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Term deposit account

A guaranteed rate for your savings

If you have savings that you would like to keep, you can arrange to lock them away for up to three years with a term deposit account. There is no additional deposit or withdrawal permitted within this agreed term.

It takes the uncertainty out of saving so you can nurture your nest egg.

Main features
  • Guaranteed interest rates - up to 1.32% Gross*/1.30% AER+. This rate is available on our 3 year Term Deposit – Interest Capitalised at Maturity, if held for the full term.
  • Minimum deposit of £2,000 – Maximum deposit of £5,000,000.
  • Withdrawals or early closure are not permitted during the fixed term.
  • See below for terms available, interest rates and how this is paid to you. Our summary box is a recap of our key product information
Withdrawals are not permitted

Please note withdrawals or early closure of the term deposit are not permitted under any circumstances during the fixed term, except in the event of the death of the account holder (or one of them if joint account). See clause 2.3 for further information on term deposit terms and conditions (PDF, opens in new window). If there is anything that you don't understand please contact us for clarification.

*Gross rate interest is the interest payable without taking account of any tax payable. If you earn interest over your Personal Savings Allowance you will be required to pay any tax due yourself directly to HM Revenue and Customs. If you would like to read more about your Personal Savings Allowance, please visit the Governments website www.gov.uk.

+AER. Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.

Interest rates

For new Term Deposits - The rate in force on the day your Term Deposit is opened will be the rate applied to your new account for the fixed term.

For existing Term Deposits that are due to mature - The rate in force on the day your Term Deposit is reinvested will be the rate applied to your account for the fixed term. For more information on your options please refer to the letter sent out 35 days prior to your maturity date.

Interest capitalised and paid at maturity – interest will be credited to the account on the maturity date.

Term Gross* AER+ pa Apply
12 Months
1.00%
1.00%
 Apply
2 Years
1.21%
1.20%
 Apply
3 Years
1.32%
1.30%
 Apply

Annually capitalised interest – the interest is added to your Term Deposit account on the anniversary every year.

Term Gross*/AER+ pa Apply
2 Years
1.20%
 Apply
3 Years
1.30%
 Apply

Monthly interest ▴

You can also choose to have your interest paid monthly, directly into another Clydesdale Bank account. This way, you can generate a regular income for up to five years.

Term Gross* AER+ pa Apply
12 Months
1.00%
1.00%
 Apply in Branch
2 Years
1.19%
1.20%
 Apply in Branch
3 Years
1.29%
1.30%
 Apply in Branch

Annual interest ▴

You can also choose to have your interest paid annually, directly into another Clydesdale Bank account.

Term Gross*/AER+ pa Apply
2 Years
1.20%
 Apply in Branch
3 Years
1.30%
 Apply in Branch

▴A Clydesdale Bank current or savings account must remain open in order for the monthly or annual interest to be paid in to.

The terms and rates offered for Term Deposits are constantly reviewed. As a result the length of the terms offered may vary.

Apply online, by phone or in branch

How to apply
 

Apply online

 

Use the online application process to complete and print an application form and fill it out and fill it out. Send on to the following address - no postcode required - but please note that it is important to ensure the FREEPOST address is written on one line as:

FREEPOST CLYDESDALE BANK TERM DEPOSIT ADMINISTRATION

Along with your application, you should send a cheque for the amount of your deposit. The cheque must be written from an account in the applicant's name and made payable to the person named on the application form. For joint applications, you can send a separate cheque for each applicant if you wish.

When we receive your signed application, we will process it as quickly as possible.

  • After your cheque has cleared, we will open your account
  • Within 14 working days we will send you a certificate and covering letter confirming your new term deposit details
Apply by phone

Call 0800 012 1111(Monday to Friday 8.00am-8.00pm, Saturday 9.00am-5.00pm, Sunday 10.00am-4.00pm)

Apply at a branch

Find your nearest Clydesdale Bank branch

*Gross rate interest is the interest payable without taking account of any tax payable. If you earn interest over your Personal Savings Allowance you will be required to pay any tax due yourself directly to HM Revenue and Customs. If you would like to read more about your Personal Savings Allowance, please visit the Government website www.gov.uk.

+AER. Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.

Summary box

Account name 12, 24 & 36 Month Personal Term Deposits
What is the interest rate?
Term Balance Gross Rate (%) AER (%)
12 months £2,000 1.00 1.00
24 months £2,000 1.19 1.20
36 months £2,000 1.29 1.30

Interest is calculated on a daily basis and can be paid at maturity of the Term Deposit. On the 24 and 36 month term deposits you can also select for interest to be added annually or paid out to you monthly or annually. Please note these rates are subject to change and are for illustrative purposes. If our rates have changed we will advise you of the correct rate before you open the Term Deposit.
Can Clydesdale Bank change the interest rate? No. The interest rate is fixed when you open the Term Deposit.
What would the estimated balance be at maturity, based on a range of deposits?
Term Initial deposit at account opening Balance at the end of the term
12 months £2,000 £2,020.00
24 months £2,000 £2,048.00
36 months £2,000 £2,078.00

These are only examples and show the balance at maturity and do not take into account your individual circumstances or the specific manner in which interest is calculated and applied. For example, if you opt to have interest paid out to you monthly or annually the balance would remain the same.

The examples assume that:

  • no further deposits or withdrawals are made;
  • any interest earned stays in the account; and
  • there is no change to interest rates and tiers.
How do I open and manage my account?

The account can be opened in branch or online, www.cbonline.co.uk or call us on 0800 012 1111.

We will contact you 35 days before the Term Deposit matures with a rate for another Term Deposit and details of how to add funds, withdraw funds, change the term or close the account. If you are happy to invest again, you do not need to take any action the Term Deposit will be rolled over for the same term.
Can I withdraw money?

No, withdrawals or early closure of the Term Deposit are not permitted.
Additional Information

Interest will be paid gross.

Gross rate interest is the interest payable without taking account of any tax payable.

AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.

Apply Today

Apply Online Continue with saved application

 

Call
0800 012 1111
to talk to a savings representative
(Monday to Friday 8.00am - 8.00pm,
Saturday 9.00am - 5.00pm,
Sunday 10.00am - 4.00pm)

Your nearest branch

Need Help?

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You can find impartial information and guidance on money matters on the “Money advice service” website.
Clydesdale Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.