Fixed Rate Savings Account - Frequently asked questions
Q. How long does it take to open an account?
We do our best to keep this process as speedy and straightforward as we can.
By supplying us with everything we need at the same time as you make your application, you will be helping us to keep the process to a minimum. The What we need you to provide document gives you a step-by-step outline of the information we need and the format in which it has to be supplied.
Q. I'm an existing customer. Do I need to fill in an application form?
If you're an existing customer, you may be able to open your new account even faster by making your application by phone. There's no extra paperwork - just one call. Phone +44 (0) 1534 825 064.
Q. What is the minimum opening balance?
The minimum opening balance for a Fixed Rate Account is £10,000.
Q. How much can I deposit in a Fixed Rate Account?
You can deposit any amount between £10,000 and £1,000,000.
Q. What if I don't have £10,000 to invest?
If you've £5,000 to invest you might be interested in our award-winning Instant Access Savings Account. Call us on +44 (0) 1534 825050 to find out more.
Q. Can I make additional deposits?
Once you've opened your account, you cannot add any additional funds. You can, however, open additional accounts.
Q. What if I need access to my funds before the maturity date?
We understand that you may need early access to your money, so after six months, you can close your account. We will simply charge a fee equivalent to six days' interest* for each remaining month or part month of the investment term, subject to a minimum of 30 days' interest.
Q. Will I get confirmation of my investment?
Yes. We will send a certificate of investment when you open your account, stating when the maturity date will be.
Q. What will happen to my money when the account matures?
All you have to do is advise us of your re-investment choice before the maturity date. If we don't receive your instruction, we'll place your funds into a Matured Funds Account until we hear from you. You will need to keep a record of the maturity date as a reminder to contact us nearer the time.
Q. Can I access my account using internet banking?
You can use internet banking to check your balance and view account activity. You can also order historic statements and interest rate certificates. Simply register by calling our Internet Banking Helpdesk on +44 (0)1534 848 521 Monday to Friday 09.00 to 17.00 UK local time.
Q. Who can I speak to if I need extra information?
If you need further information, call us on +44 (0) 1534 825050 or request a callback.
*Calculated at the same rate at which interest is paid on your account.
Account held in Sterling with Bank of Scotland International Limited.
