Personal Savings Accounts

A personal savings account allows you to deposit money with a bank for either an unlimited or fixed term duration, earning interest on your money. At Reliance bank, our personal savings accounts – including instant access, fixed-term, and notice accounts- are designed to keep your money safe while supporting positive causes.

At Reliance bank, you can open a personal savings account by:

a) Downloading the application form.

b) Select the product that best suits your needs and let us know your choice in the application form.

c) Submitting your application and ensuring you provide the relevant KYC documents for verification.

For more details, you can go to the “Apply” section on any of the product web pages and go through the important documents. If you have any questions, you can contact our Customer Experience Team on 020 73985400.

We refer to the interest rate as an AER, which 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.
At Reliance bank, interest calculation varies by account type:
Fixed term savings accounts: Interest will be paid at the end of the Fixed Term for the 6 Month and 1 year Accounts. Interest will be paid annually for the 2 Year Account.
Instant access savings account: Interest will be applied to the Account quarterly, on the set quarter dates.
Notice savings accounts: Interest is accrued daily and will be applied to the Account on the last working day of each quarter, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS covers up to £85,000 eligible deposits person, per bank. This protection applies if we 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.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim):

a) You can refer to the FSCS website Bank & savings protection checker | Check your money is protected | FSCS

b) You can call the FSCS on 0800 678 1100; international customers can call on 020 7741 4100.

Please note only compensation related queries should be directed to the FSCS.

Our personal savings accounts are available to UK residents aged 18 and over.

• Once you have completed your application form, send us the signed document to our team by email at customer.experience@reliancebankltd.com or by post at “Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB.”
• Please make sure it’s signed by all the applicants.
• Include the supporting documents as specified on the list “What you need to open a personal savings account”.

Once received, our team will get in touch with you for the next steps.