• Annual Equivalent Rate 2.60% fixed until 2nd March 2012 assumes account opened on 2nd March 2010.
• An account exclusive to existing members which allows you to invest your savings for a fixed term at an interest rate that won’t change.
• You need £5,000 to open your account.
• Once opened you cannot add to your account, but you may open more than one bond.
• You may take cleared funds from your account at any time, but you will need to pay an interest penalty equivalent to 180 days' interest on the amount withdrawn.
• Interest is calculated daily and is paid on the maturity date.
• Your bond will mature on 2nd March 2012.
• This is a limited issue - the bond will be withdrawn when fully subscribed.
• We provide you with a passbook to help you keep track of your savings and interest.

The Gross rate is the contractual rate of interest payable before deduction of income tax at the rate specified by law (currently 20%). 

The Annual Equivalent Rate (AER) is a notional rate which illustrates what the gross interest rate would be if interest was paid and added to the account annually.

Tax treatment and rate of interest payable will depend on individual circumstances and may change in the future.