Fixed Term Savings Accounts

1. 3 months Fixed Term Deposit – 3.90% AER*
2. 6 months Fixed Term Deposit – 3.75% AER*
3. 1 year Fixed Term Deposit – 3.85% AER*
4. 2 year Fixed Term Deposit – 3.55% 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.

No, the Applicable Interest Rate is fixed. It will not change until the account matures at the end of your fixed term.

Estimated balance in the account at the end of Fixed Term –

• 3 months Fixed Term Deposit – £1,009.62*
• 6 months Fixed Term Deposit – £1,018.60*
• 1 year Fixed Term Deposit – £1,038.50*
• 2 year Fixed Term Deposit – £1,072.26*

*This calculation is for illustration purposes only.

You can apply by completing the online savings application form, which can be found on our website.

You can manage your account online via our digital banking portal or by telephoning our Customer Experience Team on 0207 395 5400.

No, you cannot withdraw money from your account during the Fixed Term.

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. Typically, fixed term deposits offer higher interest rates than regular savings account, making them an attractive option. 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. 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 –

1. At the end of the term for the 6 month and 1 year account.
2. 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 savings accounts are available as individual or joint accounts.

Yes. All eligible deposits with Reliance Bank are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per individual. For more details, please visit our Legal Statement page.

A Fixed Term Savings Account is ideal if you want a guaranteed return and don’t need to access your money for a fixed period. If you think you may need access to your money before the term ends, this may not be the right savings account for you. Not sure? Check out our guide on how to choose the right savings account.