Fixed Rate Saver FAQs

--------------------Start of Accordion Container---------------------------

Click on edit button to enter Accordion Header

Fixed Rate Saver FAQs

Welcome to First Trust Bank's frequently asked questions. Whatever you want to find out about the Fixed Rate Saver you will find it here. Just select from the list below.

  • Who can open a Fixed Rate Saver?

    Personal customers aged 18 or over can apply.

  • Is there a minimum amount required to open a Fixed Rate Saver?

    Yes, a minimum single deposit of £5,000 is required.

  • What is the maximum amount that can be deposited into a Fixed Rate Saver?

    £200,000 per account.

  • What is the maximum number of accounts I can hold?

    You can hold a maximum of four Fixed Rate Saver accounts at any one time.

    (Please note accounts can be held in either sole or joint names.  If the account is held in joint names the signing authority must be 'either of us' to sign.)

  • What terms are available?

    Details of the range of terms available can be obtained by contacting your nearest branch. They can also be found here.

  • What rate of interest will I receive?

    Upon investment the applicable interest rate for the term chosen is applied to the account and is fixed for the term of the deposit.

    Interest is calculated daily from the date of receipt of cleared funds and is paid into the account at the end of the term.

    Where the account has a term in excess of one year, interest is paid into the Fixed Rate Saver annually on the anniversary date and at Maturity.

    Details of the interest rate that will apply to your account are available by contacting your nearest branch. Fixed Rate saver interest rate information can also be found here.

  • How is my interest taxed?

    Refer to the 'Important Information' section.

  • How can I make lodgements?

    You have two business days including the date of account opening to make a single lodgement to the account.

    Lodgements can be made:

     

    • from another account held by you in First Trust Bank
    • by cheque or draft in the branch
    • by electronic transfer from another financial institution.
     

    If you do not make a lodgement to the account during this two day period, the account will close.  At the end of the term if you decide to reinvest, we will allow you to make an additional single lodgement of £1,000 or more to the account during the 5 business days prior to Maturity, providing the total balance does not exceed £200,000.

  • Can I make withdrawals?

    No withdrawals are permitted until the Maturity date. Please ensure that you have other sources of income and/or savings to meet your expenditure requirements during the term of this account.

  • What is a Maturity instruction?

    If, when you are opening your account, you know what you would like to do with your funds when your account reaches its Maturity date, you can tell us. This is known as a Maturity instruction. You can choose from a number of options. You can choose to:

     

    • reinvest all your funds for the same term again or you can choose a different term. The applicable interest rate for the term you choose will be applied to your account on the day your account reinvests; Or
    • withdraw some of your funds and reinvest the balance. You can choose to withdraw the interest you have earned during the term and/or you can choose to withdraw a specified amount, as long as you ensure that the minimum balance of £5,000 is maintained for reinvestment. The applicable interest rate for the term you choose will be applied to your account on the day your account reinvests; Or
    • withdraw all of your funds and close your account.
     

    If, when you are opening your account, you do not know what you would like to do with your funds when your account matures, you can tell us at any time during the term.

  • If I do not give a Maturity instruction before the Maturity date, what will happen to my account?

    If you do not give us a Maturity instruction before your account's Maturity date, your funds will be automatically reinvested for the same term (or a lesser term if the original term is no longer available) at the applicable interest rate for that term on the day of reinvestment.

  • If my account is automatically reinvested and I am unhappy with this, what can I do?

    You can close your account within the first 14 days following reinvestment. You should contact your branch and provide your instructions in writing.

  • How do I change my Maturity instruction?

    You can change your Maturity instruction at any time during the term up until close of business on the Business Day before your Maturity date by completing the 'Fixed Rate Saver Maturity Instruction Amendment Form' at any First Trust Bank branch or by downloading it here and sending it into your nearest branch.

     

    You can also change your maturity instruction online if you’re registered for our Online Banking Service. Simply click on your Fixed Rate Saver Account and follow the on-screen prompts.

  • Will I receive a statement of my account?

    A statement for your account setting out details of all transactions will be sent to you upon first lodgement, at reinvestment, on closure, anytime you request one and in line with regulatory requirements.

  • Can I receive interest on a monthly basis?

    No, interest cannot be paid monthly.

  • How do I open a Fixed Rate Saver?

    Talk to staff at any First Trust Bank branch. Applications are welcome from both existing and new customers. The Bank will require you to provide suitable identification.

-------------------End of Accordion Container---------------------------

Financial Services Compensation Scheme

 

Check what protection the Financial Services Compensation Scheme offers you.