Fixed Term Deposit Account

A fixed term savings account with a guaranteed rate of interest for the full term of the account.

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  • Interest rates fixed at outset for full term of account, regardless of what happens to rates in the wider economy.
  • Accounts can be held for one or two years.
  • No withdrawals or closure available before maturity.
  • Interest paid at maturity.
  • Minimum deposit of £85,000.

 

Eligibility

Available for personal customers, companies, sole traders, partnerships, and self-employed professionals operating through limited company structures such as contractors, consultants, interim managers, freelancers and locums. Also available to pension managers.

Available to customers via a Professional Adviser only.

Account holders must be 18 or older and be resident in the UK permanently.

Up to four joint account holders per account.

We only accept deposits to a Fixed Term Deposit Account via electronic transfer.

This account is subject to availability and may be withdrawn from sale at any time without notice.

More information

  • The account can be managed by phone or by post.
  • Accounts available in pounds only.

At maturity

We offer a choice of options at maturity which you must provide to us via the Fixed Term Deposit Maturity Options Form, which you will receive 6 weeks before your Fixed Term Deposit matures. We’ll send you a reminder 2 weeks before your Fixed Term Deposit matures.

At maturity, if instructions have not been provided we’ll open a Term Maturity Account and transfer your maturing Fixed Term Deposit funds into it. You can see information on the current interest rate for the Term Maturity Account here.

The following options are available at maturity:

  • an instruction can be given to roll over the deposit, together with accrued interest, into a new Fixed Term Deposit at the then applicable rate;
  • the capital alone can be rolled-over into a new Fixed Term Deposit, with the accrued interest paid into a pre-nominated bank account;
  • both capital and accrued interest can be transferred into a pre-nominated bank account.

If we receive repayment instructions from you, your deposit will be sent by electronic transfer into a bank account in your name. A fee may be payable for this, please see our Banking Tariff for details.

All written instructions for maturing Fixed Term Deposits should be made using the Fixed Term Deposit Maturity Options Form.

Interest rates

Rates correct as at 18 May 2022. Interest payable is fixed.

Fixed Term Deposit Account - £ pounds

Term Balance Gross % p.a. AER % p.a.
12 months £85,000+ 1.25% 1.25%
24 months £85,000+ 1.65% 1.65%

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

    How to apply

    Step 1:Read and save the following documents:

    Although you should apply via your financial adviser or intermediary we have provided the relevant documentation required for an application. It's important that you fully understand the account, interest rates and the relevant Terms and Conditions before submitting an application.

    View the interest rate for the account you would like to apply for

    Step 2:Please contact your financial adviser or intermediary:

    Please contact your financial adviser or intermediary to discuss opening the account and completing an application form.

    Once your financial adviser or intermediary has sent in your application, it will usually be processed within 5 days of us receiving it, as long as the application form is completed correctly and accompanied by all required documents. Application forms we receive which are incorrect or incomplete will be automatically returned.

    Literature downloads

    Terms and Conditions

    Account Fact Sheets

    Application Forms

    Additional important literature about your account

    Renewal Mandate

    Literature downloads

    Terms and Conditions

    Account Fact Sheets

    Application Forms

    Additional important literature about your account

    Renewal Mandate

    Literature downloads

    Terms and Conditions

    Account Fact Sheets

    Application Forms

    Additional important literature about your account

    Renewal Mandate

    Literature downloads

    Terms and Conditions

    Account Fact Sheets

    Application Forms

    Additional important literature about your account

    Why choose Cater Allen?

    We have over 200 years of experience working in the UK, aiming to deliver a high level of customer service whenever you need help.

    About us