Our Savings Accounts

I would like to know more about:

FIXED TERM SAVINGS ACCOUNT

Certain, simple and safe

Set aside a lump sum for one year
Save a minimum of £35,000

Fixed rate of interest of 4%
FSCS protected up to £85,000

Set aside a lump sum for one year and earn 4.00% AER*. You must save at least £35,000 in this account throughout the entire term and you can save up to £640,000 in total. Remember, your money is locked away for the one-year term, so you won’t be able to access it during this period. Your savings are protected by the Financial Service Compensation Scheme up to £85,000 per fixed term account.

Estimated balance after one year

This example shows what will happen to your deposit, based on the one year fixed term.

Deposit	Balance after one year	Interest earned	AER*
£35,000.00	£36,400.00	£1,400.00	4.00%
£50,000.00	£52,000.00	£2,000.00	4.00%
£85,000.00	£88,400.00	£3,400.00	4.00%

*AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid after one year. This will enable you to compare more easily the return you can expect from your savings over time.

Terms & Conditions

FAQs

You can either deposit an amount using your debit card or make a bank transfer (contact the office for details) or transfer an amount from an existing TransaveUK account. In addition to this account, don’t forget you can still save regularly in Transave’s Regular Savings account.

The monthly interest rate will vary to make sure that you receive an overall 4.00% interest payment on your initial deposit over the year. Interest is calculated daily from the day you open your account.

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the end date of the fixed term.

Interest is paid on the last business day of every month.

This product is intended as a medium-term savings product of one year which will last until maturity on the anniversary of the account opening. Withdrawals or closure are not permitted during the term other than under the following circumstances for account holder(s) – critical or terminal illness, death, redundancy, nursing home or elderly care costs, divorce or court order. Any withdrawals are at the discretion of the Credit Union’s Directors, and proof may be required.

At the Maturity Date we’ll automatically reinvest your deposit and any outstanding interest into a new Fixed Term Savings Account unless you tell us you want to opt out or we no longer offer this product.

The interest rate for the new account may be higher or lower than the rate of interest which applied to your original Fixed Term Savings Account. If you choose not to reinvest, your account will be converted into a regular Shares Account on the Maturity Date (or if the Maturity Date is not a business day, the next business day) and your money can be accessed on the following day.

Early closure will result in no interest being payable. Partial withdrawal will result in no interest on the amount withdrawn. Early closure for death or a certified terminal illness of a member of the household will be permitted and interest will be payable.

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