BNF Bank PLC (London Branch)

BNF Bank PLC (London Branch): 1 year Fixed Term Deposit

1 year | GBP
  • FSCS protects deposits up to £85,000 per person
  • Available to open from GBP 2,000

About BNF Bank PLC (London Branch)

BNF Bank p.l.c. was incorporated in Malta on 27 March 2007 as Banif Bank (Malta) p.l.c., and licensed to operate as a credit institution in terms of the Banking Act. On 4 October 2016, JUD Investment Group Limited, a subsidiary of Al Faisal International for Investment, acquired a controlling stake in the Bank, and to date remains its largest shareholder. The Bank’s name was subsequently changed to BNF Bank p.l.c. In September 2019, and the Bank established BNF Bank p.l.c. (London Branch), an overseas company registered in the United Kingdom bearing company number FC036636.

BNF Bank plc (London Branch) is authorised and regulated by the Malta Financial Services Authority, Malta. Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.

The Bank is a key player in the Maltese financial services sector and has an international presence through its branch in London. The latter’s strategic focus is participation in the syndicated loan market and raising retail deposits through the Raisin platform. BNF Bank aims to be the bank of choice for individuals and businesses, driven by the highest principles of ethical and social responsibility. In Malta, the Bank offers personal and business clients highly personalised products and services, through a network of 12 retail branches equipped with automated teller machines (ATMs) and deposit machines spread across the island, a corporate and business banking centre, a local trading room, as well as a strong team of customer care representatives. Through the Commercial Banking arm, BNF Bank offers a wide array of services to retail, small to medium sized enterprises (SMEs) and corporate customers. With more than 200 employees, the Bank makes every effort not to treat customers as mere numbers and for this reason, the Bank has managed to carve lasting relationships with its customers while attracting new ones, who see the Bank as innovative and above all true to the promise of service personalisation. The Bank is focused on growing its own digital channels solidly founded on the notions of scalability, speed, security and stability.

The Financial Services Compensation Scheme protects deposits made into savings accounts offered by BNF Bank Plc via our marketplace up to £85,000 per person, per banking group.

Product details

Account name
1 year Fixed Term Deposit
What is the interest rate?
1.18 % 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.

Interest will be calculated from the start date of your savings account.

Can BNF Bank PLC (London Branch) change the interest rate?

The interest rate applicable to your savings account is fixed once your application is approved and you fund your account. The rate will stay the same throughout the duration of the fixed term. Please review the associated Terms and Conditions for more information on how interest rate changes work.

Should the bank amend the rate advertised before you have fully transferred funds and the rate is lower than the rate you originally ordered, you will have 5 business days from that date to complete your transfer to receive the original rate. Otherwise 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.

How much interest might a £2,000 deposit have earned by the date of maturity?

The estimated balance after 12 months on a deposit of £2,000 is £2,023.60 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 an Anti- Money Laundering/Know Your Customer (AML/KYC) checks.
The minimum amount you can deposit is £2,000, and the maximum amount you can deposit is £85,000 with BNF Bank.

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?

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 BNF Bank 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.

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

Additional information

Meteor Asset Management (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 however are only remitted to BNF Bank UK twice per week on a Tuesday or a Friday. Funds for orders received Friday, Saturday, Sunday, Monday will be allocated on Tuesday. Funds for orders received Tuesday, Wednesday, Thursday will be allocated on a Friday.

It can therefore take up to 4 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.

BNF Bank may need your personal data from time to time, namely, the information you have provided via Raisin UK that identifies you as an individual, as well as other due diligence information/data we may gather about you from third parties (such as credit referencing agencies) to meet our legal obligations in terms of applicable laws relating to anti-money laundering and combatting of financing of terrorism. Apart from this due diligence exercise, we do not process other personal data relating to you except where you transact directly with us as a customer of ours.

Security and deposit guarantee

Deposits 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.

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.