Terms & Conditions (Savings, Notice, and Fixed Deposit Accounts)

Terms and Conditions (Savings, Notice and Fixed Deposit Accounts)

Table of Contents

1. About these Terms & Conditions

These Terms and Conditions are the product-specific terms for your FirstBank UK savings, notice and term accounts (which can also be referred to as “Product Terms”).

They sit alongside:

  • the General Banking Terms and Conditions for Your FirstBank UK Accounts and Services (the “General Terms”); and
  • our Standard Tariff and Charges (set out in the “Initial Agreement Document” and referred to herein as the “Tariff” and any separate interest rate sheets we give you).

Together, these documents form your agreement with us for this account.

If there is a difference between:

  • these Product Terms and the General Terms, these Product Terms will apply for your Savings Accounts; and

these Product Terms and the Tariff about a fee or interest rate, the Tariff will apply.

2. Who we are and who these accounts are for

Who we are

“FirstBank UK”, “we”, “us” and “our” mean:

First Bank UK Limited
28 Finsbury Circus
London EC2M 7DT

We are incorporated in England and Wales and are:

  • authorised by the Prudential Regulation Authority (PRA); and
  • regulated by the Financial Conduct Authority (FCA) and the PRA
    (FCA firm reference number 216772).

Who these accounts are for

Our savings, notice and fixed term deposit accounts are available to:

  • individual customers who meet our personal eligibility criteria; and
  • business and Special Purpose Vehicle (SPV) customers who meet our business/SPV eligibility criteria.

This usually includes:

  • meeting our minimum asset, income and residency requirements; and
  • using the account for personal savings (for individuals) or business / SPV (for entities).

Your Product Terms and onboarding documents set out the eligibility requirements for your account.

3. Types of savings and deposit accounts

We offer different types of savings and deposit accounts. The main ones are:

  1. Instant access / call accounts
    • You can pay money in and withdraw money without giving notice, subject to any daily/weekly limits.
    • Interest is usually variable.
  2. Notice accounts (for example, 30, 60 or 90 days’ notice)
    • You must give notice before withdrawing money.
    • Different notice periods may have different interest rates and conditions.
    • Interest is usually variable.
  3. Fixed term deposit accounts
    • You place money for a fixed term (for example, 3, 6 or 12 months, or longer).
    • The interest rate is normally fixed for that term.
    • You are generally expected to keep your money in the account until the maturity date.

Your Product Terms will state which type of account you have – the currency (for example, GBP, EUR, USD), the term (if fixed), the notice period (if any) and your interest rate(s).

4. Opening your savings / notice / fixed term account

To open one of these accounts, you must:

  • complete our application process; and
  • provide all information and documents we reasonably ask for (for example, proof of identity and address, business ownership details, source of funds information).

We carry out:

  • anti-money laundering and sanctions checks; and
  • other checks we consider appropriate.

We can refuse to open an account or accept a deposit, without providing you with a reason.

Your account is opened (or your fixed term deposit is placed) when we confirm acceptance and show you the value date from which interest starts to accrue.

Your Product Terms explain any:

  • minimum balance to open or maintain the account; and
  • any maximum balance or other restrictions.

If you do not meet these requirements, we may not accept the deposit, or we may close the account.

5. Paying money in

You can normally pay money into your savings, notice or fixed term deposit account by:

  • electronic bank transfer from another account; and
  • internal transfer from another FirstBank UK account.

Cheques may be accepted for some accounts.

We will credit your account once we receive the payment and it has cleared.

For fixed term deposits, we usually:

  • agree a funding date and amount with you;
  • expect you to send the funds by the agreed date; and
  • start interest on the value date we confirm (which may be the same as the funding date or a specified start date).

If we receive money late or in the wrong currency, we may:

  • adjust the value date; or
  • decline or return the funds.

If money is paid into your account in error or by mistake, you must tell us and, if we ask, return it. If you knowingly spend money that is not yours, we may treat this as an unauthorised borrowing and recover it from you.

6. Taking money out and giving notice

How you take money out depends on the type of account you hold.

Instant access / call savings accounts

  • You can normally withdraw at any time without giving notice, using the same channels as your current account (for example, internal transfer, external payment, or by instruction to us), subject to any limits.
  • We may apply daily or weekly withdrawal limits for security or liquidity reasons. These are shown in the Tariff or Product Terms, or you can ask us for details.

