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Online 2 Year Variable Rate Bond (Issue 1)

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5.05 %Gross/AER*

  • A variable rate of interest
  • Invest from £500
  • Apply online
  • *Gross/AER - See Jargon Buster
  • Valid photographic ID required to register

Summary Box

Account name

Online 2 Year Variable Rate Bond (Issue 1)

What is the interest rate

5.05% Gross/AER

The interest is paid annually and will be credited to your account after close of business on 1 June.

Can Progressive change the interest rate?

Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings General Terms and Conditions.

What would the estimated balance be at the end of the fixed term based on a £1,000 deposit?

£1,103.55

This example assumes that a deposit of £1000 is made on the day the bond is opened, no further deposits are made while the bond issue is open and the interest rate doesn’t vary during the term of the bond.    

How do I open and manage my account?

The bond can only be opened and managed online theprogressive.com

The account/bond is available to existing Members and new customers resident in Northern Ireland only, aged 18 or over.

There is a minimum lodgement of £500 required to open a bond. To avail of this interest rate, you must lodge funds to your account on the day of account opening.  You have 14 days from the day of account opening to lodge additional funds to the bond.  You can no longer deposit funds to the bond after 14 days.

Lodgements to the account must be made by electronic transfer from a bank account held in your name or by debit card.

The maximum balance for the bond is £1 million. 

Can I withdraw money?

Withdrawals and early closure of the bond are not allowed, after 14 days of account opening.

We will contact you approximately 14 days before your bond matures to remind you about the maturity of the bond.

At maturity of the bond, your bond will be rolled over into a new variable rate online instant access account, at the interest rate applicable at that time.

   

Additional information

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from your savings over time.

Gross rate quoted is the taxable rate of interest without deduction of income tax.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance.

For more information, please visit HM Revenue & Customs (HMRC) website hmrc.gov.uk

The interest rate is correct as of 10th June 2024.      

How to Apply

This account can only be opened and managed online via our website by clicking the above Apply Now button. It only takes a few minutes to complete your application online. Please make sure you read the Summary Box, Account Terms and Conditions, Savings General Terms and Conditions and FSCS Information Sheet in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.

Online Only

Our Online Accounts are only available to those aged 18 years or over. For any account queries, please see our FAQ’s.