Explore Freedom Deposit Account of Savings UK Ltd
A guaranteed return on your Freedom deposit
If you don’t need access to your money sometimes, you can earn a guaranteed rate of interest by securing it away for a fixed period.
What is the interest rate?
- Where the balance on the account is £100 or more, the interest will be 2.5% Gross/AER fixed.
- AER stands for annual equivalent rate, and shows what the interest rate would be if interest was paid and compounded each year.
- Interest is calculated daily and paid into your account either monthly or annually, depending on the option on your account.
Can Savings UK Ltd change the interest rate?
- No, the interest rate is fixed for the duration of the term.
What would the estimated balance be after 12 months based on a £100,000 deposit?
- Based on the interest rate of 2.5%, an account with a £100,000 deposit will have a balance of £102,500 after a year.
- This projection is for illustrative purposes only and does not take into account individual circumstances.
- This projection is based on receiving £100,000 deposit on the first day of the due invoice, which remains invested for 12 months.
How do I open and manage my account?
- Fixed deposits are available to individuals and businesses (i.e. limited companies, partnerships, LLPs and sole traders), charities, associations, clubs, societies and parish/local councils.
- You can apply for an account online by making a first payment of at least £100. The account will start operating and earning interest on the working day we receive funds.
- The product is strictly limited and can be withdrawn at any time.
- Once we have confirmed with you that your account has been opened, you can fund it at anytime.
- Within the funding period, you may fund your account from your nominated account either electronically or by bank transfer, up to a maximum of £1,000,000 deposit. If your account exceeds the maximum limit, the funds will be returned to your nominated account.
- Each customer can hold a maximum of £5 million across all savings accounts held with Savings UK Ltd.
- Once the funding period has ended or if the account is no longer available, you will be unable to make further deposits.
- You can appoint up to 4 authorised users.
- All payments need to be made into and from your nominated account.
- You can manage your account using your secure login details, which are unique to you.
Can I withdraw money?
- You can make withdrawals and can close the account any time.
- You can contact us anytime, outlining your options, whether you would like to:
- *Transfer your money in full from the fixed rate savings account into your nominated account.
- *Re-invest your money in full into a new savings account with us (subject to availability at the time).
- *Transfer your money in full to another savings account with us.
- In order to transfer your proceeds from your account or withdraw funds to your bank account, please contact us.
Forced account cancellation by client:
- The client must contact us to cancel the Freedom deposit.
- The Fixed deposit will be cancelled in 3 days normally.
- Statements are available on request.
- All interest on UK savings accounts will be paid without the deduction of tax.
- You have the option to change your mind anytime after the account opening. Let us know within this period and we will cancel your account without penalty or notice.
- Withdrawals can be made anytime.
- Your financial position must allow you to cover any cash flow during the fixed term period.
- Our Fixed accounts have a maximum funding limit and, once reached, the account will become unavailable for new customers.
Your savings are protected
Your eligible deposits with Savings UK Ltd are protected up to a total of £85,000 by our Funds insurance, the deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.