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Step Up Fixed Deposit

Step Up Fixed Deposit

Step Up Fixed Deposit

A flexible fixed deposit designed to give you higher returns, the longer you save.

  • Great interest rates – top rate of 5.75% AER on the fifth year. Overall average rate of 4.59% AER.
  • Withdrawals can be made from the second anniversary of the account opening.
  • Deposit for up to a period of 5 years
  • Minimum investment of £1000

*As long as you keep the funds with us, you will get the higher rate as mentioned below:

First Year 3.10% Gross/AER*
Second Year 4.25% Gross/AER*
Third Year 4.60% Gross/AER*
Fourth Year 5.25% Gross/AER*
Fifth Year 5.75% Gross/AER*

Terms & Conditions

  1. The Fixed Deposit is available to people aged 18 years and over.
  2. Fixed deposits are available in Sterling only.  The minimum deposit is £1,000.00. The maximum amount that can be invested in this deposit is £5,000,000.
  3. If you do not already have a Savings or a Current Account with us, you will be required to open the same.
  4. You can open more than one fixed deposit whilst the scheme is open, however you cannot add additional amounts to your Step up deposit.
  5. The rate of interest is fixed for the entire period of the deposit.
  6. The period of the deposit is 5 years.  Interest will be added to the deposit on the anniversary of the deposit and paid at maturity.  The depositor has the option of receiving interest monthly or annually which can be paid to their Savings/Current account with us.   Once an interest option has been chosen it cannot be changed. If monthly or annual interest payment falls on a non working day, payment of interest will be made on the following working day to your Savings/ Current Account with us.  The Gross Rate for monthly interest options will be as follows:

    Period Gross Rate AER
    First Year 3.057% 3.10%
    Second Year 4.169% 4.25%
    Third Year 4.506% 4.60%
    Fourth Year 5.128% 5.25%
    Fifth Year 5.604% 5.75%

     
  7. Interest will be paid after deduction of income tax at rate specified by law, currently 20%. However we will be able to pay gross interest to eligible account holders subject to completion of HM Revenue and Customs form R85. Interest will be paid Gross to all Non Resident account holders who complete the Inland Revenue R105 form to receive interest without tax taken off. The forms are available in branch or from the HM Revenue and Customs website at www.hmrc.gov.uk
  8. Withdrawals can be made from the second anniversary of the account opening. Withdrawals are also allowed on the third and fourth anniversaries. The account closes and all your funds are returned with interest after the fifth anniversary. When withdrawals are made, all funds must be withdrawn in full.
  9. This Deposit may be closed on the 2nd anniversary or any subsequent anniversary with full payment of interest.
  10. This deposit scheme will be available for a limited period and may be withdrawn at any time at the discretion of the Bank.