18 month Term Deposit Issue 23
What is the interest Rate?
Interest for balances of £1,000 or more:
||Annual interest % Gross*2
||Annual interest % AER*1
The interest rate is fixed. Interest is calculated daily and then at maturity for the 18 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 at an annual Gross rate of 0.95% (fixed) would generate an estimated balance of £1,014.25 in 18 months.
The above example is for illustrative purposes only, does not take account of your individual circumstances and makes the following assumptions:
- your initial deposit is paid into the Account by Electronic Transfer when it is opened
- no further deposits and no withdrawals are made during the 18-month period
- the interest rate doesn’t vary during the 18-month period
- the period does not cover a leap year (for purposes of this example only)
- each month lasts 30.416 days (365 days divided by 12 months)
- interest is credited to the Nominated Account
How do I open and manage my account?
- You can apply on-line. The account can be operated online or by telephone on 020 7227 7577
- Minimum account opening balance of £1,000.
- Maximum account balance of £250,000.
- 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.
Can I withdraw money?
- Early closure or withdrawals are not permitted until after the fixed rate period as detailed.
- If the end of the fixed-term falls on a non-working day, your funds will be made available on the next working day.
- We’ll contact you before maturity to remind you of the date that your fixed term ends.
- The automatic deduction of tax on savings interest ceased with effect from 6th April 2016
- Interest is paid Gross
The information provided in the summary box above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.
- AER. This 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. PCF Bank pay interest annually.
- GROSS The interest rate before any payment 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. Any interest earned will be paid gross. For further details on the change and to understand how any applicable tax on your savings will operate from 6th April 2016 please visit HMRC at www.gov.uk
- 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.
*1 AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance each year.
*2 Gross P.A. is the rate of interest paid without the deduction of tax. Please note that the automatic deduction of tax on savings interest for non-ISAs ceased with effect from 6th April 2016.