposits in and out of your account must come from your nominated bank account, which you provide during your application.

The maximum amount you may hold with us across all products cannot in aggregate exceed £5,000,000 but we may waive this limit at our absolute discretion.

Eligibility

You’re eligible for a savings 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.

Can I withdraw money?

You cannot make withdrawals during the fixed term.

We will email you at least 14 days before the end of your fixed term, to provide you with your options to re-invest to another Hodge product or have your funds returned to your nominated bank account.

If you do not provide us with instructions on maturity of this product your funds will be automatically transferred to a low-interest holding account which is designed to be a temporary account until you decide what to do with your funds.

Additional Information

If after 14 days of account opening, no money has been added to your account, we will close the account.

If you change your mind about the account, you have a 14 day cooling off period which starts from the date the account was opened.

We’ll pay interest without tax deducted. The tax treatment of your savings will depend on your individual circumstances and may change in the future.

We use a payments provider called Modulr. You may notice a reference to Modulr Finance when setting up payee details. This allows you to confirm you’re paying the correct amount and means we receive your payment more quickly.