Product overview

• Fixed term deposit account – you cannot make withdrawals or transfers or close the account during the fixed term period.
• Cooling-off period of 14 calendar days – if you change your mind within 14 calendar days from the date your account was opened, any money deposited will be returned to the account it was sent from. We cannot return any money after this 14 calendar day period. If you do not deposit the minimum amount during the 14 calendar day period, your account will be automatically closed.
• Annual Interest – we pay interest annually, on the anniversary of the date you opened your account. Your account will accrue interest from the day that we receive your initial deposit.
• Gross Interest – we pay interest gross. Under the Personal Savings Allowance, the first £1,000 of income of any interest earned is tax free for basic rate taxpayers. The first £500 is tax free for higher rate taxpayers, and no Personal Savings Allowance applies if you’re an additional rate taxpayer.
• If the interest you earn is less than your Personal Savings Allowance, you don’t have to do anything; if the interest you earn is more than your Personal Savings Allowance, you must pay tax on the difference. If you fill in a Self Assessment tax return you should carry on doing this as normal. For further details on how tax will be collected, refer to the HMRC guidance on Tax on Savings Interest or visit gov.uk.
• Gross is the contractual rate of interest payable.

You can open a Fixed Term Deposit Account as long as you:

• are aged 18 or older
• are a UK resident and a UK taxpayer only
• have a UK bank or building society account
• have at least £10,000 to open your account
• are not a US Person*

* US Person – this term includes a person who is a citizen or resident of the US, a person who meets the substantial presence test, or a person holding a US Green Card.

• Once your account has been opened, you will receive an email with your Logon ID. You will need this to log into your online account. Your password is the one you set during the application process.
• Your online account lets you view your product details, transaction history, and important documents and communications from Arbuthnot Direct. You can also send us secure messages from within your online account.
• All communication with you will be via your online account. Each time a new document has been uploaded for you to review, we will send you an email notification. (Please note: Arbuthnot Direct will not send any account information to you via email – all communication of this nature will only be available to you via your online account.)
• We produce an annual statement, and an annual interest certificate will be produced at the end of each tax year to help you with your Personal Savings Allowance. These will be available to view on your online account. (Please note that we will not send paper copies.)

• Your fixed term deposit will mature on the anniversary of the date you opened your account. We will be in touch with you prior to this date to let you know about the available maturity options.

Answers to most common questions can be found on our Frequently asked questions page. Alternatively, if you have a question and cannot find an answer, you can contact us.