Fixed Term Deposit Accounts

Enjoy a fixed return on your lump sum deposits when you open a fixed term savings account with us. Choose the term and put your money away for a fixed term. Savings accounts designed for businesses and charities registered in the UK.

While you earn interest on your savings you will have the comfort that your money will make a positive difference to other people’s lives.

Compare our Fixed Term Savings Accounts for Charity and Business

Fixed Term 6 Months	Interest Rate 4.45% AER* Fixed Term	Minimum Deposit £1000 Maximum Deposit £500,000
Fixed Term 1 Year	Interest Rate 4.40% AER* Fixed Term	Minimum Deposit £1000 Maximum Deposit £2,000,000
Fixed Term 2 Years	Interest Rate 4.05% AER* Fixed Term	Minimum Deposit £1000 Maximum Deposit £2,000,000

A great way of guaranteeing a fixed rate of interest for a fixed term.
You cannot withdraw from this account until it’s matured at the end of the chosen fixed term.
You cannot make additional deposits to your fixed term deposit during your chosen fixed term.
Interest is calculated daily through the applicable interest rate. Interest will be applied 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.
Telephone and Online Banking facilities available.
UK based Customer Service Team for customer support.

Please Note: If you think you’d 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 and Business Savings Accounts.

FSCS Protection:
We are covered by the Financial Services Compensation Scheme (FSCS). All eligible deposits are protected up to £85,000 by the FSCS, which means that if the bank fails and cannot return your money, you will be compensated by the FSCS. Exceptions for certain deposits are stated on the website for the Financial Services Compensation Scheme

*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.

Fixed Term Savings Account Summary Sheet

1. What is the interest rate?

Earn 4.45% AER* Fixed Term Interest for 6 months.
Earn 4.40% AER* Fixed Term Interest for 1 year.
Earn 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 the estimated balance be 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 my 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.

Keeping your savings secure

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

Rates and information correct at 06/09/2024.

Open a Fixed Term Savings Account Today

Please follow these steps to open a fixed term savings account with us. Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely.

1. Download and read our Important Documents

2. Download, complete and submit the application form.

3. Please send us the completed application form, personal details form for each applicant, along with the proof of identity and address to our postal address: Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB.

4. Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely. Once we receive your application, our team will review it and get back to you regarding the status of the application.

5. We will set up your account and send you a welcome pack.

Please note: You can submit your application and other documents either by email at customer.experience@reliancebankltd.com or by post at “Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB”.