Fixed Rate Bond fixed until 31 January 2015

Further terms and conditions for our Fixed Rate Bond fixed until 31 January 2015

1. The minimum opening investment is £500. The maximum investment is £1,000,000 per person, per issue. Joint accounts are allowed with a maximum balance of £2,000,000.
2. All transactions must be made by cheque or transfer.
3. All transfers to and from other Skipton accounts (where applicable) are subject to the terms and conditions of those accounts.
4. (i) For the annual interest option, interest will accrue on a daily basis and will be paid at midnight on 31 January each year the first being 31 January 2011, then on 31 January 2012, 31 January 2013, 31 January 2014 and finally, on maturity, midnight 31 January 2015. This interest will be credited to the account or paid into a bank account or other suitable Skipton Building Society account.
   (ii) For the monthly interest option, the interest will accrue on a daily basis and must be paid into a bank account or other suitable Skipton Building Society account on the first working day of each month (except January when interest will be paid on the second working day).
5. Upon maturity, the account will become an access account with a variable interest rate. We will advise you of the terms of the account and interest rate applicable, prior to maturity.
6. The Fixed Rate Bond is a share account which confers membership rights and is subject to the Rules of the Society. Copies of the Rules can be obtained from any branch or from our Principal Office.
7. This account is not a Payment Account for the purposes of the Payment Services Regulations 2009. Because your account is not a Payment Account, the provisions relating to changes to interest rates stated to apply to Payment Accounts, which appear in Part F of our Investment Account Terms and Conditions, will not apply to your account.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Gross means the interest paid before the deduction of income tax at 20%.

Your tax treatment will depend on your individual circumstances and may be subject to change in future.