Fixed Term Deposit Account

We would like to introduce our Fixed Term Deposit Account, created to reward our loyal members who already hold money within the Credit Union. The Fixed Term Deposit Account is designed to provide you with a home for your longer-term savings and offers an attractive rate of interest.

This account allows you to deposit up to £5,000 from your existing Credit Union savings for a set period of two years. It provides you with a fixed rate of interest, so that you know exactly how much your savings will earn.




Key Information

Interest rate Features and benefits Bear in mind Withdrawals Access
2.25% AER fixed
  • Fixed interest rate gives peace of mind
  • Interest paid on maturity
  • Two year term
  • No minimum opening deposit
  • On maturity, your deposit and interest will be transferred into your Member Account
You cannot make withdrawals from this account
  • Online
  • Branch
  • Phone


Can the Credit Union change the interest rate and how is it paid at the end of the term?

  • No, this account has a fixed rate of interest so the rate won’t change during the two year term.
  • Interest is paid into your Member Account along with the original deposit at the end of the two year term.


What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

Terms Initial deposit Annual Equivalent Rate (AER) Balance after 24 months
Two years £1,000 2.25% £1,045.51

This example assumes that:

  • You don’t withdraw any money.
  • You make your initial deposit payment on the day you open the account.
  • Interest is paid on maturity.


How do I open and manage my account?

  • Use our online facility, phone, post or visit us at our Slater House premises.
  • You can view your account balance online.
  • We’ll send you annual statements and a statement when the account matures.


Opening this account

  • You must be aged 18 or over.
  • You can open this account with a maximum of £5,000. This is the maximum amount that can be held in the account and must be money already held within the Credit Union.
  • Your account term starts on 1st December 2018 and the agreed funds will be moved into it on this date.
  • The money must already be held within the Credit Union. You can transfer money from your Member Account, Notice Plus Account (with no penalty), Reserve Account or ISA. You will continue to earn interest/dividend on the agreed funds, at the rate of the existing account, up until the date in which the money is transferred into the Fixed Term Deposit Account, as interest/dividend is calculated daily.
  • You will receive a welcome letter and relevant terms and conditions on receipt of successful application.


Can I withdraw money?

  • You can’t make withdrawals from this account.
  • This account cannot be closed prior to maturity on 1st December 2020.
  • At the end of the fixed term, the account automatically transfers the balance into your Member Account.


What happens at the end of the two year term?

  • We will transfer the original deposit and the interest into your Member Account, this is the only option at maturity.
  • We will pay your interest on the day your account matures and transfer this with your original deposit into your Member Account.



You have a 14 day cooling-off period from the date that your account is opened (1st December 2018), within which to cancel it. If you wish to cancel please contact us by phone on 0161 741 3160, email us at, in person or by writing to us at Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3GX.


Additional information

  • These rates apply from 1st December 2018 to 1st December 2020.
  • Gross rate means we won’t deduct tax automatically from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.
  • This offer may be withdrawn at any point and will not continue after the 30th November, no further applications will be taken after this date.
  • The Fixed Term Deposit Account is on a first come, first served basis and once the limit has been reached we will not allow any new applications. We will make you aware if you have been unsuccessful.
  • You cannot make any further deposits or withdrawals after the commencement of the fixed term on 1st December 2018.
  • You are not able to close your account or leave the Credit Union in the duration of the fixed term, therefore we would strongly advise you to make sure you have sufficient emergency funds until your bond has matured.
  • We will contact you in writing at least one month prior to your bond maturing, to allow you to plan what to do next and make you aware of your options. Please remember the money will transfer to your Member Account and you can decide what to do with it from this point.
  • Life Protection is included up to the age of 65, in the event of death within the duration of the bond, the funds will be released to the estate. However, the interest will not be paid. You can view our Life Protection terms and conditions at
  • Please be aware that as the ISA and Notice Plus Account are not open to new applications, if you move money from either account then you will not be able to put these funds back in, even after the maturity date, or if you change your mind. ISA’s are a tax efficient savings account and members who have an ISA with us should think carefully before removing their funds from this account, as their tax efficiency would be lost.
  • For more information please see our general savings terms and conditions


Deposit Protection – Financial Services Compensation Scheme

No1 CopperPot Credit Union is covered by the Financial Services Compensation Scheme. This means that your deposits placed within the Credit Union are protected by the scheme up to £85,000 per member (although the current maximum total deposit per member is £40,000). If you would like to find out more information about the Financial Services Compensation Scheme please visit their website at


Please note this account is only open to existing members of the Credit Union.