Personal Fixed Term Savings Accounts
Enjoy guaranteed returns with our Personal Fixed Term Savings Accounts. Choose from 6 months, 1 year, and 2 years term deposits if you can put the money aside for a period of time.
Fixed Term Savings Account Features
- Choose from 6 months or 1 year 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.
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.
Ready to Apply?
Why open a Fixed Term Savings Account?
- Guaranteed return with fixed interest rates on your savings.
- If you don’t need access to your funds for a set period.
- Ideal for lump sum deposits.
Open a Fixed Term Savings Account Today*
To open an account, download and read the following documents, submit the completed application form along with other relevant KYC documents 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.
*Products are subject to status and eligibility. Terms and conditions apply.
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
What is the Applicable interest rate?
Can Reliance Bank change the Applicable Interest Rate?
No, the Applicable Interest Rate is fixed. It will not change until the account matures at the end of your fixed term.
What would the estimated balance be at the end of the fixed term, based on a £1,000 deposit?
*This calculation is for illustration purposes only.
How do I open and manage an account?
You can apply by downloading an application form from our website. Please complete the form, and then email or post it to us.
You can manage your account online via our digital banking portal or by telephoning our Customer Experience Team on 0207 395 5400.
Can I withdraw my money?
No, you cannot withdraw money from your account during the Fixed Term.
Rates and information correct at 25/03/2025.
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 fixed term savings account, also known as fixed term deposit or fixed rate savings account, allows you to save money for a fixed term at a guaranteed fixed rate. Typically, fixed term deposits offer higher interest rates than regular savings account, making them an attractive option. At Reliance Bank, we offer fixed terms of 6 months, 1 year, and 2 years with a fixed interest rate.
You have 14 days from the day of account opening to deposit your funds. You can make any number of deposits up to the account’s maximum deposit limit during this period. If after 14 days you haven’t met the minimum balance, we will close the account and return any funds to you. No further deposits or withdrawals are allowed after the 14 days from the account opening, but you can have more than one Fixed Term Deposit account.
We will send you a reminder at least 21 calendar days before the expiry of the term of the account (the “Maturity Date”) to advise you of the upcoming Maturity Date. We will send you another reminder approximately 14 calendar days before maturity of the account. You may instruct us on or before the Maturity Date to repay the account balance to another Reliance Bank Limited savings account, or the account from which the initial deposit was made, unless otherwise agreed with us in writing.
If we do not receive any instructions from you on or before the Maturity Date, we will convert your account to a new Instant Access Savings Account. The prevailing Instant Access Savings Account Terms and Conditions will apply.
Ready to Apply?
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.
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.