Product overview

Our Fixed Term Deposit (FTD) Accounts offer an alternative way of saving a lump sum for a fixed date in the future, and may often provide a better rate of interest than a standard Online Easy Access Savings Account. You benefit from a higher rate of interest in return for locking your money away for a fixed period.

UBL UK offer deposit terms from 1 Month to 7 Years for GBP denominated Accounts, and terms from 1 Month to 1 Year for USD denominated Accounts. All UBL UK Savings Accounts come with the added peace of mind of Financial Services Compensation Scheme (FSCS) protection of £85,000 for eligible depositors.

Good For:

  • Saving a lump sum for a specific date in the future
  • Saving when you will not need to access your money before the end of the term
  • Achieving a higher rate of interest in return for locking your savings away for a fixed period

Not Good If:

  • You may need access to your savings before the end of the fixed term
  • You wish to add further sums to your Account over time
  • You do not wish to be charged for accessing your money before the end of the fixed term
  • What is the interest rate?

    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:

    GBP Fixed Term Deposits

     

     

    Term

    Interest Rate (AER)

    Minimum Deposit

    Maximum Deposit

    Term 1 Month

    Interest Rate (AER) 0.05%

    £2,000

    £1m

     

    Term 3 Month

    Interest Rate (AER) 0.10%

    £2,000

    £1m

    Term 6 Month

    Interest Rate (AER) 0.15%

    £2,000

    £1m

    Term 1 Year

    Interest Rate (AER) 0.60%

    £2,000

    £1m

    Term 2 Year

    Interest Rate (AER) 2.00%

    £2,000

    £1m

    Term 3 Year

    Interest Rate (AER) 2.20%

    £2,000

    £1m

    Term 5 Year

    Interest Rate (AER) 2.36%

    £2,000

    £1m

    Term 7 Year

    Interest Rate (AER) 1.95%

    £2,000

    £1m

    USD Fixed Term Deposits

     

     

    Term

    Interest Rate (AER)

    Minimum Deposit

    Maximum Deposit

    Term 1 Month

    Interest Rate (AER) 1.30%

    $25,000

    $1m

    Term 3 Month

    Interest Rate (AER) 1.55%

    $25,000

    $1m

    Term 6 Month

    Interest Rate (AER) 2.10%

    $25,000

    $1m

    Term 1 Year

    Interest Rate (AER) 2.35%

    $25,000

    $1m

    Rates correct as at 18.11.2019

    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, 5, and 7 year FTD), annually (for 2, 3, 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.

  • Can UBL UK change the interest rate?

    No.

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

  • What would the estimated balance be at the end of the selected term based on the minimum required deposit?

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

    GBP Fixed Term Deposits

    Term

    Min. Deposit

    Interest Rate (AER)

    Balance at the end of term

    Term 1 Month

    Min. Deposit £2,000

    Interest Rate (AER) 0.05%

    Balance at the end of term £2,000.08

    Term 3 Month

    Min. Deposit £2,000

    Interest Rate (AER) 0.10%

    Balance at the end of term £2,000.54

    Term 6 Month

    Min. Deposit £2,000

    Interest Rate (AER) 0.15%

    Balance at the end of term £2,001.50

    Term 1 Year

    Min. Deposit £2,000

    Interest Rate (AER) 0.60%

    Balance at the end of term £2,015.00

    Term 2 Year

    Min. Deposit £2,000

    Interest Rate (AER) 2.00%

    Balance at the end of term £2,080.00

    Term 3 Year

    Min. Deposit £2,000

    Interest Rate (AER) 2.20%

    Balance at the end of term £2,132.00

    Term 5 Year

    Min. Deposit £2,000

    Interest Rate (AER) 2.36%

    Balance at the end of term £2,236.00

    Term 7 Year

    Min. Deposit £2,000

    Interest Rate (AER) 1.95%

    Balance at the end of term £2,289.80

    USD Fixed Term Deposits

    Term

    Min. Deposit

    Interest Rate (AER)

    Balance at the end of term

    Term 1 Month

    Min. Deposit £2,000

    Interest Rate (AER) 1.30%

    Balance at the end of term £2,002.14

    Term 3 Month

    Min. Deposit £2,000

    Interest Rate (AER) 1.50%

    Balance at the end of term £2,007.64

    Term 6 Month

    Min. Deposit £2,000

    Interest Rate (AER) 1.75%

    Balance at the end of term £2,020.71

    Term 1 Year

    Min. Deposit £2,000

    Interest Rate (AER) 2.00%

    Balance at the end of term £2,047.00


    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.

