GB Bank: 6 months Fixed Term Deposit

AER / 4.97% Gross

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 and is payable on maturity. Interest will be paid gross without prior deduction of tax.

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, you will have 14 days to cancel your application, and your original deposit amount will be returned to your Transaction Account. 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.

The estimated balance after 6 months on a deposit of £1,000 is £1,024.85. This projection is for illustrative purposes only and does not take into account individual circumstances.

o open this savings account, you must apply online through Raisin. Savings accounts at Raisin 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 £1,000, and the maximum amount you can deposit is £85,000 (per product and banking institution).

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

This product will automatically renew at the end of its term into a new fixed term deposit. For an original term of up to 12 months, your term deposit is automatically renewed for the same duration. For an initial duration of more than 12 months, it will be extended for 12 months. You can deactivate the automatic prolongation up to five calendar days before the maturity of the term deposit in your online banking.
Should you not want the default renewal term you can choose to renew into a different term at any time once the product is open if the option is available with your bank.

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

Auto renewal effects deposits opened from 13th August 2024.

Because this savings account is a fixed term deposit, 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 GB Bank 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.

Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.

Funds will be remitted to GB Bank 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.

According to the bank’s terms and conditions, there is a 14-day period Right of withdrawal.