Fixed Term Deposits

UBL UK offers a number of Fixed Term Deposit Accounts in GBP and USD denominations. Details of the interest rates, minimum and maximum deposit amounts and term lengths can be found below:

Rates correct as at 10.11.2021

For deposits larger than the Maximum Deposit amount, please contact a member of the Customer Services Team on +44 (0) 121 753 6000 Monday to Friday from 9:15am to 5:15pm.

1. You can choose to have your interest paid monthly (for 1, 2, 3, 4, 5, and 7 year FTD), annually (for 2, 3, 4, 5, and 7 year FTD), or on the maturity of the deposit for all Accounts.
2. Interest is paid away for all frequencies and is not compounded. Please refer to the Interest Rate Sheet for Gross Rates on different interest payment options.
3. Interest is calculated daily and credited monthly, annually, or at maturity of the deposit depending on your selection.
4. The interest rate frequency cannot be amended once the selection has been confirmed.
5. Interest will be paid out to the account that you nominate at the time of account opening. This account must be a UK bank account in your name.
6. Should you wish to change the nominated account during the course of the Fixed Term Deposit, you will need to provide UBL UK with written instructions to do so that are signed and dated by all Account holders..

IMPORTANT NOTICE: UBL UK does not compound interest and interest is not added to your principal amount on any selected interest payment frequency. If you have selected interest payment at maturity, at the end of your term you will have the choice to reinvest your principal and any accrued interest into a new term, or have the interest paid into your nominated account.

No.

This Account has a fixed rate of interest for the term you select and the rate will not change during this fixed period.

Below is an example of what the future balance might be after any accrued interest has been paid at the prevailing rate.

UBL UK has used the following assumptions to produce the above calculations;

1. Calculations are based on a minimum deposit of £2,000
2. No change in the amount (no deposits, no withdrawals) for the duration of the fixed term
3. No change to the interest rate during the fixed term (the interest rate is fixed for the term of the deposit on all Fixed Term Deposit Accounts)
4. Interest payment on maturity

These projections are provided for illustrative purposes only and do not take into account individual circumstances.

Eligibility:

You must;

• Be aged 18 or over
• Have a UK bank account in your name to fund the Account, and to receive your interest

Minimum/Maximum Balance:

• The minimum balance is £2,000 for GBP denominated accounts and $25,000 for USD denominated accounts
• The maximum balance is £1,000,000 for GBP denominated accounts and $1,000,000 for USD denominated accounts

How to open the Account:

The fastest way to apply for UBL UK Fixed Term Deposits is using your computer or mobile device with our fully digital application process, simply visit digitalbanking.ubluk.com or search 'UBL UK Mobile Banking' in your app store, direct links can be found below;

Internet Applications

Apple Devices

Android Devices

You may also complete the Application Form,  and then return it along with verified copies of your Photo ID and either a Bank Statement or Utility Bill as Proof of Address dated within the last 3 months. However this may take up to 15 Working Days to process, forms can be returned in the following ways:

• In branch: Visit any of our branches Monday to Friday between 9:30am and 4pm
• In writing: By post, sending instructions to: FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ (all written instructions must be countersigned and dated by all named Account holders)

Please make sure that you select the links below and read and understand the Personal Banking Terms and Conditions where you will find full details of the Account, before you apply:

Personal Banking Terms and Conditions

How we protect your deposits

Interest Rate Sheet

Personal Banking Schedule of Charges

How to manage the Account:

Funding your Account

• When applying through internet or mobile banking, once registered you may access either internet or mobile banking where you will see a Funding Account to which you can make electronic transfers. Once the committed amount has been sent, your Fixed Term Deposit will be funded. You have 10 working days to fund your Account to secure the advertised interest rate, funds that arrive after this point will be subject to the live rate for the product type you have selected.
• You may send a cheque with your postal application in order to fund the Account. Please ensure that the cheque is payable to you, and is from an account which you own and operate.
• If you wish to wait for your Account to be opened before you fund it if your have chosen a physical application process - you will receive a Welcome Letter up to 5 working days after the account has been opened with your Account details. You may send us a cheque to FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ, or make an Electronic Transfer to:
  • Sort Code 60-91-66
  • Account number 81006601
  • With your Account number (from your Welcome Letter) as the reference.

NB: You will have 10 working days to fund your Account, deposits after this period will be subject to the prevailing advertised Interest Rate.

What is a Funding Account?

A Funding Account is a non-interest bearing transit account that we use to help you set up your Fixed Term Deposit. You should only transfer up to the committed amount into the Funding Account. Any additional funds will remain in the Funding Account, but you will not be able to move them through internet or mobile banking and will need to contact us by phone. If you make multiple deposits to fund your account, we will sweep them into your Fixed Term Deposit once you have reached the minimum funding amount of £2,000.

Managing your Account

• Digital applications: if you apply digitally, you will have access to operate and manage your account on mobile or internet banking immediately.
• Online: If you chose the physical application route, once opened, you may register for New Internet Banking at digitalbanking.ubluk.com, or download our new Mobile App by searching for 'UBL UK Mobile Banking' in your app store. You will need the answers to your security questions and your account number to do this.
• Secure Message: when registered for internet and mobile banking, you can send secure messages direct to our team to maintain your account and give UBL UK instructions.
• In branch: Visit any of our branches Monday to Friday between 9:30am and 4pm
• In writing: By post, sending instructions to: FREEPOST: RSSA-GJRS-KBCT, UBL UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ (all written instructions must be countersigned and dated by all named Account holders)
• Telephone: You can contact our Customer Services Team Monday to Friday from 9:15am to 5:15pm for support

You can contact our Customer Services Team on 0121 753 6000 Monday to Friday between 9:15am and 5:15pm for more information.

Early withdrawal (including partial withdrawal) is allowed only at the Bank's discretion and under extenuating circumstances. If an early withdrawal (including partial withdrawal) is allowed before the full term expires, you will face an Early Withdrawal Charge in accordance with the Account Terms and Conditions. Details of the charges for each term are detailed below:

The Early Withdrawal Charge will be deducted from any interest that has been 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 original deposit at the Fixed Term Deposit start date.

1. This Account can be held in single or joint names.
2. There is a 14 day cooling off period for all Fixed Term Deposits.
3. If you decide to cancel within the 14 days we will not deduct Early Withdrawal Charges, but you will not be entitled to any accrued interest for the number of days the deposit has been with us.
4. Interest will be paid using the Gross Rate and tax will not be deducted where your interest is exempt.
5. 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) or other tax authorities that you are required to report to.
6. 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. IMPORTANT NOTE: UBL UK does not compound interest on Fixed Term Deposits as interest is paid away to your nominated account.

Definitions:

To help you in your product selection, you may find the following definitions useful:

• Gross interest: the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
• AER (Annual Equivalent Rate): the AER illustrates what the true rate of interest would be if interest was paid and compounded each year. Please note that the actual interest rate, based on the interest payment frequency you chose, will be different to the AER advertised. If interest is credited more frequently to your nominated Account, the actual rate applied would be lower.