- FSCS protects deposits up to £85,000 per person
About Axis Bank (UK) Ltd
Founded in 2013, Axis Bank UK Ltd. is a wholly owned subsidiary of AXIS BANK LTD. and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
Deposits made into savings accounts offered by Axis Bank UK Ltd. through the Raisin UK savings marketplace are covered by the Financial Services Compensation Scheme (FSCS).
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.
The interest rate applicable to your savings account is fixed once the bank approves your application and you fund your account. The rate will stay the same throughout the duration of the fixed term at this time.
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.
Should the bank amend the rate advertised before you have fully funded your Raisin UK account, and the rate is higher than your original order, you will receive the new higher rate.
Should the bank amend the rate advertised before you have fully funded your Raisin UK account and the rate is lower than the rate you originally ordered, you will have 7 calendar days from that date to fund your Raisin UK account to receive the original rate, after which time we will cancel your order. You will be contacted if this occurs.
Please ensure you log in and check your Raisin UK Account during the funding process.
The estimated gross interest earned upon the date of maturity on a deposit of £10,000 is £627.69. This projection is for illustrative purposes only and does not take into account individual circumstances.
To apply for this savings account, you must apply online through Raisin UK. These savings accounts (Raisin issue) 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 £1,000, and the maximum amount you can deposit is £85,000.
You can manage your savings account through Raisin UK by logging into your Raisin UK Account, where you can contact us by using the secure messaging feature. Alternatively, you can contact us 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 account through email and the Raisin UK Account secure messaging feature.
If you have any queries or complaints, please refer to the Customer Care and Complaints page on Raisin.co.uk.
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 Axis Bank UK 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.
Raisin UK will contact you approximately one month before the maturity date of your savings account 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 savings account will not automatically renew at the end of the fixed term for a further fixed term.
Transfers of funds must be received within 60 days (the funding window) of your savings account application date. 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 by electronic bank transfer only, and to the exact amount pledged when you applied for the savings account.
Should you not transfer the amount you pledged before the funding window closes, your application will be cancelled. Should you transfer more than you pledged, the amount that exceeds your original pledge will be held in your Raisin UK Account pending your instruction.
Typically, your funds will be remitted to Axis Bank UK by via your Raisin UK Account 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 account to be set up and start earning interest.
Please note that it is very important that you quote the funding reference that we will supply on all payments, so that we can identify and allocate your remittance to your account Raisin UK will send you a confirmation email whenever funds are allocated to your account.
To purchase a deposit product from Axis Bank UK, 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 passport or driving licence details.
Your deposits with Axis Bank UK Ltd – 3 Year Fixed Term Deposit – are eligible for protection by the Financial Services Compensation Scheme (FSCS). 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 deposits of 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.