Bank of Ceylon (UK) Ltd

Bank of Ceylon (UK) Ltd: 3 years Fixed Term Deposit

3.80
%
AER
3 years | GBP
Apply now Show all
  • FSCS protects deposits up to £85,000 per person

About Bank of Ceylon (UK) Ltd

Bank of Ceylon (UK) Limited (BOC UK) is a wholly owned subsidiary of Bank of Ceylon, Sri Lanka (BOC) and has a single office in the UK. BOC is the largest bank in Sri Lanka in terms of asset base and has branches in India, Maldives and Seychelles.
BOC UK’s business operated as a branch of BOC since 1949 until it was converted into a subsidiary in 2010, and is now authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
The bank’s business model focuses on providing wholesale banking, trade finance, correspondent banking services, and granting commercial and buy-to-let loans within retail banking.
The Financial Services Compensation Scheme (FSCS), the UK’s statutory deposit guarantee scheme, protects all eligible deposits offered by BOC UK through the savings marketplace.

Product details

Account name
3 years Fixed Term Deposit
What is the interest rate?
3.80 % 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, compounded annually and is payable on maturity. Interest will be paid gross without prior deduction of tax.
Can Bank of Ceylon (UK) Ltd 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.

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.

Please ensure you log in and check your Raisin UK Account during the funding process.
What would the estimated balance be after 36 months based on a £1,000 deposit?

The estimated balance after 36 months on a deposit of £1,000.00 is £1,118.39.

This projection is for illustrative purposes only and does not take into account individual circumstances.

 
How do I open and manage my account

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 Anti-Money Laundering/Know Your Customer (AML/KYC) checks.

 

The minimum amount you can deposit is £5,000.00, 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 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 Bank of Ceylon (UK) Ltd 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 will be remitted to Bank of Ceylon (UK) Ltd. by MAM on the next business day after arriving 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.

Security and deposit guarantee

Deposits are eligible for protection by the Financial Services Compensation Scheme (FSCS) http://www.fscs.org.uk/. 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.