Our Fixed Term Deposits (FTDs) give you very attractive rates of interest, offering security, commercial advantage and peace of mind.If you’re looking for competitive, fixed-term deposits for your Business or Trust account, we currently offer a range of investment terms and options.
This Information Sheet sets out the key information you need to know about your account. It should be read together with the Fixed Rate Cash ISA Terms and Conditions and forms part of our agreement with you. Please keep it for future reference.
It is a fixed rate as shown in the table below:-
| GBP Fixed Term Deposits | |
|---|---|
| Term | Interest Rate (AER) |
| 1 Month | 0.05% |
| 3 Month | 0.10% |
| 6 Month | 0.15% |
| 1 Year | 0.65% |
| 2 Year | 0.90% |
| 3 Year | 1.40% |
| 5 Year | 1.90% |
| 7 Year | 1.85% |
| USD Fixed Term Deposits | |
|---|---|
| Term | Interest Rate (AER) |
| 1 Month | 1.30% |
| 3 Month | 1.55% |
| 6 Month | 2.10% |
| 1 Year | 2.35% |
Rates correct as at 18.10.2018
You can choose to have your interest paid monthly (for 1, 2, 3, 5, and 7 year FTD), annually (for 2, 3, 5, and 7 year FTD), or maturity of the deposit. Please refer to Interest Rate Sheet for Gross Rates on different interest payment options.
Interest is calculated daily and credited monthly, annually, or at maturity of the deposit depending on your selection. This cannot be amended once the selection is confirmed.
Interest will be paid out to an account nominated by you at the time of account opening. This account must be in your name.
Interest is not added to your principal amount at the selected frequency unless you have selected interest payment at maturity.
No. This account has a fixed rate of interest so the rate will not change during the term.
Below is an example of what the future balance might be after interest has been paid.
| GBP Fixed Term Deposits | |||
|---|---|---|---|
| Term | Min. Deposit | Interest Rate (AER) | Balance at the end of term |
| 1 Month | £2,000 | 0.05% | £2,000.08 |
| 3 Month | £2,000 | 0.10% | £2,000.54 |
| 6 Month | £2,000 | 0.15% | £2,001.50 |
| 1 Year | £2,000 | 0.65% | £2,013.00 |
| 2 Year | £2,000 | 0.90% | £2,036.00 |
| 3 Year | £2,000 | 1.40% | £2,084.00 |
| 5 Year | £2,000 | 1.90% | £2,190.00 |
| 7 Year | £2,000 | 1.85% | £2,274.40 |
| USD Fixed Term Deposits | |||
|---|---|---|---|
| Term | Min. Deposit | Interest Rate (aer) | Balance at the end of term |
| 1 Month | $2,000 | 1.30% | $2,002.14 |
| 3 Month | $2,000 | 1.55% | $2,007.64 |
| 6 Month | $2,000 | 2.10% | $2,020.71 |
| 1 Year | $2,000 | 2.35% | $2,047.00 |
Assumptions taken for above calculations;
These projections are provided for illustrative purposes only and do not take into account individual circumstances.
Eligibility:To apply for our Business Fixed Term Deposit Account, you should:-
Please contact us for interest rates for deposits above £1,000,000
Please download the Application Form and either return it to:
Early withdrawal (or partial withdrawal) at Bank’s discretion only under extenuating circumstances. If early (or partial) withdrawal is allowed before the full term expires, you will face an early withdrawal charge, as given below:
| Term of Deposit | Early Withdrawal Charges |
|---|---|
| 1 Month | 15 days gross interest |
| 3 Month | 30 days gross interest |
| 6 Month | 30 days gross interest |
| 1 Year | 90 days gross interest |
| 2 Year | 180 days gross interest |
| 3 Year | 270 days gross interest |
| 5 Year | 365 days gross interest |
| 5 Year | 730 days gross interest |
The Early Withdrawal Charge will be deducted from interest that has accrued on your Account. If interest has already been paid out to your nominated account, then the Early Withdrawal Charge will be deducted from your deposit with us.
The total of the interest paid and deposit you receive back from us will be no less than your deposit at the Fixed Term Deposit start date.
There is a 14 day cooling off period for all FTDs. If you decide to cancel within the 14 days we will not deduct Early Withdrawal Charges, but you will not be entitled to interest for the number of days the deposit has been with us.
Interest will be paid using the Gross Rate and tax will not be deducted where your interest is exempt.
Gross rate means we won’t deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.
To apply for one of our Fixed Deposit Accounts, simply download the relevant form from this page, fill it out, and return it to one of our branches. Alternatively, you can contact our call centre at 0121 753 6000.
To help you in your product selection, you may find the following definitions useful:
