Compare 3 year savings bonds

The Cynergy Bank 3 Year Fixed Rate Bond offers a secure way to grow your savings over a medium term, guaranteeing a fixed return for 36 months. Designed for those who don't require immediate access to their funds, this account can be managed conveniently online. Savers can open the account with a minimum initial deposit of £1,000, and it accommodates balances up to a maximum of £1,000,000. It also allows for joint accounts, providing flexibility for couples or co-savers, and your deposits are protected by the Financial Services Compensation Scheme (FSCS). This fixed-term bond provides a competitive interest rate, with an Annual Equivalent Rate (AER) of 5.10% and a Gross Rate of 4.98%. These rates are fixed for the entire three-year duration, offering predictability and stability for your returns. Account holders have the flexibility to choose how they receive their interest payments, with options for either annual or monthly distributions, catering to different financial planning needs. A key characteristic of the 3 Year Fixed Rate Bond is its strict access rules, reinforcing its commitment to a fixed term. No withdrawals are permitted at any point prior to the account's maturity date. Similarly, early closure of the account is not an option. This makes it crucial for prospective savers to be confident they will not need access to their deposited funds for the full three-year period. Eligibility for the account requires applicants to be permanent UK residents and meet the minimum initial deposit of £1,000. In summary, Cynergy Bank's 3 Year Fixed Rate Bond is a suitable option for UK residents looking to lock in a guaranteed return on their savings for a three-year period. Its fixed competitive interest rates, FSCS protection, and online management make it an attractive choice for disciplined savers, provided they are comfortable with the inability to access their funds until maturity.