Fixed Term Deposits | UBL UK (2024)

Product Overview

Our Fixed Term Deposit (FTD) Accounts offer an alternative way of saving a lump sum for a fixed date in the future. You benefit from a higher interest rate by locking your money away for a fixed period of time.

UBL UK offers deposit terms from 1 Month to 7 Years for GBP denominated accounts, and terms from 1 Month to 1 Year for USD denominated Accounts. All UBL UK Savings Accounts are protected by the Financial Services Compensation Scheme (FSCS). Deposits of up to £85,000,per eligible person, per UK-authorised bank, building society or credit union, or £170,000 for joint accounts, are protected under FSCS. For more information regarding FSCS, please visit https://www.fscs.org.uk.

Now you can open your account via the Internet or Mobile Banking - Search 'UBL UK Mobile Banking' in your App store or visit digitalbanking.ubluk.com and select 'Register'.

• What is the interest rate?

  UBL UK offers a number of Fixed Term Deposit Accounts in GBP and USD denominations. Details of the interest rates, minimum and maximum deposit amounts and term lengths can be found below:

  GBP Fixed Term Deposits
  Term	Interest Rate (AER)	Minimum Deposit	Maximum Deposit
  Term 1 Year	4.56%	£2,000	£1m
  Term 2 Year	4.61%	£2,000	£1m
  Term 3 Year	4.63%	£2,000	£1m
  Term4 Year	4.26%	£2,000	£1m
  Term 5 Year	4.52%	£2,000	£1m
  Term 7 Year	3.50%	£2,000	£1m
  USD Fixed Term Deposits
  Term	Interest Rate (AER)	Minimum Deposit	Maximum Deposit
  Term 1 Year	2.00%	$25,000	$1m

  Rates correct as at 21.02.2024

  For deposits larger than the Maximum Deposit amount, please contact a member of the Customer Services Team on +44 (0) 121 753 6000 Monday to Friday from 9:15am to 5:15pm.

  1. You can choose to have your interest paid monthly (for 1, 2, 3, 4, 5, and 7 year FTD), annually (for 2, 3, 4, 5, and 7 year FTD), or on the maturity of the deposit for all Accounts.
  2. Interest is paid away for all frequencies and is not compounded. Please refer to the Interest Rate Sheet for Gross Rates on different interest payment options.
  3. Interest is calculated daily and credited monthly, annually, or at maturity of the deposit depending on your selection.
  4. The interest rate frequency cannot be amended once the selection has been confirmed.
  5. Interest will be paid out to the account that you nominate at the time of account opening. This account must be a UK bank account in your name.
  6. Should you wish to change the nominated account during the course of the Fixed Term Deposit, you will need to provide UBL UK with written instructions to do so that are signed and dated by all Account holders.

  IMPORTANT NOTICE: UBL UK does not compound interest and interest is not added to your principal amount on any selected interest payment frequency. If you have selected interest payment at maturity, at the end of your term you will have the choice to reinvest your principal and any accrued interest into a new term, or have the interest paid into your nominated account.

• Can UBL UK change the interest rate?

  No.

  This Account has a fixed rate of interest for the term you select and the rate will not change during this fixed period.

  See Also

  A Glossary Of Basic Banking TermsTerm Deposits - High-Interest Term DepositsANZ PIE Fund - Term OptionTerm deposit vs savings account

• What would the estimated balance be at the end of the selected term based on the minimum required deposit?

  Below is an example of what the future balance might be after any accrued interest has been paid at the prevailing rate.

  GBP Fixed Term Deposits
  Term	Min. Deposit	Interest Rate (AER)	Balance at the end of term
  Term 1 Year	£2,000	4.56%	£2,091.20
  Term 2 Year	£2,000	4.61%	£2,188.65
  Term 3 Year	£2,000	4.63%	£2,290.86
  Term4 Year	£2,000	4.26%	£2,363.20
  Term 5 Year	£2,000	4.52%	£2,494.75
  Term 7 Year	£2,000	3.50%	£2,544.56
  USD Fixed Term Deposits
  Term	Min. Deposit	Interest Rate (AER)	Balance at the end of term
  Term 1 Year	$2,000	2.00%	$2,040.00

  
  UBL UK has used the following assumptions to produce the above calculations;

  1. Calculations are based on a minimum deposit of £2,000
  2. No change in the amount (no deposits, no withdrawals) for the duration of the fixed term
  3. No change to the interest rate during the fixed term (the interest rate is fixed for the term of the deposit on all Fixed Term Deposit Accounts)
  4. Interest payment on maturity

  These projections are provided for illustrative purposes only and do not take into account individual circ*mstances.

