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 between 1 to 5 years, you’ll know straightaway how much income your savings will generate - even if other interest rates fall. Ranging from 1.90% AER* for one year to 2.20% 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 between 1 and 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 deposit - £1,000.
- Maximum deposit - £250,000.
- The Account - term will run from the day we have received the full opening balance as declared on your application.
- 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 to five year terms.
Fixed Rate Deposit Account interest rates
||Gross p.a**/AER* |
| 1 Year
| 18 Months
| 2 Years
| 3 Years
| 4 Years
| 5 Years
The rates and terms offered are only available for a limited period and may be withdrawn at anytime.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.