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Plane Saver Credit Union: 1 year Fixed Term Deposit
- FSCS protects deposits up to £85,000 per person
Plane Saver was founded in 1993 by a group of British Airways Engineers. They had a passion to provide a range of flexible savings and affordable loans to their colleagues. Now with over 25,500 members, it is one of the largest Credit Unions in the UK.
Over the last 30 years, Plane Saver has been dedicated to assisting people in managing their finances. As we have grown, we have evolved, embracing modern technology while preserving the essence of personalised service. We firmly believe that the human touch is what matters most when handling money matters, and this principle remains unchanged. At the core of our mission lies a commitment to your financial well-being.
About Plane Saver Credit Union
Plane Saver was founded in 1993 by a group of British Airways Engineers. They had a passion to provide a range of flexible savings and affordable loans to their colleagues. Now with over 25,500 members, it is one of the largest Credit Unions in the UK.
Over the last 30 years, Plane Saver has been dedicated to assisting people in managing their finances. As we have grown, we have evolved, embracing modern technology while preserving the essence of personalised service. We firmly believe that the human touch is what matters most when handling money matters, and this principle remains unchanged. At the core of our mission lies a commitment to your financial well-being.
Product details
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.
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.
The estimated balance after 12 months on a deposit of £5,000 is £5,255.00. 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 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 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.
You can choose to renew your account at any time once it is open (if the option is available). If the renewal rate decreases before your maturity date, we will revoke your order, and contact you to ask you to opt back in to the new rate. If the rate increases, your product renewal request will remain unchanged. Please see our FAQs for more information.
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 Plane Saver 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.
Transfers of funds must be received within 60 calendar days (the funding window) of your savings account application date. Any funds received after this period will be held in your Raisin Account, awaiting your instruction.
Funds must be transferred to your Raisin Account from a UK bank or building society account in your name by electronic bank transfer only, and to the exact amount pledged when you applied for the savings account.
Should you not transfer the amount you pledged before the funding window closes, your application will be cancelled. Should you transfer more than you pledged, the amount that exceeds your original pledge will be held in your Raisin Account pending your instruction.
Typically, your funds will be remitted to Plane Saver by ClearBank once the bank has confirmed your application. Depending on how your funds are transferred and the bank’s processes it can typically take around 4 business days for an ordered account to be set up and start earning interest.