Personal Fixed Term Savings Accounts

Fixed Term Savings Account Features

• Choose from 6 months, 1 year, or 2 years for your fixed term savings accounts and earn interest on your fixed term deposits.
• Funds are locked until the account matures, ensuring you a guaranteed interest rate.
• Interest is calculated daily at the application interest rate; paid to your account 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 account via Telephone and Online Banking.
• Our UK based Customer Experience Team is here to assist you.
• Joint accounts available.

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

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 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 your account?
   • You can apply by completing an application form.
   • You must be at least 18 years of age and must be a UK resident.
   • 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 re-investing 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 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 will not be able to close your Fixed Term Deposit account before its maturity date.
   • You are covered under the Financial Compensation Services Scheme.

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

Explore our other savings account

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.