Money Desk Deposit
Receive a fixed rate linked to the money markets
The need to knows
- Anyone over 18 and resident in the UK can open a Money Desk Deposit
- Accounts can be opened at any Ulster Bank branch
- Gross interest is calculated on a 365 day basis
- Interest is paid at the end of the term
- No lodgements or withdrawals throughout the term
- A range of terms are available from 1 week to 1 year
- For terms of less than 6 months the minimum balance is £10,000. For terms of 6 months or more the minimum balance is £2,500
- 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 Money Desk 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 Money Desk Deposit, together with interest due to you
- At maturity your funds plus any interest earned will be reinvested for the same term at the rate applicable at that time
- 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
- Money Desk Deposit Information Sheet
- Terms and conditions
Who can open an account?
Anyone over 18 can open a Money Desk Deposit
What happens to my savings after the agreed term ?
At maturity , unless alternative instructions are received, your funds plus interest earned will be rolled over for the same term on the rate applicable at that time.
How do I access my savings?
Withdrawals are not permitted during the term. Where you instructed us not to reinvest your funds at maturity, the balance 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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