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35 Day Notice Personal Savings Account

35 Day Notice Savings Account

The 35 Day Notice Savings Account offers flexibility and allows you to withdraw funds after giving a 35 day’s advance notice. Good for those looking to grow their savings without needing immediate access to funds.

While you earn interest on your savings, your money will be used to support organisations that deliver positive social impact in the UK.

35 Day Notice Savings Account Features

Interest Rate
Minimum Deposit
Maximum Deposit
Interest Rate
2.05% AER* Variable
Minimum Deposit
£500
Maximum Deposit
£2 million
  • Available to UK residents who are 18 years or above.
  • To have a joint account, both holders of the account must be at least 18 years of age.
  • The Account is not for day-to-day transactional purposes; any requirements of that nature must be processed via your current account.
  • Great way to build your savings with lump sums or regular payments.
  • Withdraw your money by giving a 35 days’ advance notice.
  • Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
  • Manage your account via online banking or telephone banking.
  • Our UK based Customer Experience Team is here to assist you.

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website for the Finanacial Services Compensation Scheme.

why open fixed term savings account

Why choose a 35 Day Notice Savings Account?

  • Earn a higher interest rate than our instant access account because this account requires advance notice of 35 days before you can withdraw any of your money.
  • It’s ideal for individuals looking to grow their savings and don’t need immediate access to funds.
  • Be a part of our mission to help organisations delivering positive social impact in the UK.
 

Open a 35 Day Notice Savings Account Today

To open an account, download and read the following documents, submit the completed application form and relevant KYC documents required either by email at customer.experience@reliancebankltd.com or by post to “Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB”. Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely.

How we use your Personal Information?

Reliance Bank uses your personal information to confirm your identity and assess your application when you apply for an account with us. We will only collect, process, and store information about you in accordance with our Privacy Notice. For more details, please read our Privacy Notice.

Summary Sheet

  1. What is the interest rate?
    • Earn 2.05% interest AER* variable effective from 1st December 2024.
    • Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
  2. Can Reliance Bank change the interest rate?
    • We may change any of the rates and charges detailed in this Important Information Summary.
    • We’ll notify you of any changes by post, email, or any other form of communication.
    • If we increase the interest, we’ll make details of the rate change available on our website within 3 working days of the change.
    • If we decrease the interest rate, we’ll let you know personally and give you at least 14 calendar days notice before we do so. If you are not happy with the change, you can at any time up to 30 days from the date we tell you about the change, close or switch your Account without paying any penalty or other charges. If you do not do so, we will consider that you have agreed to it.
  3. What would the estimated balance be after 12 months based on a £1,000 deposit?
    • On a deposit of £1,000, the estimated balance would be £1,020.83. This is based on:
    • Earn 2.05% interest AER* variable effective from 1st December 2024.
    • Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
    • £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
    • The interest rate as detailed in this Important Information Summary and doesn’t take into account any changes in the rate of interest over the 12 month period.
  4. How do I open and manage your account?
    • You can apply to open a 35 Day Notice Personal Savings Account if you are 18 or over and a UK resident.
    • To have a Joint Account, both holders of the account must be at least 18 years of age and a UK resident.
    • There is a minimum balance of £500 required to maintain the 35 Day Notice Personal Savings Account.
    • The maximum balance that can be held is £2m. Accrued interest will be transferred into your current account. Please contact us if your request is above £2m.
    • Should the balance of the Account fall below the minimum balance, an interest rate of 0.10% will apply until the balance meets the required level again.
    • You can manage your account online via our Digital Banking or by telephoning our Customer Service 020 7398 5400.
    • You can close your 35 Day Notice Personal Savings Account by providing us with 35 day’s notice.
  5. Can I withdraw money?
    • The notice period for this Account is 35 days.
    • A notice of withdrawal is not permitted within the first 35 days of the first deposit.
    • No early withdrawals will be permitted.
    • The notice period will start from the date the advice is received by the bank.
    • We will accept withdrawal requests in writing or via our digital banking service. All requests received will be confirmed by the Bank in writing confirming the withdrawal date.
    • Funds will be transferred out of the 35 Day Notice Personal Savings Account in the morning of the last day of the notice period to your nominated account.
  6. Additional Information
    • All interest on UK savings accounts will be paid gross**.
    • If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself.
    • The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers don’t receive a Personal Savings Allowance.
    • You will have to declare interest earned if you exceed your annual Personal Savings Allowance, as set by HMRC.
    • You are covered under the Financial Compensation Services Scheme.
    • For more details on current interest rates and charges call us on 020 7398 5400.

Rates and information correct at 02/10/2024.

Definitions Explained
1. *AER
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.
2. **Gross rate
Gross rate means that credit interest is paid without income tax being deducted.

Frequently Asked Questions

A 35 day notice savings account requires you to provide a 35 day advance notice to withdraw funds. As a result, notice savings accounts generally offer slightly higher rates than instant access savings accounts.

A 35 day notice savings account offers a variable interest rate that is calculated daily and paid quarterly to your account. You can make unlimited deposits; however, to withdraw money, you need to give 35 days’ notice in advance.

Yes, you can make withdrawals by providing a 35 day notice. However, please note that withdrawals are not permitted within the first 35 days of your initial deposit. You can submit withdrawal requests in writing or through our digital banking service. Our team will confirm your withdrawal date in writing.

To open the account, you must submit the completed application form along with the required KYC documents, either by email customer.experience@reliancebankltd.com or by post to “Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB”. Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely.

Once your account is opened, you will receive your personal login details for digital banking. You will be able to access and view your 35 Day Notice Savings Account details on our Digital Banking portal.

You can do this by contacting our Customer Experience Team on 020 7398 5400.

 

 

Explore our other Savings Account

Need Help?

For further assistance, please reach out to our Customer Experience Team at 020 7398 5400 or email us at customer.experience@reliancebankltd.com.

The Salvation Army

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.

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