5 Year Fixed Rate Bond – Issue 31

The interest rate is fixed at 4.05% gross*/AER** for five years from the date the bond is opened.

At the end of the fixed rate term, your account will automatically become an Easy Access account or the nearest equivalent available at that time. You can find the current rate payable on this account by visiting our Interest Rate History page – hrbs.co.uk/interest-rate-history/.

Interest will be paid on 1 December each year.

The interest rate is fixed and cannot be changed during the five year term.

Based on an initial deposit of £5,000.00, with interest added annually, the estimated balance would be £6,097.89 at the expiry of the five year fixed rate term.

These figures are provided for illustrative purposes only and assume that no further deposits or withdrawals are made and there is no change in the interest rate. They do not take into account your individual circumstances.

This account can be opened and managed by post or at any of our branches and agencies. Complete the application form and the declarations and consents. Take the completed documents and your deposit to one of our branches or agencies, or post them to us at the address in this document. Please make cheques payable to the account holder(s).

Please note, the minimum deposit must be credited to your account within 5 working days of the account being opened. If you fail to do so, you will be required to restart the application process.

The minimum deposit required to open this account is £5,000 and the maximum deposit is £500,000.

The overall maximum holding by any one member in respect of all savings accounts with the Society is £500,000.

Please note that you cannot add to your initial deposit or withdraw your money until the end of the fixed rate term.

Withdrawals are not permitted until the end of the fixed rate term.

At the end of the fixed rate term, when your account automatically becomes an Easy Access account, further deposits and withdrawals can be made without notice or penalty. The minimum balance will be £1.

Subject to the conditions set out above, money can be paid out against a cheque from the start of the sixth business day following the day of deposit. Business day means a day other than a Saturday, Sunday or Bank Holiday. Funds are available for immediate withdrawal for all other types of deposit.

We will write to you before the end of the 5 year term to advise you that your account is about to mature. Unless we have received alternative instructions from you, after 5 years, your 5 Year Fixed Rate Bond will automatically revert to an Easy Access account.

Personal Savings Allowance is the amount of interest you can earn before paying tax on it. If you are a basic taxpayer, you can earn up to £1,000.00 interest without paying tax. If you are a higher rate taxpayer, you can earn up to £500.00 interest without paying tax. If you are a additional rate taxpayer, you cannot earn any interest without paying tax.

If you have savings income over your Personal Savings Allowance, you are responsible for making sure you are paying the correct tax directly to HM Revenue & Customs.

* Gross rate – the annual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability.

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