A fixed rate Bond, also known as a fixed-term Bond, is a type of savings account that locks away your money for a set period of time. In exchange for not withdrawing your savings during the fixed term, you’ll benefit from a fixed rate of interest that’s usually higher than savings accounts that allow regular withdrawals.

If you have £1,000 or more in personal savings that you don’t need access to and would like to lock away over a set term, with a fixed rate, a Furness Building Society Bond could be the account for you. 

As a long-term savings option, the main benefit of a Bond is that it prevents you from dipping into your savings. A Furness Building Society fixed rate Bond could be ideal if you meet the following criteria:

• You'd like guaranteed interest rates
• You don’t need access to your savings
• You have a lump sum to save 

However, if you need a flexible savings account with easy access to your money, then you could be more suited to a Regular Saver or Cash ISA. 

Not sure if a Bond suits your needs? Then take a look at our other savings accounts instead.

Bonds mature at the end of the fixed term. So, for example if you have a 5 year fixed rate Bond, then your account would take five years to mature. If you open an account with us, we’ll contact you with your options 14 days before your Bond’s maturity date. More information can be found on our Savings Maturity page.

We currently don’t have any savings Bonds for children, as our account-holders must be aged 18 or over. However, we do have a Junior ISA account that could be an ideal solution, as it locks your money away until the child turns 18.

Fixed Rate Bonds and ISAs are actually quite similar, apart from some variations on limits and accessibility. For help comparing Bonds and ISAs, take a look at our Bonds and ISAs guide.