Charter Savings Bank

Charter Savings Bank: 1 year Fixed Term Deposit

Up to £50 Bonus
1.21
%
AER
1 year | GBP
  • FSCS protects deposits up to £85,000 per person

About Charter Savings Bank

Charter Savings Bank is an online retail bank which has helped UK customers deposit over £6 billion in award-winning online and postal accounts. Founded in 2008, Wolverhampton based Charter Court Financial Services Limited is a specialist financial services business built for today’s challenging mortgage and savings markets which launched Charter Savings Bank in 2015.

All eligible deposits made into Charter Savings Bank savings accounts are protected by the Financial Services Compensation Scheme (FSCS) up to a total of £85,000 per person, per banking group.

Product details

Account name
1 year Fixed Term Deposit
What is the interest rate?
1.21 % AER

Gross – The interest that you earn on money in your account before income tax is deducted.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Interest is calculated daily from the start date of your savings account, compounded annually and is payable on maturity. Interest will be paid gross without prior deduction of tax.

Can Charter Savings Bank 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.

 

What would the estimated balance be after 12 months based on a £1000 deposit?

The estimated balance after 12 months on a deposit of £1,000 is £1,012.10 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 £1,000 and the maximum amount you can deposit is £85,000 (per product and banking institution).

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, suffers severe financial hardship, or in any other exceptional circumstances agreed to by Charter Savings 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 will be remitted to Charter Savings Bank by MIM on the second business day after arriving in the MIM account.  It can therefore take up to 3 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.

If you have any questions relating to your account, please contact Raisin in the first instance.

Privacy Notice – You can see details of how Charter Savings Bank may use your data and your data protection rights in the Charter Savings Bank Trust Account Privacy Notice at www.chartersavingsbank.co.uk/Legal/TrustAccountPrivacyNotice

Information required