Can you set aside savings for at least a year? Our Fixed Term Deposit gives you a guaranteed interest rate, so you know how much your money will grow. It will earn a fixed rate of 5% AER and opens on 1st of December 2023 and will mature on the 30th of November 2024. Applications are open now, but you may want to act quickly as there is limited availability!
- You must be aged 18+
- You must be a member of No1 CopperPot Credit Union (you can apply for membership prior to submitting this application)
- You must have funds held outside of the Credit Union, ready to deposit prior to the 1st December 2023.
Suitability of the account
|This account may be suitable for you if:||This account may not be suitable for you if:|
|✔ You have up to £40,000 that you want to lock away for 12 months.|
✔ You want to know the rate of return in advance.
✔ You are able to transfer the funds into the Credit Union by 1st December 2023.
✔ You want the additional security of Life Protection up until your 65th birthday (subject to terms and conditions).
|× You do not have money ready to deposit.|
× You are looking to deposit more than £40,000.
× You are looking for a regular savings account, to add money into over time.
× You may need access to your savings.
× You want a tax-free savings option.
Key Product Information
Please read the Fixed Term Deposit Terms and Conditions before application.
|Account name||Fixed Term Deposit|
|What is the duration of this product?||This account will open on 1st December 2023, and it will mature on 30th November 2024.|
On the day of maturity the interest and the lump sum deposit will be transferred into your Member Account, at which point the account will be closed automatically. If the date of maturity falls on a non-working day it will be transferred on the next working day.
|What is the interest rate and terms of this account?||The interest rate on this account is 5% AER. The interest on this account will be paid on maturity and the term is a 12 month fixed period which will begin on 1st December 2023. The interest will be paid on the day your account matures and this will be transferred, with your original deposit, into your Member Account. If the date of maturity falls on a non-working day it will be transferred on the next working day.|
|Can No1 CopperPot change the interest rate?||No, the interest rate on the Fixed Term Deposit is fixed and will not change for the term of the account, which is 12 months.|
|How much can I deposit?||You can deposit up to £40,000, this is dependent on the current amount of savings already held with the Credit Union. Each adult member can hold a maximum of £40,000 savings across all of our accounts e.g. if you had £10,000 in your Member Account, you could deposit up to £30,000 in the Fixed Term Deposit.|
|What would the estimated balance be after 12 months based on a lump sum of £10,000?||If you deposited £10,000 into a Fixed Term Deposit beginning 1st December 2023. On 1st December 2024, you would have a total balance of £10,500 transferred to your Member Account. This would be made up of your £10,000 deposit and £500 of earned interest.|
|How do I open and manage my account?||You can submit an application on our website, app, or by contacting us over the phone. You can manage your account through all channels including email, website, and the app.|
Funds can only be from an external source and must be placed into your Member Account prior to the 1st of December 2023. No existing Credit Union funds will be accepted as a deposit to open the Fixed Term Deposit and you cannot make any further deposits once the account is opened.
|Can I withdraw money?||You cannot make withdrawals from this account; the funds cannot be accessed for the 12-month term.|
|Cancellation period||You have 14 days from the date that your account is opened, the 1st December 2023, within which to cancel it. This is your cooling off period. If you wish to cancel, please contact us by phone, email, in person, or by writing to us. You can call us on 0161 741 3160, write to us at Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, Stockport, SK8 3GX, or email us at email@example.com.|
|Can I close my account?||There is no early closure on this account, it cannot be closed at any point within the 12-month fixed term.|
In the case of death, the account will be closed with immediate effect. All interest accrued up until the day of closure will be paid. If applicable, the Credit Union will discuss any payable Life Protection and how to proceed, subject to terms and conditions.
|Ending membership with the Credit Union||If you terminate your Credit Union membership before this account matures you will not receive any interest on your Fixed Term Deposit. Interest will only be paid upon maturity.|
|Additional information||As you are unable to close your account or leave the Credit Union throughout the duration of the fixed term, we would strongly advise you to make sure you have sufficient emergency funds until your account has matured.|
Interest is paid gross* but is not tax free and therefore should be declared on your tax return. The Personal Savings Allowance (PSA) means every basic-rate taxpayer can earn £1000 interest without paying tax on it. Higher-rate taxpayers can earn £500 without paying tax on it. Additional-rate taxpayers do not get an allowance and therefore must pay tax. For more information, please visit https://www.gov.uk/apply-tax-free-interest-on-savings.
*Gross % rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, which is currently 20%.
Statements are issued annually. This is done via an email with a link to the online members areas which provides access to all statements. Members without an email address will be issued a paper version via post. All members can request a paper version if that is their preferred method of receipt.
Download key documents here:
Apply for a Fixed Term Deposit