Updated on 22 September 2020
Established in 2008, FCMB Bank (UK) is a wholly-owned subsidiary of First City Monument Bank Ltd (FCMB) and a member of FCMB Group (Nigeria). FCMB Bank (UK) provides corporate banking, trade finance and treasury services.
Bank and Clients Plc offers selected retail banking products and services to UK customers: a range of savings accounts (cash ISAs, pensions, SIPPs and SSAS’s) is available to UK residents, charities and SMEs; mortgages for properties with non-standard features are offered to professionals such as doctors, lawyers and farmers; business loans are provided to medium and large businesses that are backed by either assets or operating cash flows.
Established in 1994, Industrial Credit and Investment Corporation of India (ICICI) is an Indian banking and financial services company. ICICI Bank is one of the largest banks in India and operates as a universal bank at its domestic market, providing retail, private, corporate and investment banking products and services. ICICI Bank also conducts selected operations internationally.
Established in 1878, Close Brothers is a British financial services company, offering lending, deposit taking, wealth management services, and securities trading.
Founded in 2007, Gatehouse Bank Plc became a wholly-owned subsidiary of Gatehouse Financial Group Limited in 2015. Gatehouse Bank provides solutions in real estate investment advisory, wealth management, commercial real estate finance, treasury, and Shariah advisory. Although Gatehouse Bank operates in accordance with Shariah principles, its products and services are attractive to both conventional and Shariah-compliant investors.
Established in 1982, Qatar Islamic Bank (QIB) is a Sharia’-compliant bank providing retail, private, corporate and investment banking products and services. QIB UK is a Sharia compliant investment bank offering solutions in asset management, real estate, treasury and trade finance.
United Kingdom: This product is offered to the United Kingdom's residents only. When clicking on the product link you will be redirected to the product page in English.
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 accounts 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 However the money deposited to such account cannot be withdrawn for a specified period of time (term).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 6 month to 5 years (60 months). The interest rates are within the range 0.70 - 2.10 %. 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 March 2020, 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 1.04 %.
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.