GB Bank

GB Bank: 7 Day Notice Account

4.85
%
AER
7 day | GBP
Apply now Show all
  • FSCS protects deposits up to £85,000 per person

About GB Bank

GB Bank is a bank with a purpose and a bank on a mission.  After receiving its full UK banking licence in August 2022, the award-winning bank is already driving a positive change in the local community and beyond.

GB Bank is a specialist bank that is dedicated to building and re-generating underserved communities across the UK by supplying SME property developers with flexible finance solutions for both commercial and residential developments.  Every penny saved with GB Bank helps to support regional, community developments across the UK.

Product details

Account name
7 Day Notice Account
What is the interest rate?
4.85 % AER

4.85% AER / 4.75% 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, compounded monthly and paid gross without prior deduction of tax. Interest is credited monthly on the last day of each month and paid on termination of the savings product.

Payments will be made in the evening on the last day of the month, so interest accrued on the last day of the month will be included
Can GB Bank change the interest rate?

The interest rate applicable to your deposit is variable.

Should the bank set a date to lower the interest rate, you will be given a minimum of 7 days’ notice. Should the bank set a date to increase the interest rate, customers will be notified within 30 days of the increase.

Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.
What would the estimated balance be after 12 months based on a £1000 deposit?

The estimated balance after 12 months on a deposit of £1,000 is £1,048.55. 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. 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) check.

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 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.

Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
Can I withdraw money?

You may withdraw the full deposit amount only. This will be subject to a 7 day notice period. You are unable to add to the initial deposit or make partial withdrawals. Funds may be returned to your Raisin UK Account in two separate payments by MAM following the notice period expiry. For further information, please refer to clause 4.21 of the MAM Terms and Conditions.

If termination is received on a non-business day (either weekend or public Holiday), the notice period will start from next business day.

Once notice has been given it can’t be revoked.

If a termination falls on a non-business day, then payment will be made on the next business day and interest will be paid for the additional days. e.g. If a notice account terminates on a Saturday and funds are returned on the Monday, interest will be paid for the intervening Sunday.
Additional information

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

Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to GB Bank by MIM on the second business day after arriving 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 and up to 2 business days for withdrawals and closures to be processed and funds received back in your Raisin UK account.

Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account. For further information, please refer to clauses 1.18 and 1.19 of the MAM Terms and Conditions.

Security and deposit guarantee

Deposits are eligible for protection by the Financial Services Compensation Scheme (FSCS) http://www.fscs.org.uk/. 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.

Timescales for the return of your money can vary between different banks and banking groups. This bank holds funds under a trust model. Funds held under a trust model can take up to three months to be returned, but in most cases will be returned sooner than this.