Term Deposit Account

A fixed-term savings account with a guaranteed rate of interest paid over periods ranging from three months to three years.

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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 over three, six or nine months, or one, two or three years.
  • No withdrawals or closure available before maturity.
  • Interest paid on maturity.
  • Minimum deposit of £50,000.

 

Eligibility

Available to 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 charities, pension managers, trustees, associations, clubs and societies.

Apply via your accountant or financial adviser.

Account holders must be 18 or older.

Up to four joint account holders per account.

We only accept deposits to a 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This account is subject to availability and may be withdrawn from sale at any time without notice.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

  • For Terms of two years or more, interest can be paid annually by request.
  • The account can be managed online, 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 Maturity Options Form, which you will receive 6 weeks before your Term Deposit matures. We will send you a reminder 2 weeks before your Term Deposit matures.

At maturity, if instructions are not provided we will open a Term Maturity Account and transfer your Term Deposit funds into it. The Term Maturity Account has an interest rate of 0.50% AER/gross (variable).

The following options are available to you at maturity:

  • an instruction can be given for us to automatically roll over the deposit, together with accrued interest into another Term Deposit at the then applicable rate;
  • the capital alone can be rolled-over into a new 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 have received 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 Term Deposits should be made using the Term Deposit Maturity Options Form.

Interest rates

Rates correct as at 2 November 2018. Interest payable is fixed.

Term Deposit Account - £ pounds

Term Balance Gross % p.a. AER % p.a.
3 months £50,000+ 0.30% 0.30%
6 months £50,000+ 0.40% 0.40%
9 months £50,000+ 0.50% 0.50%
12 months £50,000+ 0.70% 0.70%
24 months £50,000+ 0.80% 0.80%
36 months £50,000+ 1.00% 1.00%

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

    Please contact your financial adviser or intermediary if you wish to apply for an account with Cater Allen. If you don't have a financial adviser or intermediary, please contact us on 0800 032 7095 to discuss your options.

    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.

    If you don't have a financial adviser of intermediary, please contact us on 0800 032 7095 to discuss your options.

    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.

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    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.

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