Personal Fixed Term Savings Accounts
Our Fixed Term Savings Accounts are designed for savers who choose to put their savings aside for a fixed term to enjoy a higher interest rate. Whether you are saving for a short term or a long term goal, our fixed term savings accounts give you stability and guaranteed rate of interest.
What is a Fixed Term Savings Account?
A Fixed Term Savings account (also known as a fixed term deposit account) allows you to put your savings aside for a set period and earn a guaranteed rate of interest. Unlike instant access accounts, you won’t be able to withdraw your funds during the term but you’ll benefit from a higher interest rate.
Compare our Fixed Term Savings Account
*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.
Key Features and Benefits
If you think you may need access to your savings before the fixed term ends, this is probably not the right savings account for you. Please see our other Savings Accounts.
Open a Fixed Term Savings Account in Just 3 Simple Steps
📥 Download the documents listed below and read them carefully.
✍️ Complete the application form and send it to us with your ID and address documents. View the list of acceptable documents here.
📧 Email your documents to customer.experience@reliancebankltd.com or post them to us at: Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB.
❗ Important: Do not send us any funds until our team have explained how funds can be deposited safely and securely.
Products are subject to status and eligibility. Terms and conditions apply.
Please Note: 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
What is the Applicable interest rate?
Can Reliance Bank change the Applicable Interest Rate?
No, the Applicable Interest Rate is fixed. It will not change until the account matures at the end of your fixed term.
What would the estimated balance be at the end of the fixed term, based on a £1,000 deposit?
*This calculation is for illustration purposes only.
How do I open and manage an account?
You can apply by downloading an application form from our website. Please complete the form, and then email or post it to us.
You can manage your account online via our digital banking portal or by telephoning our Customer Experience Team on 0207 395 5400.
Can I withdraw my money?
No, you cannot withdraw money from your account during the Fixed Term.
Rates and information correct at 13/05/2025.
Frequently Asked Questions
A fixed term savings account, also known as fixed term deposit or fixed rate savings account, allows you to save money for a fixed term at a guaranteed fixed rate. Typically, fixed term deposits offer higher interest rates than regular savings account, making them an attractive option. At Reliance Bank, we offer fixed terms of 6 months, 1 year, and 2 years with a fixed interest rate.
You have 14 days from the day of account opening to deposit your funds. You can make any number of deposits up to the account’s maximum deposit limit during this period. If after 14 days you haven’t met the minimum balance, we will close the account and return any funds to you. No further deposits or withdrawals are allowed after the 14 days from the account opening, but you can have more than one Fixed Term Deposit account.
We will send you a reminder at least 21 calendar days before the expiry of the term of the account (the “Maturity Date”) to advise you of the upcoming Maturity Date. We will send you another reminder approximately 14 calendar days before maturity of the account. You may instruct us on or before the Maturity Date to repay the account balance to another Reliance Bank Limited savings account, or the account from which the initial deposit was made, unless otherwise agreed with us in writing.
If we do not receive any instructions from you on or before the Maturity Date, we will convert your account to a new Instant Access Savings Account. The prevailing Instant Access Savings Account Terms and Conditions will apply.
Interest is paid to the account –
- At the end of the term for the 6 month and 1 year account.
- Annually for the 2-year account.
You’ll see the specific details in the summary sheet and terms and conditions when choosing your term length.
No, early withdrawals are not permitted. You can only choose to reinvest or withdraw money at the time of account maturity.
Yes, our personal fixed term savings accounts are available as individual or joint accounts.
Get Started with your Fixed Term Deposit and lock in your interest rate today!
Explore our other savings account
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 Financial Services Compensation Scheme.
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.
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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.