    Rates correct at 18.11.2019

  • How do I open and manage my Account

    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:

    In order to apply for the Account, you will need to Download the Application Form, complete 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 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)

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

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

    Fixed Term Deposit section of the Personal Banking Specific Terms and Conditions
    Personal Banking General Terms and Conditions

    How to manage the Account:

    • Online: If you are registered for UBL UK NetBanking (Account operations are limited to viewing only)
    • 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
  • Can I withdraw money?

    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:

     

    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

    7 Year

    730 days gross interest

     

    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.

  • Additional Information

    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.
  • Bonus Interest Rate For Maturities in November 2019*

    For renewals in November 2019 of existing 2 and 3 Year Fixed Term Deposits (prior to 18.11.19), a Bonus Interest Rate will be applied for roll-overs that meet qualifying criteria. All customers qualifying for the bonus rate will receive notification in writing of their eligibility.

    Bonus Interest Rate For Qualifying Customers

    Term and Interest Frequency Gross Interest AER

    2 Year Monthly

    1.98%

    2.00%

    2 Year Annual

    2.00%

    2.00%

    2 Year Maturity

    2.02%

    2.00%

    3 Year Monthly

    2.18%

    2.20%

    3 year Annual

    2.20%

    2.20%

    3 Year Maturity

    2.25%

    2.20%

     

    What would the balance be at the end of the term based on the minimum deposit amount.

    Term

    Min. Deposit

    Interest Rate (AER)

    Balance at the End of the Term

    2 Years

    £2,000

    2.00%

    £2,080

    3 Years

    £2,000

    2.20%

    £2,132

     

    Assumptions taken for the above calculations:

    • Calculations based on a minimum deposit of £2,000
    • No change in the amount (no deposits, no withdrawals)
    • No change to the interest rate during the fixed term
    • Interest payment on maturity assumed

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

     

    *Terms and conditions apply:

    • In order to qualify for the Bonus Rate, your deal must roll over on the same term and interest frequency with no new additional funds deposited
      • You may not change to another term or change the interest frequency
      • If you had selected Interest Paid and Maturity, the interest accrued may be added to the new balance
      • You may not add any new money
    • To be eligible for the Bonus Rate, you must be an existing customer with a 2 or 3 Year Fixed Term Deposit that is due to mature in the calendar month of November 2019
    • If you chose to open a new Fixed Term Deposit, this account will be subject to the prevailing interest rate for the account type you are opening and will not receive the Bonus Rate
By post

By post

Freepost: RSSA-GJRS-KBCT, 
UBL UK Central Operations, 
391-393 Stratford Rd, 
Birmingham B11 4JZ

In branch

In branch

Pop into any UBL branch and our staff will be happy to help. In busier periods when staff may not be immediately available, we’ll be happy to book an appointment for a later date.

Staying safe online

We are aware that financial services companies may be targets for people seeking to fraudulently obtain login information. To protect yourself online, it is important that you check you are on the right website before entering login information. Please look out for the lock symbol next to the website URL to ensure that you are using an genuine and encrypted site. If you are not sure you are using a genuine UBL UK website, please call us on 0121 753 6000 Monday to Friday from 9:15am to 5:15pm. 

The sites managed by UBL UK are as follows: www.ubluk.com, www.netbanking.ubluk.com and www.ubluknetremit.com. You should see these URL's and the lock symbol in your browser header. 

 

Notification of early closure and festive opening hours

The Branch Network and Customer Service Centre will be closing earlier than usual on Friday 20th December 2019, from 12pm. If you have any queries relating to this early closure, please feel free to come in and talk to a member of our UBL UK team who will be more than happy to help you.

For details about our festive opening hours, please visit: https://www.ubluk.com/service-announcements/.

UBL UK