In order to earn a higher rate of interest this account is fixed for a selected term before you can withdraw any of your money. While you earn interest on your savings you will have the comfort that your money will make a positive difference to other people’s lives.
Fixed term Deposit Accounts
• Earn 5.50% AER* Fixed Term Interest for 1 year.
• Earn 5.25% AER* Fixed Term Interest for 2 years.
• Minimum deposit £1000 to a maximum of £2,000,000
• Interest is calculated daily through the applicable interest rate. Interest will be applied to your account balance at the end of the fixed term.
• A great way of guaranteeing a fixed rate of interest for a fixed period.
• Access your money at the end of the term.
• Online and telephone Banking facilities
• UK Customer Service Team
Please note:
• You cannot withdraw from this account until it’s matured at the end of the chosen fixed term.
• You cannot add to your fixed term deposit during your chosen fixed term.
• If you think you’d need access to your savings before the fixed term ends, this is probably not the right account for you.
FSCS Protection:
We are covered by the Financial Services Compensation Scheme (FSCS). All eligible deposits are protected up to £85,000 by the FSCS, which means that if the bank fails and cannot return your money, you will be compensated by the FSCS.
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*AER stands for Annual equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
What is the interest rate?
• Earn 5.50% interest rate AER* fixed for 1 year
• Earn 5.25% interest rate AER* fixed for 2 years
• Interest will be paid gross and is calculated daily and is paid at the end of the Fixed Term period.
Can Reliance Bank change the interest rate?
• No, the interest rate is fixed. It will not change until the account matures at the end of your term.
What would the estimated balance be after 12 months based on a £1000 deposit?
Balance at the end of the fixed term:
This calculation is for illustration purposes and assumes:
• Interest is calculated daily and paid annually.
• The interest has been added to the account
How do I open and manage my account?
• You can apply by completing an application form.
• Minimum Deposit of £1,000 up to a maximum of £2,000,000.
• Choice of 1 or 2 year fixed term deposit with fixed interest rates that will not change during the term you choose.
• Operating parties need to be at least 18 years of age and any charity must be registered in the UK (either Scottish or English)
• You can have any number of account holders as long as they are registered operators of the Business and or Charity
• You have 14 days from the opening day of the account to deposit your funds. You can make any number of deposits during this period only.
• If you do not fund the account before the end of the funding window, we will then close the account.
• You will have ‘view only’ access to your account on-line via our internet banking or by telephoning our Customer Service team on 020 7398 5400.
Can I withdraw money?
• No withdrawals are allowed during the term of the account until maturity so you should consider whether the amount you want to deposit leaves you with adequate emergency funds.
• We will get in touch with you before maturity, to remind you of your maturity date and to let you know what options are available to you (such as re-investing or withdrawing)
• At the end of the fixed term, your account matures. If we do not receive your instructions, your account will remain open, but the terms of the account will end. It will continue to earn interest on the prevailing applicable interest rate of our Business Instant Account Saver.
Additional information
• This is a limited issue product and may be withdrawn without notice at any time.
• Accounts can only be opened in the business or charity name.
• You are covered under the Financial Compensation Services Scheme
*AER stands for Annual equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
** Gross rate means that credit interest is paid without income tax being deducted.
Rates and information correct at 11/10/2023.
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• Earn 5.50% AER* Fixed Term Interest for 1 year.
• Earn 5.25% AER* Fixed Term Interest for 2 years.
• Minimum deposit £1000 to a maximum of £2,000,000
• Interest is calculated daily through the applicable interest rate. Interest will be applied to your account balance at the end of the fixed term.
• A great way of guaranteeing a fixed rate of interest for a fixed period.
• Access your money at the end of the term.
• Online and telephone Banking facilities
• UK Customer Service Team
Read our key documents:
Complete the Business Account Opening Form or Personal Savings Application form and prepare your proof of identity and address.
These forms are paper application forms so please print them out, complete them and send them to us at:
Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB
We’ll assess your application
We’ll set up your account
If your application is successful, we’ll set up your account and send you a welcome pack.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.