Byblos Bank Europe SA ; London: 6 months Fixed Term Deposit
- FSCS protects deposits up to £85,000 per person
About Byblos Bank Europe SA ; London
Byblos Bank Europe (BBE) is a niche Bank established and headquartered since 1976 in Brussels, with two fully fledged branches in Paris (1977) and London (1981). BBE operates with banking licences in Belgium, France and the United Kingdom* and is governed by the regulatory authorities in these three respective jurisdictions. BBE falls under the standard Deposit Guarantee Scheme in its three countries of presence. As such, deposits collected via Raisin Platform UK are protected by the Financial Services Compensation Scheme (FSCS) up to the maximum limit of GBP £85,000 per individual client.
BBE is a commercial bank with a focus on three main business segments: Financial Institutions, Corporate Banking and Wealth Services. Its core business is International Trade Finance combined with personalised banking services catered to vetted entrepreneurs and private individuals. BBE’s mission is to create significant value for its clients, by building long-term business opportunities and fostering personal relationships, both in Europe, the United Kingdom and in strategically selected countries across the Middle East, Africa and South East Asia.”
*Authorised and regulated by the National Bank of Belgium. 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.
/ 5.25% Gross
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.
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. Should the bank amend the rate advertised before you have fully transferred funds and the rate is lower than the rate you originally ordered, we will automatically cancel your order. We will contact you if this occurs.
The estimated balance after 6 months on a deposit of £5,000 is £5,131.25. This projection is for illustrative purposes only and does not take into account individual circumstances.
To open this savings account, you must apply online through Raisin. Savings accounts at Raisin 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) checks.
The minimum amount you can deposit is £5,000, and the maximum amount you can deposit is £85,000 (per product and banking institution).
You can manage your savings account through Raisin by logging into your Raisin Account. You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.
Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
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 Byblos 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.
Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.
Funds will be remitted to Byblos Bank by MIM on the business day after they arrive 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.
All cash in transit and deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules.