UBL UK: 3 years Fixed Term Deposit
- FSCS protects deposits up to £85,000 per person
- Available to open from GBP 2,000
About UBL UK
UBL UK is a banking institution incorporated in the UK and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
The Company was formed in 2001 from the merger of the UK branches of two banks, United Bank Limited and National Bank of Pakistan, which had been operating in the UK since the mid-1960s. The Company’s principal activities are to provide Retail Banking services as well as Wholesale Banking, Treasury and Money Transmission services and Finance facilities to businesses of all sizes.
Deposits made into savings accounts offered by UBL UK through Raisin UK are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per banking group.
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.
Interest will be calculated from the start date of your savings account.
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 Account during the funding process.
The estimated balance after 3 years on a deposit of £2,000 is £2,113.07.
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 £2,000, 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 UBL UK 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 appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to UBL UK by MIM 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.
Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
UBL UK reserves the right to close your account without any notice if we reasonably believe you have broken any terms of the product agreement. This includes but is not limited to, breaking laws / regulations, being engaged in financial crime, providing false information and committing any illegal activity (see UBL UK Personal Banking Terms and Conditions for further information available at www.ubluk.com).