Updated on 23 January 2020
First Bank of Nigeria (FBN Bank) was founded in 1894 and is now a leading banking institution and a major contributor to the economic development of Nigeria. FBN Bank started its operations in Europe in 2002, providing retail and corporate banking products and services. FBN Bank offers its savings accounts online via FirstSave.
Established in 1878, Close Brothers is a British financial services company, offering lending, deposit taking, wealth management services, and securities trading.
Austria: This product is offered to Austrian residents only. When clicking on the product link you will be redirected to the product page in German.
Germany: This product is offered to German residents only. When clicking on the product link you will be redirected to the product page in German.
Time deposits accounts are interest-bearing deposit acoounts offering higher interest rates than savings accounts. However the money deposited to such account cannot be withdrawn for a specified period of time (term).
The table above shows essential details of selected time deposit products offered to retail customers by the banks in the United Kingdom: currency, interest rate per annum and deposit term. The time deposit accounts terms vary from 12 month to 4 years (48 months). The interest rates are within the range 0.55 - 1.10 %. The interest rates provided in the table do not take into account withholding tax levied on interest income in the United Kingdom.
Average Deposit Rates. In February 2019, average annual deposit interest rate in local currency (Pound sterling) of new contracts with fixed term up to 1 year between credit institutions and retail customers (households) was 1.11 %.
Country Deposit Rating. The United Kingdom's Moodys country ceiling (the highest rating that can be assigned) for deposits in local currency is set to Aaa (prime).
Deposit Guarantee. Time deposit accounts made with credit institutions in the United Kingdom are covered by deposit guarantee scheme up to 85,000 GBP per depositor.
Withholding Tax. Interest income gained on time deposit accounts by non-residents of the United Kingdom is not taxed. Interest gained on time deposit accounts by residents of the United Kingdom is taxed at 20.00% rate. When the interest is paid, this tax is automatically withhold from the time deposit account by the bank.