Farm Business Bonus 1 Year Bond Account (Issue 2) - 1.06% Fixed Rate
- No fees or charges
- Eligible deposits between £1,000 - £500,000
Farm Business Bonus 1 Year Bond Account (Issue 2) – 1.06% Fixed Rate
- Accounts cannot be opened with balances below £1,000
- The Fixed Rate including Bonus is paid when you meet the eligibility criteria of being an active farm business
- Interest is calculated daily
- Interest will be paid annually
- Where we pay interest annually, your AER and gross rate will be the same
- All our interest rates are available at www.oxbury.com
|Account Balance||Variable Rate Without Bonus||Variable Rate including Bonus|
|£1,000 - £500,000||0.70% AER/Gross||1.06% AER/Gross|
NO. This account has a fixed rate of interest, so the rate will not change during the term.
Below is an example of what the future balance might be for an account balance of £1,000 with interest paid annually. We have also shown the estimated balance for a £50,000 deposit. The projection is provided for illustrative purposes only and does not take into account individual circumstances.
|Initial Deposit||Gross rate||Balance after 1 year||Interest Earned|
- The estimated balance projections assume that:
- The account is opened with the amount stated and interest starts being earned straight away
- No further deposits or any withdrawals are made
- The interest is paid at maturity
- You are eligible for the Bonus Rate
- This account can be opened online and managed online or via the Oxbury App on your smartphone
- You can open this account with a minimum deposit of £1,000 and a maximum of £500,000. This is the maximum amount that can be held in the account
- You will have 14 days from the account being opened to fund your account, after this period no further deposits will be accepted
- If the minimum account balance of £1,000 has not been reached during this 14 day period the account will be automatically closed and any funds returned to your Linked Account.
- You will need your current account sort code and account number to open your new savings account, this will become your Linked Account. We can only accept funds into your Oxbury account from your Linked Account
- The fixed term starts from the date of receipt of your first deposit
No. You cannot make withdrawals from a Fixed Rate Bond before the end of the fixed term. We will contact you at least 30 days before your account matures to explain your options and next steps.
At maturity you can either give us an instruction to open a new account with Oxbury or provide an instruction to return your money to your Linked Account.
In the event we do not receive any instructions from you we will convert your fixed terms savings account to an Easy Access Account and send you an updated Product Summary and details on how to access your savings.
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once each year.
Accounts can be withdrawn from sale to new customers at any time and without notice.
We pay all savings interest gross, which means no tax is deducted.
Eligibility for the Farm Business Bonus is dependent on the provision of a valid CPH or SBI number indicating active farmer status.
What do you need to open an account?
This account is widely available so long as you:
- Are a farm business structured as a sole-trader, partnership or limited company and you are aged 18 or over
- Have a UK bank or building society current account, on which the business is named as an account holder
- Are resident in the UK (including for tax purposes). Our accounts cannot be held in trust or by US Persons (meaning US citizens, residents, green card holders or taxpayers in respect of their worldwide income)
- Have read this Farm Business Bonus 1 Year Bond Account Product Summary and our General Terms and Conditions
If you would like more information, or if you wish to open an account under power of attorney, please contact us before you open your new account.
Your eligible deposits with Oxbury are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme https://www.oxbury.com/fscs-guide.pdf
You can find out if your money is protected in two easy steps by using the FSCS Protection Checker at https://www.fscs.org.uk/check-your-money-is-protected/