2007-03-22 06:52:57 · 5 answers · asked by rjhamuk 2 in Business & Finance ➔ Personal Finance
It is an account that has a fixed rate of interest.
Hence if the Bank of England cuts the base interest rate the bank won't cut the interest of the account. Conversely it wont go up with any increase in the BoE base rate either
2007-03-22 06:57:16 · answer #1 · answered by Mikey C 6 · 0⤊ 0⤋
If you open an account, say it's a savings or CD account, for 5% interest at a fixed rate, it stays at 5% and can't fluctuate if the interest goes down. If it's a mortgage it's the same principle.
2007-03-22 14:02:12 · answer #2 · answered by jenzee 2 · 0⤊ 0⤋
Its an account with a fixed intrest rate that won't go up or down...like a CD untill it has matured...like a 4 month or 7 month CD with mature after the 4 or 7 months has passed....
2007-03-22 14:02:20 · answer #3 · answered by Baby Girl 2 · 0⤊ 0⤋
A fixed account is one in which the rate of interest is set. It won't go down or up. You are locked into that rate.
2007-03-26 09:59:09 · answer #4 · answered by Pepper 6 · 0⤊ 0⤋
an account that was broken but it is now fixed
2007-03-22 13:56:41 · answer #5 · answered by Anonymous · 0⤊ 2⤋