Usually, it’s just one payment, though we will keep accepting deposits whilst the bond is on sale. New and existing customers make deposits into the bond.We create a Fixed Rate Bond and put it on sale.We work out the interest rate we can pay, this is based on the external money markets as well as our savings and lending plan for the year.YBS decides the amount of savings we want to attract and how long we want to hold those deposits.This is how they work for you and for us: Depending on the type of account, interest will either be paid monthly or annually. There’s usually a minimum deposit needed to open a Fixed Rate Bond account. The interest rate payable on a Fixed Rate Bond remains the same from the time the account is opened until the end of the fixed rate period. Usually the longer the term, the higher the interest rate will be. Fixed Rate Bonds are for a fixed period of time, known as the 'term'.
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