18 Month Term Deposit Issue 29
What is the interest Rate?
Interest for balances of £1,000 or more:
||Annual interest (fixed)
The interest rate is fixed. Interest is calculated daily and is paid annually and then at maturity for the 18 month and 30 month account.
Can PCF Bank Change the interest rate?
Rates are fixed until the maturity date. This means we cannot change the rate until after the fixed rate period.
What would the estimated balance be after 18 months based on a £1,000 deposit?
A deposit of £1,000.00 at an annual Gross rate of 2.00% (fixed) would generate an estimated balance of £1,030.00 in 18 months
The above example is for illustrative purposes only and assumes no withdrawals, no changes to the fixed interest rate over the period and interest is paid annually on a cleared deposit. The illustrative example does not take into account the individual circumstances of a customer.
How do I open and manage my account?
- The account can only be opened online.
- The account can be managed online, by phone or by post.
- You can deposit any amount from £1,000 to a maximum of £85,000.
- The account is only available to individuals who are 18 years of age or over, permanently resident in the UK and can provide a UK bank account as a Nominated Account.
- The initial deposit is paid into the account by electronic transfer after it is opened. No further deposits can be made for the duration of the account.
Can I withdraw money?
- The account balance may not be withdrawn in part or whole prior to maturity.
- We’ll contact you before maturity to remind you of the date that your fixed term ends.
- If the end of the fixed-term falls on a non-working day, your funds will be made available on the next working day.
- At maturity, you can either withdraw your funds or transfer them into a new PCF Bank account of your choice (subject to any specific account terms and conditions). If you do not let us know what you wish to do by the maturity date, your funds will be returned to you.
- We will pay interest GROSS to your Nominated Account.
- You can’t get any of your money out until the fixed term is up (often called maturity).
- Early closure or withdrawals are not permitted during the fixed rate period as detailed above.
- Please note that if we withdraw this product you will not be notified in writing.
- Customers can hold up to a maximum of £85,000 across all savings accounts held with PCF Bank.
- We’ll send you a statement on the anniversary of the account opening and at the closure of your account.
- Please note that the Bank reserves the right to withdraw this product at any time. If we do withdraw it you can still get your money out of your account (at the end of the fixed term), but you cannot make further deposits. If we withdraw a product, it will appear in the ‘Interest Rates’ section of our website. If you are considering making further deposits, we suggest you check our website first or call us on 020 7227 7577 to see if the product is still available.
Points to note
- AER stands for Annual Equivalent Rate. If you left a sum of money in your account all year, the AER would be the interest rate you’d get if we paid you interest during the course of the year and your subsequently higher balance then earned more interest (this is known as Compound Interest). The AER will only be higher than the gross interest rate where we pay you interest more than once a year. We quote the AER on all our accounts so that you can compare our products with those of other banks.
- GROSS means the interest rate before any deduction of income tax. Please note as of 6th April 2016, income tax will no longer be deducted by PCF Bank from interest earned on your account.
- Financial Services Compensation Scheme (FSCS). This product is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. For further information about the compensation provided by the FSCS (including amounts covered and eligibility to claim), refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100.
- PCF Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, FRN number 747017. The Bank is registered in England and Wales, registration number 02794633 and is wholly owned by PCF Group plc, a company registered in England and Wales, registration number 02863246 and listed on the Alternative Investment Market. Certain subsidiaries of the Bank are authorised and regulated by the Financial Conduct Authority for consumer credit activities. Registered offices are at Pinners Hall, 105- 108 Old Broad Street, London EC2N 1ER.