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Fixed Rate Deposit Account

Key features:

  • A fixed interest rate for the full term of your account
  • Interest rates of up to 2.06% AER*
  • Fixed for your choice of 1, 2, 3, 4 or 5 years
  • Apply and access your account online
  • No withdrawals are allowed once your account is open and early closure is not possible

Financial Services Compensation Scheme

Your eligible deposits with Wesleyan Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here for further information or visit the www.fscs.org.uk.

Summary

Give your hard-earned savings the security they deserve

We know how hard you’ve worked for your savings, and we understand how useful it is to know upfront how much income your investment will earn. That’s why we created our Fixed Rate Deposit Account, a savings account that offers you peace of mind with interest rates fixed from the start. This account is ideal if you don’t need to access your savings for a year or more, and you can open it on your own or with someone else.

With competitive interest rates fixed for your choice of one, two, three, four or five years, you’ll know straightaway how much income your savings will generate - even if other interest rates fall. Ranging from 1.04% AER* for one year to 2.06% AER* for five years, you can be confident that your savings will go further with Wesleyan Bank.

The Fixed Rate Deposit Account at a glance

  • Interest rates - fixed rate for 1, 2, 3, 4 or 5 years.
  • Interest paid - annually on the day following each anniversary of the opening of the account and at the end of the term. Interest is credited to the same account by default, but you can request to transfer it to another account free of charge.
  • Minimum opening deposit - £1,000.
  • Maximum opening deposit - £250,000.
  • Paying in - you can’t add more funds to the account except by re-investing the interest. However, you can open more than one account up to a maximum of £1,000,000, subject to availability.
  • Withdrawals - Withdrawals or early closure are not permitted during the term except in exceptional circumstances. For further information, read the full terms and conditions.
  • At the end of the term - your account becomes an access account with a variable interest rate.


The Fixed Rate Deposit account pays a competitive rate of interest over a choice of one, two, three, four or five year terms.

Fixed Rate Deposit Account interest rates

Term  Gross p.a**/AER* 
 1 Year  1.04%
 2 Years  1.15%
 3 Years  1.81%
 4 Years  1.81%
 5 Years  2.06%

The rates and terms offered are only available for a limited period and may be withdrawn at anytime.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest rate was paid and compounded each year. As every advert for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.

**Without UK tax deducted

Ready to start saving?

Apply online for your Fixed Rate Deposit Account now, or call us on 0800 358 1122 to find out more. Alternatively, fill in our contact form and we’ll call you back.

Further information
  • A choice of fixed interest rate for one, two, three, four or five years
  • A minimum opening deposit of £1,000, maximum of £250,000
  • No additional funds can be added to the account except by re-investing the interest; but you can open more than one account (subject to availability and up to a maximum of £1,000,000)
  • Withdrawals or early closure are not permitted during the term except in exceptional circumstances. For further information, read the full terms and conditions.
  • Upon maturity the account will become an easy access account with a variable interest rate. We will advise you of the terms of the account, the interest rate applicable and other investment options, prior to maturity.
  • You must be over 18 and live in the UK to open a Fixed Rate Deposit Account.
  • You can open an account on your own, with a partner, or by power of attorney. An account can be opened by up to 2 people.

Consider it if...

  • You want a guaranteed fixed interest rate
  • You want to invest your savings for one, two, three, four or five years
  • You don't need access to your money for the term of the account

Available online only with our Internet Banking Service

You can only apply for a Fixed Rate Deposit Account online. If you experience any problems, contact our helpdesk by email or phone and we'll help you fill in the form.

Classic Account

Classic Account

Start saving the easy way with a Classic Account from Wesleyan Bank, which gives you easy access to your money.
Junior ISA

Junior ISA

Invest in your child's future by opening a Cash Junior ISA, which lets you and your family and friends save up to £4,080 a year for your child, tax-free.
Call our team free on 0800 358 1122 Monday to Friday 8.00am - 6.00pm, or contact Wesleyan Bank

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Syscap Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2017 Wesleyan Assurance Society