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. 


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  • 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 by the 29th November 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 the 29th November 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 features

  • The account begins on 1st December 2023 and matures on 30th November 2024.
  • You can deposit up to £40,000, providing you do not exceed the overall Credit Union adult savings limit of £40,000 per member. But as part of membership with No1 CopperPot, you must continue to save at least £5 per month into your Member Account in addition to any other savings account.
  • This account is paid a fixed interest rate of 5% AER, paid upon maturity.
  • This product is fixed for 12-months and you cannot make withdrawals within this time.
  • Please be aware that you must ensure you deposit your new funds into your Member Account by the 29th November, as your approved funds will transfer from your Member Account into the Fixed Term Deposit on the 1st of December 2023. Failure to do so will result in the account not being opened.
  • Life Protection is included up until your 65th birthday. Terms and conditions apply.
  • Please also refer to the general terms and conditions of Credit Union membership.

Key Product Information

Please read the Fixed Term Deposit Terms and Conditions before application.

Account nameFixed 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 on the 1st December 2023. On the 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 periodYou 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 info@no1copperpot.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 UnionIf 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 informationAs 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.

You’re covered with Life Protection

Life Protection is included with all our savings accounts and covers you up until your 65th birthday. This does not cost you anything, it is simply another benefit of saving with the Credit Union.

Your savings are protected up to a maximum of £40,000 per member. This means your savings could be doubled in the event of death, subject to our terms and conditions. It is also included with our borrowing products and covers you up until your 70th birthday. It protects up to a maximum borrowing of £40,000 per member, this means that your loan could be cleared, ensuring that your debt does not remain outstanding, subject to terms and conditions.

All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed. For more information please click here.

Your savings are protected by the FSCS

Your eligible deposits with No1 CopperPot Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk.


We are also covered by the Financial Ombudsman Service (FOS).