Fixed Rate Bond

[flicrat]

I have just had my yearly statement and no interest has accrued. Sum is just as I paid in originally. I was recommended to take this from my low interest savings account - but even low interest would be better than none!Why did my bank suggest this? And what incentive did I have last July 2010 to agree?? I feel really stupid. Should I take it out?

[dzug2]

Surely it wasn't a fixed 0%? When should it be/have been paid? Sometimes it's all paid on maturity

[boxtops]

0% seems very unusual for a fixed rate bond - do you still have the paperwork from when you took it out?

[SlackAlice]

Very often the accrued interest isn't added until the Bond matures. How long is the Bond for?

[factor-fiction]

What were the terms of the bond?
I am certain interest will be payable on the bond, but it may not appear until teh end of the agred period. It is more likely, however, that interest will be credited annually- but it may be that the date it is apid is afte rthe date of your statement.
Can you tell me:

When did you take the bond out?
How long is the bond for - 1 year? 2 years? 5 years?
What was the statement date?
The name of the bond provider and the name of the bond - it will be on your statement.

[davewr]

Is there a linked account that the interest is paid into?

[flicrat]

Thank you all. I took it out for TWO years, so I think it will pay out in a year's time with some interest!So you are probably right Slack Alice and factor30.I cannot get at the paperwork till I have put back things that are in the way after moving stuff for a new carpet, which is why I came here for help/reassurance and, as usual, found it from all of you. Many thanks. (If the paperwork suggests otherwise, I will be right back with more info and questions!