35 Day Notice Savings Account

35 Day Notice Savings Account Features

• Available to UK residents who are 18 years or above.
• To have a joint account, both holders of the account must be at least 18 years of age.
• The Account is not for day-to-day transactional purposes; any requirements of that nature must be processed via your current account.
• Great way to build your savings with lump sums or regular payments.
• Withdraw your money by giving a 35 days’ advance notice.
• Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
• Manage your account via online banking or telephone banking.
• Our UK based Customer Experience Team is here to assist you.

How we use your Personal Information?

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 2.05% interest AER* variable effective from 1st December 2024.
   • Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
2. Can Reliance Bank change the interest rate?
   • We may change any of the rates and charges detailed in this Important Information Summary.
   • We’ll notify you of any changes by post, email, or any other form of communication.
   • If we increase the interest, we’ll make details of the rate change available on our website within 3 working days of the change.
   • If we decrease the interest rate, we’ll let you know personally and give you at least 14 calendar days notice before we do so. If you are not happy with the change, you can at any time up to 30 days from the date we tell you about the change, close or switch your Account without paying any penalty or other charges. If you do not do so, we will consider that you have agreed to it.
3. What would the estimated balance be after 12 months based on a £1,000 deposit?
   • On a deposit of £1,000, the estimated balance would be £1,020.83. This is based on:
   • Earn 2.05% interest AER* variable effective from 1st December 2024.
   • Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
   • £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
   • The interest rate as detailed in this Important Information Summary and doesn’t take into account any changes in the rate of interest over the 12 month period.
4. How do I open and manage your account?
   • You can apply to open a 35 Day Notice Personal Savings Account if you are 18 or over and a UK resident.
   • To have a Joint Account, both holders of the account must be at least 18 years of age and a UK resident.
   • There is a minimum balance of £500 required to maintain the 35 Day Notice Personal Savings Account.
   • The maximum balance that can be held is £2m. Accrued interest will be transferred into your current account. Please contact us if your request is above £2m.
   • Should the balance of the Account fall below the minimum balance, an interest rate of 0.10% will apply until the balance meets the required level again.
   • You can manage your account online via our Digital Banking or by telephoning our Customer Service 020 7398 5400.
   • You can close your 35 Day Notice Personal Savings Account by providing us with 35 day’s notice.
5. Can I withdraw money?
   • The notice period for this Account is 35 days.
   • A notice of withdrawal is not permitted within the first 35 days of the first deposit.
   • No early withdrawals will be permitted.
   • The notice period will start from the date the advice is received by the bank.
   • We will accept withdrawal requests in writing or via our digital banking service. All requests received will be confirmed by the Bank in writing confirming the withdrawal date.
   • Funds will be transferred out of the 35 Day Notice Personal Savings Account in the morning of the last day of the notice period to your nominated account.
6. Additional Information
   • All interest on UK savings accounts will be paid gross**.
   • If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself.
   • The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers don’t receive a Personal Savings Allowance.
   • You will have to declare interest earned if you exceed your annual Personal Savings Allowance, as set by HMRC.
   • You are covered under the Financial Compensation Services Scheme.
   • For more details on current interest rates and charges call us on 020 7398 5400.

Rates and information correct at 02/10/2024.

Definitions Explained
1. *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.
2. **Gross rate
Gross rate means that credit interest is paid without income tax being deducted.

Frequently Asked Questions

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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.