Loyalty Cash ISA Fixed Deposit Account

We want to thank your relationship with SBI UK.

If you are existing customers* of SBI UK, you may be eligible for the loyalty rates.

The loyalty rates will be applied to the credit balances held in your SBI UK account for a minimum of three months.

The loyalty rates are also applicable for your existing maturing fixed deposits with us.

If you want to know more about the loyalty fixed deposit scheme. Please call, visit or write to your nearest SBI UK branch.

 

The Loyalty Interest rates are as below:

Loyalty Cash ISA Fixed Deposit rates

Period Gross Rate
maturity/annual interest
AER
Two Years 1.75% 1.75%
Three Years 1.75% 1.75%
Five Years 2.00% 2.00%

Please click here for information on our General Terms and Conditions of Service

* Existing customer can be an Individual / Joint account holder or an SME Business account holder.

Account name Loyalty Cash ISA Fixed Deposit
Interest rates For current interest rates visit: www.sbiuk.com/personal/interest-rates
Tax status Interest is paid tax-free, that is free from UK Income Tax and Capital Gains Tax
Transfers Transfer-In is allowed from any ISA provider, and the transfer process will be completed within 15 business days.
What would the estimated balance be on the date the fixed deposit matures based on a £5,000 deposit? On a deposit of £5,000, the estimated balance would be:
Term Initial Deposit Estimated Balance
2 Years £5,000 £5,151.13
3 Years £5,000 £5,228.39
5 Years £5,000 £5,453.08

This is based on:
  • Interest calculated and compounded annually.
  • £5,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made until the end of the term.
  • The amount of the deposit at the end of the term.
Withdrawal arrangements
  • Withdrawal or transfer of the deposit can be made before the end of the term if 30 days' notice is provided. There will be a loss of interest if early withdrawals/transfers are made. Please refer to terms and condition for further information
  • Partial withdrawals/ transfers are not allowed.
Access In branch, post or online
Conditions for bonus payable
  • There is no bonus available on this account.

1. SBI UK Loyalty Fixed Deposit Account

  • If you are existing customers* of SBI UK, you may be eligible for the loyalty rates.
  • The loyalty rates will be applied to the credit balances held in your SBI UK account for minimum three months. The loyalty rates are only for GBP fixed deposits.
  • The loyalty rates are also applicable for your existing maturing fixed deposits with us.
  • To qualify for a SBI UK Cash ISA fixed deposit account, you must:
    • be aged 18 or over
    • be resident in the UK for tax purposes, If not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or married to, or in a civil partnership with, a person who performs such duties.
    • have a permanent UK address
  • The Cash ISA fixed deposit is available for tenure of 2, 3 or 5 years.
  • When you open your account, you choose the period of your deposit. The rate of interest is then fixed for this entire period.
  • Minimum amount which can be deposited in Cash ISA fixed deposit is £5,000.
  • Transfer-In is allowed from any ISA provider and the transfer process will take about 15 business days from the day we have received the Transfer Authority form duly filled and signed.
  • Withdrawal or transfer of the deposit can be made before the end of the term if 30 days' notice is provided. However, a partial withdrawal or transfer is not allowed.
  • NO interest will be paid if the account is closed before the first year of anniversary. For example, if the deposit is withdrawn or transferred after 9 months, only Principal will be paid i.e. with no interest.
    If the account is closed on or after the first year of anniversary, but before the end of the agreed term, interest will be paid at 1% less than the applicable rate of interest for the entire period the deposit is held with the bank. For example, if the interest rate was 2.1% AER for 3 years and if the deposit is withdrawn or transferred after 2 years, an effective interest rate of 1.1% will be paid for the entire 2 years the deposit is held with the bank.
  • You have to open a Current / Savings Account with us to avail the Cash ISA fixed deposit. This will be a non ISA Account.
  • Interest is paid annually or on maturity of the Cash ISA fixed deposit.
  • If you have chosen to receive annual interest on your Cash ISA interest will be paid into your Current/Savings account held with us.
  • You can subscribe only to one Cash ISA in a tax year. However, you can also have a Stocks and Share ISA in the same tax year.
  • Maximum subscription is £20,000 in the 2018 / 2019 tax year (subject to any stocks and shares ISA subscriptions you have made for the 2018/2019 tax year) plus accrued interest credited to the account.
  • Subscription limits in any tax year are set by HM Revenue and Customs (HMRC) and therefore may change.
  • Our deposit rates are available for a limited period and we may withdraw them at any time.

For more information, see our General Terms and Conditions of Service.

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