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
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.
Saving Money with Purpose
Reliance Bank has been at the forefront of social impact banking since 1890, when we were formed as the bank for The Salvation Army. Ever since, we have supported their mission to fight injustice, and support thriving, resilient, holistic communities and individuals.
When you save with us, you don’t just earn interest, the money you deposit with us contributes to providing funding to organisations that provide health and social care, affordable housing projects and treatment centres that help people affected by gambling-related harm.
The money you deposit with us also contributes to providing funding to organisations like food banks who reduce hunger for people living in poverty. And our funding is used by community centres that allow young people who feel abandoned by society, by school, by family, the opportunity to feel cared for and included. We call it Giving Money Meaning.
How to apply
Complete the online savings application
Verify your Identity
Ready to Apply?
Products are subject to status and eligibility. Terms and conditions apply. 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. Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely.
Important Documents
Before applying, please read the following documents.
Summary Sheet
What is the Applicable interest rate?
Product Name
3 months Fixed Term Deposit
Product Name
6 months Fixed Term Deposit
Product Name
1 Year Fixed Term Deposit
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 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.
Can I withdraw my money?
No, you cannot withdraw money from your account during the Fixed Term.
Rates and information correct at 23/06/2025.
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.
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. In that case, you may want to explore our Instant Access or Notice Savings Accounts instead.
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.
Explore our other savings account
Not sure which savings account is right for you?
If you’re unsure which account fits your needs, check out our helpful blog. It is a quick guide that walks you through the key differences and helps you decide the right savings account for yourself.
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.
Ready to Start Saving?
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.