Notice accounts (e.g. 30/60/90 days)

  • You must submit a notice request before withdrawing your money.
  • Notice must be given for at least the number of days stated in your Product Terms (for example, 30, 60 or 90 days).
  • Once we receive a valid notice, we will:
    • mark the amount as under notice; and
    • make it available for withdrawal on or after the expiry of the notice period.

You can usually:

  • give notice for part of your balance (leaving the rest in the account); or
  • give notice for the full balance, which may lead to the account being closed after withdrawal.

The General Terms will explain:

  • whether early withdrawals without full notice are allowed; and
  • if so, any interest loss, break charges or fees that apply.

Where early access is allowed, you may:

  • lose some or all the interest you would otherwise have earned on the amount withdrawn; and/or
  • pay a fee (for example, an early access charge).

Fixed term deposit accounts

For fixed term deposits:

  • You agree to place a set amount for a fixed period (for example, 1, 3, 6 or 12 months).
  • You are expected to keep the money in the deposit until the maturity date.
  • Withdrawals before maturity are normally not allowed, or only allowed in very limited circumstances, at our discretion.

If we agree to an early termination of a fixed term deposit:

  • we may reduce the interest you receive;
  • we may charge an early break fee; and
  • you may get back less interest than you expected (and, in some cases, no interest on the amount withdrawn early).

The General Terms will explain:

  • whether early termination is possible;
  • in what circumstances; and

how any reduction in interest or break charge is calculated.

7. What happens at maturity (fixed term deposits)

Before your fixed term deposit reaches its maturity date, we will usually:

  • send you a maturity or rollover notice; and
  • explain your options, which may include:
    • paying the proceeds to a nominated account;
    • transferring to a call or notice account; or
    • reinvesting in a new fixed term deposit (possibly at a different rate or term).

You must give us your instructions by the deadline stated in your notice.

If you do not give instructions in time, the following may apply:

  • your funds may be placed into a call account; or
  • your deposit may roll over for a new term at the current rate, possibly with a short grace period to change your mind.

If a deposit is rolled over and you do not act within any grace period specified, you may again be locked in until the new maturity date.

8. Interest – how it works

Your Tariff will tell you:

  • the interest rate(s) that apply;
  • whether the rate is fixed or variable;
  • the currency of the account; and
  • how and when interest is calculated and paid.

In general:

  • For instant access and notice accounts, interest is usually variable and may change from time to time.
  • For fixed term deposits, the interest rate is usually fixed for the term.

We normally:

  • calculate interest daily on the cleared balance (the money that has fully arrived and is available to use); and
  • pay interest monthly, quarterly, annually or at maturity, as stated in your Product Terms.

Interest is usually paid without tax deducted, unless we are required by law to withhold tax. You are responsible for any tax you may owe on your interest income.

If you withdraw early from a notice account or fixed term deposit (where early access is allowed):

  • we may reduce or remove interest on the amount withdrawn and/or
  • we may charge an early access or break fee.

9. Fees and charges

We may charge fees for:

  • certain transactions or services (for example, international payments, CHAPS transfers);
  • early access or early closure for some notice or term products; and
  • providing extra statements, confirmations or special reports at your request.

All relevant fees are set out in our Standard Tariffs and charges, which can be found on our website.

We may change fees and charges (for example, if law, regulation or market conditions change). Where a change is to your disadvantage, we will give you at least two months’ notice in line with the General Terms and any regulatory requirements. If you do not agree with a change, you can close or move your account, subject to any product-specific rules on notice or fixed terms.

10. Statements and other information

We will provide statements for your savings, notice and fixed term deposit accounts at reasonable intervals. This may be:

  • monthly or quarterly for some savings accounts;
  • annually for some notice accounts; or
  • at opening and maturity, plus on request, for certain fixed term deposits.

We may provide statements:

  • through Online Banking;
  • by post; or
  • by another method we agree.

You should check statements and any other information we send you and tell us as soon as possible if:

  • there are transactions you do not recognise; or
  • you think we have made a mistake.

Different time limits may apply when reporting payment or account issues. For example, you must notify us within 13 months for cases of authorised push payment scam and, in any event, without undue delay after you have been made aware of a potential issue. Delays may affect your ability to recover funds or receive a refund.

11. Keeping your accounts and security details safe

If you can access your savings, notice or fixed term accounts through Online Banking or via instructions, you must do everything you reasonably can to keep your accounts and security details safe, just as with a current account.

