Fixed Rate Bonds interest rates and account information

* For annual interest accounts - interest is paid annually on the anniversary of account opening and on maturity. For monthly interest accounts - interest is paid monthly and on maturity.

1. Fixed Rate Bond, Stepped Rate Bond, and Tracker Bond are only available to people aged seven and over.
2. The account can have a maximum of two joint account holders.
3. The maximum balance in the account is £5 million.
4. You may hold more than one account as long as the total balance does not exceed £5 million
5. The account can only be held in your own name. For children aged under seven, the account should be held in trust.
6. The account is for a fixed term which will start on the day the account is opened and end on the expiry of the period set out in the information you were given when you opened the account
7. We may from time to time issue other fixed rate or fixed term accounts at different interest rates or terms without offering you the opportunity to transfer your deposit to the new account free of these conditions.
8. Additional deposits into the account after the initial deposit are not permitted.

9. Annual interest can be paid into the account or paid directly to a Rafidain Bank savings account (except Regular Savings), or current account with us or any other provider. Monthly interest can only be paid directly into a Rafidain Bank savings account (except Regular Savings) or current account with us or any other provider. Interest paid on maturity will be added to the balance in the account.
10. If you choose annual interest the date of payment of that interest is specific to each bond issue. Please refer to the information you were given when you opened the account or ask in a branch.
11. If you choose monthly interest, it will be paid on the last day of each calendar month and on maturity.
12. Where interest is paid monthly for a fixed period of time, the last monthly interest payment will be added to the account and not paid to any other account you have nominated to receive interest payments.

13. A statement will be sent to you annually if interest has been credited to the account.

14. Part withdrawals are not permitted during the term of the account.
15. On maturity, the balance in the account together with interest will automatically transfer into a savings maturity account, from which you will have instant access to remove your funds. We will contact you with more information before your Bond matures. Alternatively you may choose to transfer your balance to another Rafidain Bank account, in either your or a third party's name(s).
16. If you request to close your account, the whole deposit up to £500,000 may be withdrawn immediately by cheque. Larger amounts may be withdrawn by cheque within several days after making an arrangement with any local branch.
17. Withdrawals in cash are not permitted.

18. The minimum initial deposit is £100.
19. The account may be closed at any time subject to 90 days' notice or the loss of 90 days' interest.
20. The account is for a fixed term starting on the date the account is opened.
21. The interest rate will track the Bank of England base rate and any changes will take effect within one month of the base rate change.

24. If the term includes part of a year your early access charge will be calculated based on the next whole year e.g. 18 month term = the 2 year early access charge.
25. The amount of early access charge will depend on the term of the bond and will be equivalent to the number of days’ interest at the prevailing rate as detailed in the table above. If there is insufficient earned interest, then the amount of the early access charge will be taken from the funds in the account. The funds in the account, together with any interest earned and less the early access charge, will be paid to you.