- FSCS protects deposits up to £85,000 per person
Bank and Clients Plc (B&C) is a UK bank authorised by the PRA and regulated by the FCA and the PRA. B&C was formed in 2014 through the merger of two well-established British financial institutions; Church House Trust, a retail bank founded in 1978; and Ocean Capital, which were founded in 2002.
Based in the UK, with a representative office in Canada, B&C are headquartered in London.
Inspired by the traditions of private banking, B&C focus on excellent service to support individuals and businesses by providing tailored solutions and user-friendly savings options.
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 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.
The estimated gross interest earned upon the date of maturity on a deposit of £10,000 is £930.83. This projection is for illustrative purposes only and does not take into account individual circumstances.
To purchase this savings product, you must apply online through Raisin UK. 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. Your application acceptance will be subject to the successful completion of an AML/KYC check conducted by Meteor Asset Management (MAM), who administers the deposit on your behalf.
The minimum amount you can deposit is £1,000, 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.
Because this savings product 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 B&C in its absolute discretion. This savings product does NOT operate on the basis that you can end the fixed term of your deposit prematurely and pay a fee to withdraw your funds sooner.
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.
Transfers of funds must be received within 56 days (the order window) of your savings product application date. Any funds received after this period will be held in your Raisin UK Account, awaiting your instruction. During this period, if the rate you are applying for is due to change, you wont be eligible for the previously advertised rate and your account will open with the newly advertised rate.
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 and the order window closes, your order will be cancelled. 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 B&C by MIM so that the deposit will be in place on the second business day after the full amount of the application is received by MIM. Depending on how your funds are transferred it can take up to 2 business days for them to appear in MIM’s account. Depending on the bank’s processes it can typically take around 4 business days for an ordered product to be set up and start earning interest.
To purchase a savings product from B&C, 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; and
The details of a UK bank or building society account from which you will fund your application.
Your deposits with B&C 4 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 your deposit account deposit up to the £85,000 per person, per banking group limit.
Your deposit will be administered by MAM and Meteor Investment Management Limited (MIM) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
In the event that MIM or MAM cannot meet their obligations you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details please see our MAM Terms and Conditions.
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.