İşbank

İşbank: 6 months Fixed Term Deposit

5.15
%
AER
6 months | GBP
  • FSCS protects deposits up to £85,000 per person

About İşbank

Founded in 1924, İşbank has continued to grow through innovation and their strategy to achieve sustainable and profitable growth based upon their philosophy of being, “the bank closest to its customers”. İşbank is Turkey’s largest private bank*, and in 2020,  it was ranked 156th in The Banker Magazine’s list of “Top 1000 World Banks”. İşbank strives to provide the best quality commercial and retail banking services to its customers, which as of the end of 2020, included approximately 9.2 million digital customers.

The FSCS protects deposits made into savings accounts offered by İşbank through our marketplace, and İşbank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Please note, İşbank Ltd is listed on the FSCS website under their official name in Turkish, Turkiye Is Bankasi AS.

(*) As of December 2020, in terms of total assets, total loans, total deposits and shareholders’ equity.

Product details

Account name
6 months Fixed Term Deposit
What is the interest rate?
5.15 % AER

(Paid as 5.09% gross simple)

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 paid annually back to your Raisin UK account. Interest will be paid gross without prior deduction of tax.

Can İşbank 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. 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 14 days to cancel your application, and your original deposit amount will be returned to your Transaction Account. We will contact you if this occurs.

Please note, for renewal orders the rate you will receive will be confirmed as the rate available 5 days before the date of maturity. Please see our FAQs for more information.

What would the estimated balance be after 6 months based on a £1,000 deposit?

The estimated balance after 6 months on a deposit of £1,000 is £1,025.45.

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 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.

This product will automatically renew at the end of its term into a new fixed term deposit. For an original term of up to12 months, your term deposit is automatically renewed for the same duration. For an initial duration of more than12 months, it will be extended for 12 months. You can deactivate the automatic prolongation up to five calendar days before the maturity of the term deposit in your online banking. Should you not want the default renewal term you can choose to renew into a different term at any time once the product is open if the option is available with your bank.

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 Isbank 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 be remitted to IsBank 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. If you have any questions relating to your account, please contact Raisin UK.

According to the bank’s terms and conditions, there is a 14-day period Right of withdrawal.

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.’ and vice versa.