In particular:

  • keep PINs, passwords and security codes secret;
  • do not write them down in a way someone else could understand;
  • do not share them with anyone who is not authorised; and
  • keep any security device (for example, card or token) physically safe.

Contact us immediately if:

  • you think someone else knows your security details;
  • your card or security device is lost or stolen or misused; or
  • you see a payment or transfer from your savings that you do not recognise.

Call: +44 (0)20 7920 4920 or email: clientservicesgroup@firstbankgroup.com

Opening times are Monday to Friday from 9am to 5pm (excluding bank holidays in England and Wales).

We may suspend or restrict access to your accounts if we:

  • suspect fraud or misuse;
  • believe your security has been compromised; or
  • must act to comply with law, regulation or sanctions.

12. Changes, closing accounts and set-off

We may change:

  • the General Terms;
  • these Product Terms; and
  • the Tariff and interest rates,

for reasons such as changes in law, regulation, market conditions or our costs, as described in the General Terms.

For variable rate savings accounts (for example, instant access or notice):

  • we may increase or decrease interest rates;
  • where the change is clearly to your disadvantage, we will give you notice and explain your options (which may include moving or closing the account without extra charges, subject to notice rules).

For fixed term deposits, we normally do not change the rate during the term, except (for example, if there is an error or a regulatory requirement).

You can usually:

  • close an instant access savings account at any time; and
  • close a notice account after giving the required notice and withdrawing your funds.

You may close a fixed term deposit at maturity by giving us maturity instructions and taking your money out. Early closure may not be allowed or may be allowed only on specific terms (for example, reduced interest or a break charge), as explained above and in your Product Terms.

Using money in your other FirstBank UK accounts (set-off)

If you owe us money (for example, because of an overdraft on a current account, unpaid fees or another debt with us), we may use money in your savings, notice or fixed term accounts to reduce or repay what you owe. This is sometimes called “set-off”.

  • If you have sole accounts, we may move money between your own accounts.
  • For joint accounts, we will use money in joint accounts to repay joint debts, and in line with the law and our General Terms.

We will normally tell you before we do this, unless we reasonably believe that giving notice would increase the risk that the money will not be repaid (for example, if we are concerned you may move the funds).

13. How your money is protected

Eligible deposits with FirstBank UK are protected by the Financial Services Compensation Scheme (FSCS) up to the applicable limit per eligible depositor, per authorised firm, which is currently £120,000.

Key points:

  • The FSCS limit applies to the total of your eligible deposits with us (including current, savings, notice and fixed term deposits), not to each account separately.
  • For joint accounts, each eligible account holder has a separate limit.
  • Some small businesses, charities, trusts and SPVs may also be eligible, depending on FSCS rules.

You can find more information and current limits at www.fscs.org.uk.

14. How we use your information

We use information about you (and, where relevant, about beneficial owners, directors, partners, trustees, signatories and authorised users) to:

  • open and manage your savings, notice and fixed term deposit accounts;
  • process payments, withdrawals and maturity instructions;
  • meet our legal and regulatory duties (including anti-money-laundering, sanctions and fraud checks); and
  • manage our wider relationship with you.

We may share information with:

  • other First Bank group companies;
  • service providers who help us deliver our services;
  • regulators, tax authorities and law enforcement; and
  • other banks and payment providers involved in your transactions.

Our Privacy Policy explains in more detail what data we collect, how we use it, who we share it with and your rights. You can find it at Privacy Statement | FirstBank UK Limited or ask us for a copy.

15. If you are unhappy

If you are unhappy with your savings, notice or fixed term deposit account or our service, please contact:


Opening times are Monday to Friday from 9am to 5pm (excluding England and Wales bank holidays).

We will:

  • acknowledge your complaint;
  • investigate what happened; and
  • aim to resolve it as quickly as we reasonably can, sending you a clear response.


You can confirm how we handle complaints on our website here: Complaints Process | FirstBank UK Limited

If we cannot resolve your complaint to your satisfaction, or you do not receive a final response within the required timescale, you may be able to refer your complaint to the Financial Ombudsman Service (FOS), a free, independent service. Whether you are eligible depends on your status (for example, consumer, micro-enterprise, small charity) and the nature of the complaint.

Details are available at www.financial-ombudsman.org.uk, and we will include them in our final response if you are eligible.

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