Frequently Asked Questions
Frequently Asked Questions about Term Deposit
- How do I apply?
- Who is eligible for a Term Deposit Account?
- How do I make my initial deposit?
- How will I know when the Account has been opened and the date it will mature?
- How long will the cheque take to clear?
- Do I need to provide identification?
- Can I hand the application form into a branch?
- Can I claim tax-free savings?
- What happens if I have any queries once I have received my certificate?
- Can I withdraw the funds at any time?
- What happens when my Account matures?
- Why doesn't the form open when I click on the link?
How do I apply?
Just click on the Apply button. The application form can be completed and should only take a few minutes. Then send this along with your cheque to our Freepost address provided.
Alternatively you can just call 0800 012 1111.
Who is eligible for a Term Deposit Account?
Providing you are a UK resident, can provide a personal cheque for the minimum £2,000 deposit and you are over the age of 16 you are eligible.
How do I make my initial deposit?
Write out a personal cheque (issued by a UK clearing bank or building society on an account held in your name) for the amount of the deposit. For security reasons the cheque should be payable to the account applicant(s).
How will I know when the Account has been opened and the date it will mature?
Upon receipt of your signed cheque and application we will send you a certificate and covering letter confirming your full name, account number, amount of deposit, the term, rate of interest paid and the commencement and maturity dates.
How long will the cheque take to clear?
The cheque will go through the Central Clearing Cycle which normally takes four business days.
Do I need to provide identification?
We will endeavour to open your account without you sending us any proof of identity or residence and may verify your details using an electronic verification system. If further details are required we will contact you by telephone.
Can I hand the application form in to a branch?
No. It should be sent to our Freepost address provided.
Can I claim tax-free savings?
Yes, if you are eligible you need to complete an HM Revenue and Customs R85 form. You can request a form from us on the application form by ticking the R85 required box.
What happens if I have any queries once I have received my certificate?
You can call us on 0800 012 1111, selecting option 2 for after sale queries.
Can I withdraw the funds at any time?
During the fixed term, you can only make one withdrawal of the full amount, including any accrued interest. Such a withdrawal will be subject to an early repayment charge (£30 minimum charge) the amount of which is dependent on the number of days to Maturity. Ask at any branch or see Terms and Conditions for details. The charge will be deducted from any accrued interest, but where there is insufficient accrued interest to meet the charge in full, any additional sum will be deducted from the capital in the account. If early repayment is requested then the stated interest will not be achieved.
What happens when my Account matures?
Approximately 3 weeks before maturity we will contact you to discuss your options with you. To allow us to carry out your instructions, confirmation will be required at least 3 business days prior to the Maturity date.
Why doesn't the form open when I click on the link?
If the form is giving you an error or simply not opening when you click on the link, firstly make sure that you have the latest version of Acrobat Reader installed (download the latest version of Acrobat Reader here (opens in new window) for free).
If you still experience problems with opening the form, save the file to your computer first then open it from there. To save a file in Internet Explorer, right-click on the link and choose "Save Target As...". In Netscape choose "Save Link Target As...".
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