6 months Fixed Rate Savings at 4.15%

How does a 6-month fixed-rate savings account work?

A 6-month fixed-rate savings account earns you a fixed amount of interest by agreeing not to withdraw your money for six months. 6-month fixed-term savings accounts are the shortest fixed-rate accounts on the market.

My Community Finance work with credit unions that provide fair, ethical banking services to their members. As not-for-profit organisations, credit unions return any profits to their members, either through interest on savings or by investing in improving the services they provide. 

To open a 6-month fixed-term savings account with one of the credit unions we work with, you’ll need to become a member. The credit unions we work with have a really broad criteria for membership and accept people from almost all types of employment (including self-employed). 

If you’re retired, unemployed, or a student, you’ll be able to open an account if:

• You’re a member of an applicable trade union or association, such as the Co-op, National Trust or UNISON.

• You share a household with an existing member of one of the credit unions we work with.

How much can I put in a 6-month fixed-rate savings account?

When you apply for a 6-month fixed-rate savings account with one of the credit unions we work with, we’ll ask you how much you want to save. You can choose to save any amount between £1,000 and £85,000. 

What do I need to open a 6-month fixed-term savings account?

Aside from meeting the common bond criteria, to be eligible for a 6-month fixed-term savings account from one of the credit unions we work with, you’ll need to:

• Be aged 18 or over

• Live in the UK (excluding the Isle of Man)

• Have a UK personal bank account

Is a 6-month fixed-rate savings account the best option for me?

Whether or not a 6-month fixed-term savings account is the right choice for you will depend on your savings goals and financial circumstances. 

If you’re likely to need access to your money within the six-month term, then a fixed-term account might not suit you. 

If you can afford not to access your money for six months, then a 6-month fixed-rate savings account could be a great option because you’ll earn more interest compared to a flexible savings account. 

How do I apply for a 6-month fixed savings account?

If you think a 6-month fixed-term savings account is right for you, you can apply online via My Community Finance using our straightforward form. Here’s how:

• Fill out the online application form - Tell us more about you and how much you want to save

• Read & accept the terms and conditions of your 6-month fixed-rate savings account - Carefully read the terms and conditions. The content of the terms and conditions is not intended to amount to advice on which you should rely. If you are not sure of the content of the terms and conditions, you should obtain advice from a professional or specialist before agreeing to them. Once you’re happy, you can accept them 

Our team will review your application, we’ll aim to contact you within three business days (Monday-Friday) to walk you through the next steps. 

Once you’ve successfully opened your 6-month fixed-rate savings account, you’ll have 14 days to deposit the total amount you told us you want to save - you won’t start earning interest until the credit union receives the full amount. 

What are the alternatives to 6-month fixed-term savings accounts?

If you don’t think a 6-month fixed-rate savings account is right for you, then you could consider a different savings account offered by the credit unions we work with, such as:

• Longer fixed-rate savings accounts - If you can afford to lock your money away for a longer period, you may be able to earn more interest by choosing a longer-term fixed-rate account. The credit unions we work with offer 1-year, 18-month, 2-year and 3-year fixed-rate savings accounts. 

• Easy access savings accounts - If you’d prefer to have access to your money at all times, then an easy access savings account might be a better option for you.

Can I access my money before the end of the term?

We understand circumstances can change. Withdrawing your 6-month fixed-rate savings before the end of the term may be possible in an emergency situation. If this applies to you,  get in touch with the credit union your account is with as soon as possible. Please be aware if you withdraw your money before your term ends you won’t get any interest.

Can I add more money during the 6-month fixed term?

When you open a 6-month fixed-rate savings account via My Community Finance, we’ll ask you how much you want to deposit. You’ll have 7 days from opening your account to deposit this amount. 

After this point, you won’t be able to add more money to your savings; however, if you wish, you can open another savings account.

Will my money be safe in a 6-month fixed-rate savings account?

The credit unions we work with are authorised and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (Bank of England). 

Just like most other savings account providers, the savings accounts provided by the credit unions we work with are protected by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per person. 

This means in the unlikely event a bank or credit union goes out of business, the government will ensure your money is returned up to this amount.