To help you compare with other products, the key details of our Fixed Rate Deposit Account can be found below.
What is the interest rate?
Interest rates will be shown here when the product is available.
Can Wesleyan Bank change the interest rate?
No, the interest rate is fixed and will not change during the term.
What would the estimated balance be at maturity?
Estimates will appear here when the product is available.
How do I open an account?
To open a Fixed Rate Deposit Account, you need to be aged 18 or over and a UK resident for tax purposes. You can open an account on your own or take out a joint account with a partner.
Your application must be completed online. The minimum deposit is £1,000. The maximum is £250,000.
No further deposits can be added to the account, but you may hold any number of accounts as long as the total value does not exceed £1million.
Your opening deposit must be made by electronic transfer from your nominated bank account, which must be in the name(s) of both or either account holder.
How do I manage my account?
You can manage your account online using our Internet Banking Service.
Can I withdraw money?
No withdrawals can be made during your fixed term, and the account can’t be closed early (except in exceptional circumstances). That’s why it’s important to deposit money that you don’t need to access, and to choose a term length that’s right for you.
There is however no charge for the withdrawal of interest if you have chosen for it to be transferred to a nominated bank account.
There is also an initial 14-day cooling off period after the account is opened, during which time you can close the account.
We do not deduct tax from the interest we pay to you. You may have tax to pay if the interest you receive exceeds any of your personal tax allowances.
This is based on current understanding of legislation and tax treatment, which can change in the future.