FidBank UK

United KingdomUnited Kingdom(AA)

Deposit amount: Min. £1,000 – Max. £85,000

Protection limit: Up to £85,000 payout in GBP

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Account information

Rate
Duration
Deposit Guarantee
Product Type

Rate

4.26% AER

Duration

2 years

Deposit Guarantee

£85,000

Deposit Guarantee logo

Product Type

Fixed Term
Fixed Term
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Account Name

FidBank UK: 24 months Fixed Term Deposit

What is the interest rate?

4.26% AER / 4.35% Gross/AER

AER is the Annual Equivalent Rate and represents what the interest rate would be if interest was realised and paid once each year.

Interest is calculated daily, compounded annually and is payable on maturity.

Interest will be paid gross without prior deduction of tax.

As interest is payable on maturity, customers are liable for tax payments within the tax year that the product matures.

Can Fidelity Bank UK change the interest rate?

The interest rate applicable to your savings account is fixed once your application is approved and you fund your account. The rate will stay the same throughout the duration of the fixed term. Should the bank amend the rate advertised before you have fully transferred funds and the rate is lower than the rate you originally ordered, we will automatically cancel your order. We will contact you if this occurs.

Please note, for renewal orders the rate you will receive will be confirmed as the rate available 5 days before the date of maturity. Please see our FAQs for more information.

How do I open and manage my account?

You can choose to renew your account at any time once it is open (if the option is available). If the renewal rate decreases before your maturity date, we will revoke your order, and contact you to ask you to opt back in to the new rate. If the rate increases, your product renewal request will remain unchanged.

Please see our FAQs for more information.

What would the estimated balance be after 24 months based on a £1,000 deposit?

The estimated balance after 24 months on a deposit of £1000.00 is £1,087.00.

This projection is for illustrative purposes only and does not take into account individual circumstances.

How do I open and manage my account?

To open this savings account, you must apply online through Raisin UK. avings accounts at Raisin UK are only available through this online application process, and to be eligible to apply, you must:

  • Be a UK resident who is aged 18 or over
  • Hold a UK bank or building society account from which you will fund your application
  • Have a valid mobile phone number and email address
  • Have a UK National Insurance Number

Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) checks.

The minimum amount you can deposit is £1000, and the maximum amount you

can deposit is £85,000 (per product and banking institution).

You can manage your savings account through Raisin UK by logging into your Raisin UK Account. You can contact Raisin UK by telephone, by email or in writing by using the contact details provided in the Raisin UK Terms & Conditions.

Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

Can I withdraw money?

You have the right to close this Fixed Term Deposit without charge and without giving any reason within 14 calendar days from the day it is opened. After these 14 days, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by BACB in its absolute discretion. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner. Your savings account will not automatically renew at the end of the fixed term for a further fixed term.

Additional Information

Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf. Funds will be remitted to FidBank UK by MIM on the business day after they arrive in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest. All cash in transit and deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules. If you have any questions relating to your account, please contact Raisin UK.

Bank Details

Operating from the heart of the City of London since 1983, firstly as the London branch of Union Bank of Nigeria (UBN), and since October 2004 as an independently incorporated UK bank, Union Bank UK plc (UBUK), and subsidiary of UBN. In May 2022, following the sale of the UBN, the shareholding in FBUK was purchased by a group of investors (the previous shareholders of UBN) and we continued to operate as an independent, regulated, UK bank. In July 2023 Fidelity Bank PLC, Nigeria, acquired 100% of the shares of UBUK and the bank was rebranded to FidBank UK as the UK subsidiary of Fidelity Bank PLC. FidBank are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and subscribe to the Financial Services Compensation Scheme.

Security & Deposit Protection

The FSCS is the United Kingdom's statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit. Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Who is Raisin?

We are the UK savings marketplace for Raisin, one of Europe’s most successful technology-led financial services companies. We connect you with a range of banks and building societies offering deposit-protected savings accounts with competitive interest rates, making it easier for you to grow your money. Using our savings marketplace is simple. By registering for a Raisin UK Account, you'll only ever need to fill in one application form. Then you can browse, apply for and fund a range of savings accounts, and manage everything under one roof. No paperwork or endless passwords to remember - just a free, easy way to grow your savings.