• How do I open and manage my Account

  Eligibility:

  You must;

  • Be aged 18 or over
  • Have a UK bank account in your name to fund the Account, and to receive your interest

  Minimum/Maximum Balance:

  • The minimum balance is £2,000 for GBP denominated accounts and $25,000 for USD denominated accounts
  • The maximum balance is £1,000,000 for GBP denominated accounts and $1,000,000 for USD denominated accounts

  How to open the Account:

  The fastest way to apply for UBL UK Fixed Term Deposits is using your computer or mobile device with our fully digital application process, simply visit digitalbanking.ubluk.com or search 'UBL UK Mobile Banking' in your app store, direct links can be found below;

  Internet Applications

  Apple Devices

  Android Devices

  You may also complete the Application Form, and then return it along with verified copies of your Photo ID and either a Bank Statement or Utility Bill as Proof of Address dated within the last 3 months. However this may take up to 15 Working Days to process, forms can be returned in the following ways:

  • In branch:Visit our branch Monday to Friday between 9:30am and 4pm
  • In writing:By post, sending instructions to:FREEPOST: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ (all written instructions must be countersigned and dated by all named Account holders)

  Please make sure that you select the links below and read and understand the Personal Banking Terms and Conditions where you will find full details of the Account, before you apply:

  Personal Banking Terms and Conditions

  How we protect your deposits

  Interest Rate Sheet

  Personal Banking Schedule of Charges

  How to manage the Account:

  Funding your Account

  See Also

  Time Deposit Accounts - Secure your Money

  • When applying through internet or mobile banking, once registered you may access either internet or mobile banking where you will see a Funding Account to which you can make electronic transfers. Once the committed amount has been sent, your Fixed Term Deposit will be funded. You have 10 working days to fund your Account to secure the advertised interest rate, funds that arrive after this point will be subject to the live rate for the product type you have selected.
  • You may send a cheque with your postal application in order to fund the Account. Please ensure that the cheque is payable to you, and is from an account which you own and operate.
  • If you wish to wait for your Account to be opened before you fund it if your have chosen a physical application process - you will receive a Welcome Letter up to 5 working days after the account has been opened with your Account details. You may send us a cheque to FREEPOST: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ, or make an Electronic Transfer to:
    • Sort Code 60-93-68
    • Account number 81006601
    • With your Account number (from your Welcome Letter) as the reference.

  NB: You will have 10 calendar days to fund your Account, deposits after this period will be subject to the prevailing advertised Interest Rate.

  What is a Funding Account?

  A Funding Account is a non-interest bearing transit account that we use to help you set up your Fixed Term Deposit. You should only transfer up to the committed amount into the Funding Account. Any additional funds will remain in the Funding Account, but you will not be able to move them through internet or mobile banking and will need to contact us by phone. If you make multiple deposits to fund your account, we will sweep them into your Fixed Term Deposit once you have reached the minimum funding amount of £2,000.

  Managing your Account

  • Digital applications: if you apply digitally, you will have access to operate and manage your account on mobile or internet banking immediately.
  • Online: If you chose the physical application route, once opened, you may register for New Internet Banking at digitalbanking.ubluk.com, or download our new Mobile App by searching for 'UBL UK Mobile Banking' in your app store. You will need the answers to your security questions and your account number to do this.
  • Secure Message:when registered for internet and mobile banking, you can send secure messages direct to our team to maintain your account and give UBL UK instructions.
  • In branch:Visit our branch Monday to Friday between 9:30am and 4pm
  • In writing:By post, sending instructions to: FREEPOST: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ (all written instructions must be countersigned and dated by all named Account holders)
  • Telephone:You can contact our Customer Services Team Monday to Friday from 9:15am to 5:15pm for support

  You can contact our Customer Services Team on 0121 753 6000 Monday to Friday between 9:15am and 5:15pm for more information.

• Can I withdraw money?

  Withdrawals are not permitted before the maturity date.

  Early withdrawal (including partial withdrawal) is allowed only at the Bank's discretion and under extenuating circ*mstances. Please refer to the Personal Banking Terms and Conditions for further details.

• Additional Information

  1. This Account can be held in single or joint names.
  2. There is a 14 day cooling off period for all Fixed Term Deposits.
  3. If you decide to cancel within the 14 days we will not deduct Early Withdrawal Charges, but you will not be entitled to any accrued interest for the number of days the deposit has been with us.
  4. Interest will be paid using the Gross Rate and tax will not be deducted where your interest is exempt.
  5. Gross rate means we won't deduct tax from the interest we pay on money in your account. It's your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC) or other tax authorities that you are required to report to.
  6. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisem*nt for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time. IMPORTANT NOTE: UBL UK does not compound interest on Fixed Term Deposits as interest is paid away to your nominated account.

  Definitions:

  To help you in your product selection, you may find the following definitions useful:

  • Gross interest: the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
  • AER (Annual Equivalent Rate): the AER illustrates what the true rate of interest would be if interest was paid and compounded each year. Please note that the actual interest rate, based on the interest payment frequency you chose, will be different to the AER advertised. If interest is credited more frequently to your nominated Account, the actual rate applied would be lower.

