Fixed Term Deposit
Deposit a lump sum for a fixed term
With a Fixed Term account, your funds are held on deposit for 12 months at which point they are transferred along with any interest earned to your Ulster Bank instant access account. It is different to some other savings accounts as you are unable to lodge additional funds or make a withdrawal throughout the term.
Receive a fixed rate of interest over a fixed period of time with a guaranteed rate. This means you will know in advance how much interest your deposit will earn
At maturity we will return your funds plus interest earned to your instant access account, unless alternative instructions are received
The need to knows
- Available to both new and existing customers
- You need to be aged 18 or over and resident in the United Kingdom
- Minimum balance is £10,000 maximum is £500,000
- No lodgements or withdrawals throughout the term
- Applications can be made over the phone or in the branch
- You will need to open an instant access account (i.e. an account that does not require notice of withdrawal) with us in the same name as the Fixed Term Deposit, if you do not hold one already. The instant access account will be used for the processing of funds placed on and maturing from your Fixed Term Deposit, together with interest due to you
- Early closure may only be possible in exceptional circumstances and will incur an Early Closure Charge. Details of this change can be found in the undernoted information sheet.
- Fixed Term Deposit Information Sheet & Terms and Conditions
|Term||AER /Gross p.a ( Fixed )|
- Interest is calculated daily and paid at the end of the term
- Gross Rate. This means the interest rate you are paid without the deduction of income tax.
- AER - Annual Equivalent Rate illustrates what the rate would be if paid and compounded each year
Who can open an account?
Anyone over 18 and resident in the United Kingdom can open a Fixed Term Deposit account.
What happens to my savings after the agreed term?
At maturity , unless alternative instructions are received, your funds plus interest earned will be returned to your instant access account.
How do I access my savings?
Withdrawals are not permitted during the term. At maturity your funds plus interest earned will be returned to your instant access account. Your instant access account can be accessed online, by mobile banking, telephone banking or in branch.
Your eligible deposits with Ulster Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
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