The Term Deposit Account

With this account the interest you earn is linked to the rates on the City’s money market. You could earn more interest this way but you need to be prepared to keep your money in the account for the agreed period of time.

You choose how long you want to lock your funds in for, and our Private Banking team are available to advise you of the current money market rates. The rates fluctuate throughout the day and we guarantee to pay you no less than 0.25% below the then current market bid rate for the term you select.

The account starts earning interest as soon as cleared funds are available. Interest will be added to the balance on maturity. On this type of account interest is paid gross and you must declare it in your annual tax returns.

We’ll send you a confirmation notice at the beginning of your chosen term, confirming the balance, interest rate and next maturity date.

If, at the end of the agreed period, you withdraw funds and that takes your Term Deposit Account below £50,000, it will have to close and the funds will be transferred into a Deposit Account.

If you require access to your funds before the maturity date you will incur a breakage fee and interest penalty.