Fixed Term Deposit Accounts

Fixed Term Deposit Accounts

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:

• 1 Year Fixed Term Deposit £1,055.00
• 2 Year Fixed Term Deposit £1,105.00

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• This is a limited issue product and may be withdrawn without notice at any time.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.