• Frequently Asked Questions

  1	How can I open a Fixed Term Deposit with UBL UK?	You can open a UBL Fixed Term Deposit in the following ways: Online: www.digital banking.ubluk.com Mobile App: Search ‘UBL UK Mobile Banking’ in your App Store In Branch: Visit our London Branch By Post: Complete a Personal Banking Application Form and return this to Freepost: RUEE-STYR-XYKE, UBL UK,2 Brook Street, London W1S 1BQ. If you are applying in branch or by post, you will need to provide certified copies of your photo ID (passport or UK driving licence) and Proof of Address (utility bill or bank statement dated within the last 3 months).
  2	What is the interest rate for the Fixed Term Deposit?	The latest Fixed Term Deposit interest rates can be found on the UBL UK Fixed Term Deposit Webpage.
  3	Can I withdraw money from my Fixed Term Deposit account?	Withdrawals from Fixed term Deposits are only permitted under extenuating circ*mstances and to the Bank’s discretion. Early withdrawal charges may apply, please see UBL UK’s Personal Banking Terms and Conditions for further details
  4	What is the minimum balance requirement for the FTD?	The minimum balance requirement is £2,000.
  5	What is the maximum deposit for the FTD?	The maximum deposit is £1,000,000.00.
  6	Are my funds in an FTD protected?	UBL UK is covered by the Financial Services Compensation Scheme (FSCS) protection scheme. Deposits of up to £85,000, per eligible person or £170,000 for joint accounts, are protected under FSCS. For more information regarding FSCS, please visit https://www.fscs.org.uk.
  7	What is gross interest?	Gross interest is the annual rate of interest payable before the deduction of income tax at the rate specified by law.
  8	What is AER?	AER (Annual Equivalent Rate) illustrates what the true rate of interest would be if interest was paid and compounded each year. Please note that the actual interest rate, based on the interest payment frequency you chose, will be different to the AER advertised. If interest is credited more frequently to your nominated Account, the actual rate applied would be lower.
  9	Can the Fixed Term Deposit be held under joint names?	Fixed Term Deposits can be held in single or joint names.
  10	What happens upon maturity of the Fixed Term Deposit?	We will write to you a minimum of fourteen (14) days before your Fixed Term Deposit matures to ask for your instructions with respect to what you would like to do with your Fixed Term Deposit money at the Maturity Date. Upon maturity, you may: 1) Re-invest your funds with UBL UK. 2) Partially withdrawal of your funds to the nominated account details provided at account opening. 3) Close your account and transfer all of your funds to a nominated account. If you wish to send the funds to a different account, name and you must provide written instructions that are countersigned before the account it due to mature. Please note that the nominated account must be held in your name. You can send us your instructions via secure message or by post to the following address: FREEPOST: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ. If you do not provide us with any instructions before the Maturity Date or we cannot reasonably comply with your instructions, we will reinvest your money in a Fixed Term Deposit, which has identical or similar terms to your Fixed Term Deposit which just matured. Any such reinvestment will be made at the prevailing Fixed Term Deposit interest rate for that term.
  11	What options do I have for opening the Fixed Term Deposit Account?	UBL UK currently offers deposit terms ranging from 1 month to 7 years for GBP denominated accounts and 1 month to 1 Year for USD denominated accounts.
  12	How is the interest calculated and paid?	Interest is calculated daily and credited monthly, annually, or at maturity of the deposit depending on your selection. The interest rate frequency cannot be amended once the selection has been confirmed. Interest will be paid out to the nominated account provided at the time of account opening.
  13	Is it possible to change my nominated account details?	Should you wish to change the nominated account during the course of the Fixed Term Deposit, you will need to provide UBL UK with written instructions (signed and dated) by all account holders and send this to Freepost: RUEE-STYR-XYKE, UBL UK,2 Brook Street, London W1S 1BQ. You can also send us a secure message using digital banking with your instructions.
  14	What is a Funding Account?	A Funding Account is a non-interest bearing transit account that we use to help you to set up your Fixed Term Deposit. You should only transfer up to the committed amount into the Funding Account.
  15	Can I change the interest rate option once I have opened the account?	The interest rate on an FTD is fixed for the duration of the term and cannot be changed after account opening.
  16	Do I need to open a Current Account to apply for the Fixed Term Deposit Account?	You do not need a UBL UK Current Account to open a Fixed Term Deposit Account.
  17	Can I view my account online?	You are able to view your account online through Digital Banking and Mobile Banking. If you are not registered for Digital or Mobile Banking, please visit digitalbanking.ubluk.com and select 'Register' or search 'UBL UK Mobile Banking' in your App Store and follow the instructions.