AgriBank

AgriBank: 3 years Fixed Term Deposit

Up to £100 Bonus
2.64
%
AER
 3 years | GBP
  • EDGS protects deposits up to €100,000 per person

About AgriBank

AgriBank PLC was established in 2012 in Malta, and after acquiring the necessary rights, they began offering financial services specifically designed for the agricultural and the renewable energy industries in the UK. Since then, AgriBank PLC has expanded their services to UK savers, and they’ve begun specialising in collecting online deposits.

Deposits made into savings accounts from AgriBank PLC are protected by the Maltese Depositor Compensation Scheme up to the equivalent of €100,000 per person, per banking group.

Product details

Savings product name
AgriBank: 3 years Fixed Term Deposit
What is the interest rate?
2.64 % 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 and is payable on maturity. Interest will be paid gross without prior deduction of tax.

Can AgriBank change the interest rate?

The interest rate applicable to your deposit is fixed once your application is approved by the bank and you fund your account. The rate will stay the same throughout the duration of the fixed term at this time.

Should the bank amend the rate advertised before you have fully funded your Raisin UK account, you won’t be eligible for the previously advertised rate. Subsequently, if your application is funded after a rate change occurs, your savings account will open at the newly advertised rate.

If the full amount you wish to deposit fully clears into your Raisin UK Account before a rate change occurs, you will open your savings account at that original rate.

Please ensure you log in and check your Raisin UK account during the funding process.

How much interest might a £10,000 deposit have earned by the date of maturity?

The estimated gross interest earned upon the date of maturity on a deposit of £10,000 is £813.09. This projection is for illustrative purposes only and does not take into account individual circumstances.

How do I purchase and manage a savings product?

To purchase this savings product, you must apply online through Raisin UK, in advance of the product deadline. Applications received after the product deadline will not be accepted. Savings products 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 and hold a UK bank or building society account.

The minimum amount you can deposit is £10,000, and the maximum amount you can deposit is £85,000.

You can manage your savings product by communicating through Raisin UK using the secure messaging feature in your customer portal, by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your savings product through email and the Raisin UK customer portal secure messaging feature.

Can I withdraw money?

Because this savings product is a fixed term deposit, withdrawals are not permitted before the maturity date. The Account does NOT operate on the basis that you can end the fixed term of your deposit prematurely and pay a fee in order to withdraw your funds sooner.

Nevertheless the AgriBank Plc may, at its absolute discretion and for a fee to be determined by the bank on a case by case basis, allow the withdrawal of the funds before the maturity date in exceptional cases such as when the account holder dies, becomes mentally incapacitated or bankrupt.

Raisin UK will contact you approximately one month before the maturity date of your deposit to advise you of your options. If Raisin UK do not receive a response from you, your deposit will be held in your Raisin UK Account, at the end of the fixed term until you decide what you would like to do with the proceeds.

Your deposit will not automatically renew at the end of the fixed term for a further fixed term.

Additional information?

Transfers of funds must be received by 29 March 2019 (the order window). Any funds received after this period will be held in your Raisin UK Account, awaiting your instruction.

Funds must be transferred to your Raisin UK Account from a UK bank or building society account in your name and by electronic bank transfer only, and to the exact amount pledged when you ordered the product.

Should you under-fund the amount you pledged, your order will not be processed. Should you over-fund, the amount remitted over the original pledge will be held pending your instruction in your Raisin UK Account.

Typically, your funds will be remitted to AgriBank Plc by Starling Bank once the bank has confirmed your application. Depending on how your funds are transferred and the bank’s processes it can typically take around 4 business days for an ordered product to be set up and start earning interest.

Raisin UK will send you a confirmation email whenever funds are allocated to your account.

Information required?

To purchase a savings product from AgriBank Plc, you need to provide the following information:

  • A valid email address which Raisin UK can use to send you confirmation of your application;
  • Your personal details including your name, date of birth and National Insurance number;
  • Your address and postcode;
  • A UK mobile telephone number;
  • The details of a UK bank or building society account from which you will fund your application; and
  • Your driving licence or passport number.
Deposit guarantee

The AgriBank Plc 3 Year Fixed Term Deposit is protected by the Malta Depositor Compensation Scheme through the European Deposit Guarantee Scheme (DGS). Savings deposits with European banks are protected by the European DGS within each member state that reimburse depositors up to a defined limit if their bank fails and deposits become unavailable. The level of deposit protection across the European Union is €100,000 (or the equivalent amount in a European country’s local currency) and this amount is guaranteed irrespective of the current level of available financial means of any country-specific European DGS.

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 protection applies only to eligible deposits up to this limit.

Security and deposit guarantee

All products are protected by the Maltese Depositor Compensation Scheme through the European Deposit Guarantee Scheme (DGS). Savings deposits with European banks are protected by the European DGS within each member state that reimburse depositors up to a defined limit if their bank fails and deposits become unavailable. The level of deposit protection across the European Union is €100,000 (or the equivalent amount in a European country’s local currency) and this amount is guaranteed irrespective of the current level of available financial means of any country-specific European DGS.
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 protection applies only to eligible deposits up to this limit.