Fixed rate savings account

Lock in your rate and save with certainty

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Why choose the Fixed Rate Deposit Account?

The Fixed Rate Deposit Account is a fixed rate savings account from Wesleyan Bank. It allows you to put your savings to work for up to five years with a guaranteed interest rate.

The longer you lock in for, the better the rate – but you won’t be able to make any withdrawals during the term. It’s best for money you won’t need to touch for a while.

  • Enjoy the security of a fixed interest rate
  • Choose a term between 1 and 5 years to suit your needs
  • The longer your term, the better your rate
  • Deposit anything between £1,000 and £250,000
  • No additional deposits or withdrawals are allowed

If you recently applied for a fixed term account we are now processing your request. We will respond to you within 72 hours. Thank you for your patience. 

The savings account that helps you plan ahead

The ups and downs of investing aren’t for everyone. Sometimes, you just want to know exactly how much your savings will earn.

That’s why Wesleyan Bank created the Fixed Rate Deposit Account. It gives you the chance to lock away a lump sum and get a guaranteed interest rate for up to 5 years.

Simply choose your term, deposit your savings, and we’ll add your guaranteed interest every year - regardless of what the market is doing.

Bear in mind that once you’ve paid in your lump sum, you won’t be able to add to the account. And you won’t be able to take money out until the term is over.

Summary box

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?

This information will be updated and displayed 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?

This information will be updated and displayed 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.

Additional information

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.

Confirmation of Payee (COP) issues

We are aware that some customers have reported an issue when transferring money to their Wesleyan Bank account. This is where their bank has not been able to confirm their Wesleyan Bank account details, and the payment is flagged as 'Payee Not Recognised' or similar.

This is because we have not yet implemented ‘Confirmation of Payee’ (COP) for our accounts.

Confirmation of Payee is a service that warns bank customers when a payee's name doesn't match the account number they have entered. Participating banks include Barclays, HSBC, Lloyds, RBS, Santander and Nationwide.

We wish to reassure you that continuing to transfer your money, despite this 'Payee Not Recognised' alert is still safe, and your money will still reach your Wesleyan Bank account as long as you have entered your details correctly.

We can also assure you that your security - and minimising any fraudulent activity - is the highest priority for Wesleyan Bank.

If you would like any more information, you can contact our Customer Service Team on 0800 358 1122 or via live chat (Monday to Friday 8am to 6pm)

Please note:

  • Online access will be provided shortly after your account has been opened. 
  • Your account will be opened once the full deposit amount (as per your application) has been received. 
  • Funds received in multiple instalments will be acknowledged by email and will earn interest from the date the funds are cleared at the appropriate fixed rate.

Key documents

The Fixed Rate Deposit Account is administered by Wesleyan Bank, as part of the Wesleyan Group. Policy documents and literature will therefore carry the Wesleyan Bank name.

Before applying, please make sure you have read the documents below:

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 read this FSCS guide for more information, or visit www.fscs.org.uk.

FSCS logo