UBL UK

United KingdomUnited Kingdom(AA)

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

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

logo of UBL UK

Account information

Rate
Duration
Deposit Guarantee
Product Type

Rate

4.28% AER

Duration

95 days

Deposit Guarantee

£85,000

Deposit Guarantee logo

Product Type

Notice
Notice
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Account Name

UBL UK : 95 Day Notice Account

What is the interest rate?

4.28% AER / 4.20% Gross

AER is the Annual Equivalent Rate and represents what the interest rate

would be if interest was realised and paid once each year.

Accrued interest is calculated daily and paid gross without prior

deduction of tax.

Interest is credited monthly on the last day of each month and paid to

you on termination of your savings product.

Can UBL UK 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 95 days’ notice. You may receive less notice if the rate increases.

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 £1,000 deposit?

The estimated balance after 12 months on a deposit of £1,000 is

£1,042.82. 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. Savings 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) check.

The minimum amount you can deposit is £1000.00, and the maximum amount you can deposit is £85000 (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 may withdraw the full deposit amount only. This will be subject to a 95 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 UBL UK by MIM on the next 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.

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.

Bank Details

UBL UK is a banking institution incorporated in the UK and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The Company was formed in 2001 from the merger of the UK branches of two Pakistani banks, United Bank Limited and National Bank of Pakistan, who had been operating in the UK since the mid-1960’s. The principal activities of the Company are to provide retail banking products through its branch network in major cities in the UK; wholesale banking, treasury and money transmission services, and finance facilities to businesses of all sizes.

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.