Fixed Term Deposit

How often will I receive a statement?

You will receive a statement when you open your Fixed Term Deposit and when it matures or you close it.

How do I open and manage my account?

Please request a callback and our team will support you through this process.

What happens when my account matures?

We’ll let you know 14 days in advance of your account maturing. Unless you tell us otherwise, we’ll automatically renew your deposit for the same period of time as the previous fixed term. The interest rate that will apply will be rate applicable at that time.

What if I decide I don’t want this account?

After opening, if you decide you don’t want this account, you’ll have 14 days to cancel. This is known as the cooling off period.

Can I access my money during the term?

No, once the account is open you won’t be able to access your money. In exceptional circumstances we may allow you to withdraw, however this would be subject to a breakage charge.

What is a breakage charge?

The breakage charge reflects our costs or the difference between the original deposit rate and the higher current market rate.

This is worked out as follows. Amount withdrawn × (Current market rate – Rate on the account) × remaining time on the account in days ÷ 365

Here’s an example:

Amount withdrawn is £10,000

The current market rate is 5.25%

Rate on the account is 3.50%

Number of days left on the fixed term is 62

£10,000 × (5.25-3.50) × 62 / 365 = £29.73

If the interest you’ve earned doesn’t cover the breakage fee, you’ll pay a minimum charge of £25. This means you may get less than you put in.

What is the minimum balance required for this account?

You need to keep a minimum amount of £10,000 in the account.