Skip to main content
Fixed Term Charity Savings Account

Charity Fixed Term Savings Accounts

Enjoy fixed returns on your lump sum deposits when you open a Charity Fixed Term Savings Account. Choose the term that suits your organisation’s goals and lock your funds away for a guaranteed return. Our fixed term savings accounts are specifically designed for charities registered in England and Scotland.

Charity Fixed Term Savings Account Features

Fixed Term
Interest Rate
Minimum Deposit
Maximum Deposit
Fixed Term
6 Months
Interest Rate
4.45% AER* Fixed
Minimum Deposit
£1000
Maximum Deposit
£500,000
Fixed Term
1 Year
Interest Rate
4.40% AER* Fixed
Minimum Deposit
£1000
Maximum Deposit
£2,000,000
Fixed Term
2 Years
Interest Rate
4.05% AER* Fixed
Minimum Deposit
£1000
Maximum Deposit
£2,000,000
  • Choose from 6 months, 1 year, and 2 years to earn fixed interest rates on your charity’s deposits.
  • Funds are locked in until the fixed term deposit matures.
  • Interest is calculated daily at the applicable interest rate; paid to your account balance at the end of the fixed term.
  • Interest is paid gross which means that the rate of interest is payable before any tax is taken off.
  • Manage your charity account via Telephone or Online Banking.
  • Support from our UK based Customer Experience Team.

Please Note: If you think you would need access to your savings before the fixed term ends, this is probably not the right savings account for you. Please see our other Charity Savings Accounts for more flexible options.

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 open a Charity Fixed Term Savings Account?

  • Guaranteed return with a fixed interest rate during your chosen term.
  • Suitable for charities that do not need immediate access to their funds
  • Ideal for charities with a lump sum deposit of up to £2 million.
 

Open a Charity Fixed Term Savings Account Today

To open a charity account, download and read the following documents, submit the completed application form, personal details form for all authorised signatory members and directors of the business, and other relevant 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.

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

  1. What is the interest rate?
    • Earn 4.45% AER* fixed term interest for 6 months, 4.40% AER* fixed term interest for 1 year, 4.05% AER* fixed term interest for 2 years.
    • Minimum deposit £1,000 to a maximum of £2,000,000 for the 1 year and 2-year fixed term deposit accounts.
    • Minimum deposit £1,000 to a maximum of £500,000 for the 6-month fixed term deposit account.
    • Interest is calculated daily and is applied to your account balance at the end of the fixed term period.
    • Interest is paid gross which means that the rate of interest is payable before any tax is taken off.
  2. 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.
  3. What would be the estimated balance based on a £1,000 deposit?
    • Please note this calculation is for illustration purposes. It assumes interest is calculated daily and paid annually, and the interest has been added to the account.
      Balance at the end of 6-month Fixed Term Deposit £1,022.41
      Balance at the end of 1 Year Fixed Term Deposit £1,044.10
      Balance at the end of 2 Years Fixed Term Deposit £1,081.14
  4. How do I open and manage your account?
    • You can apply by completing an application form.
    • You must make an Initial Deposit of minimum £100 and designate a Fixed Term of 6 months, 1 year, or 2 years.
    • You may make any number of Subsequent Deposits during the 14 calendar days beginning on the day after we notify you in writing that we have opened your account (the “Funding Window”). The Subsequent Deposits will have the same Fixed Term as the Initial Deposit.
    • There is a minimum balance of £1,000 required after the Funding Window to maintain the Account.
    • If you do not meet the minimum balance before 14 days, we will close your account.
    • You will have ‘view only’ access to your account online via our internet banking or by telephoning our Customer Service team on 020 7398 5400.
  5. 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 deposit the funds into another savings account 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 Access Savings Account.
  6. Additional Information
    • This is a limited issue product and may be withdrawn without notice at any time.
    • Accounts can only be opened in your name.
    • You are covered under the Financial Compensation Services Scheme.
    • You will not be able to close your Fixed Term Deposit account before its maturity date.

Rates and information correct at 11/11/2024.

Definitions Explained
*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.

Frequently Asked Questions

A charity fixed-term savings account is a type of savings account designed for charities. It allows them to lock away money for a fixed term, earning a fixed interest rate. It’s ideal for charities looking to earn a higher return on their deposits, and do not wish to access their funds during the term.

Our Charity Fixed Term Savings Accounts are only available to charities registered in England or Scotland.

To open a charity savings account, you will need to submit the following list of documents by email or post.

  • Completed savings application form.
  • Personal details form for all authorised signatories and trustees of the charity.
  • Additional documents to support your application.

Please contact our Customer Experience Team on 020 7398 5400 to get more details on the documents to be submitted.

No, we do not allow early closures. The account will mature at the end of the fixed term, after which it is automatically converted into an instant access savings account.

 

 

Explore our other Charity Accounts

Need Help?

For further assistance, please reach out to our Customer Experience Team on 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.

Top