Danske Fixed Term Deposit
Save a lump sum for a set amount of time with a fixed rate of interest.
- A choice of terms are available.
- Apply in branch or by phone, or if you have eBanking, you could open an account online in minutes.
Features
- Interest rate is fixed for your chosen term.
- Have the option to automatically rollover for another term at maturity, making longer term saving hassle free.
- Minimum investment amount of £5,000.
- View your account and amend maturity options in eBanking.
Summary box
1
What is the interest rate?
The table below shows the Gross / AER (fixed) rates depending on the balance amount.
| Term | Balances £5,000 – £249,999 | Balances £250,000 and over |
|---|---|---|
| 1 month | 1.80% / 1.81% | 1.80% / 1.81% |
| 2 months | 1.80% / 1.81% | 1.80% / 1.81% |
| 3 months | 3.00% / 3.03% | 3.00% / 3.03% |
| 4 months | 3.00% / 3.03% | 3.00% / 3.03% |
| 6 months | 3.80% / 3.84% | 4.10% / 4.14% |
| 9 months | 4.00% / 4.03% | 4.30% / 4.33% |
| 1 year | 4.30% / 4.30% | 4.60% / 4.60% |
| 2 years | 4.50% / 4.40% | 4.50% / 4.40% |
| 3 years | 4.00% / 3.85% | 4.00% / 3.85% |
| 4 years | 3.60% / 3.42% | 3.60% / 3.42% |
| 5 years | 3.50% / 3.27% | 3.50% / 3.27% |
The table above shows the Gross / AER (fixed) rates depending on the balance amount.
- Interest is calculated on a daily basis at the agreed rate and is paid into your account on the maturity date.
- Interest is paid on a tiered basis, which means you will earn one rate on your entire account balance. That rate depends on the total balance.
- If your existing Term is not shown in the table above, please refer to your agreement document for further information. If you have any queries, you can contact your relationship manager or branch.
2
Can Danske Bank change the interest rate?
Interest rates payable on Danske Fixed Term Deposit Accounts are fixed at the date of receipt of the initial lodgement for the term. This means the interest rate won't change during the term.
3
What would the estimated balance be after 12 months based on a £5,000 and £250,000 deposits?
| Term | Initial deposit at account opening | Projected balance at end of fixed term |
|---|---|---|
| 6 months | £5,000 | £5,095 |
| 6 months | £250,000 | £255,125 |
| 1 year | £5,000 | £5,215 |
| 1 year | £250,000 | £261,500 |
| 5 years | £5,000 | £5,875 |
| 5 years | £250,000 | £293,750 |
These projections are provided for illustration only and assume that:
- no withdrawals are made;
- interest is added to the account at the end of the term.
4
How do I open and manage my account?
- You must be at least 18 years old.
- You can open your account in branch, by phone or in your own name using eBanking (if you have registered for this service).
- You must have and maintain a service account for the duration of the Danske Fixed Term Deposit Account, which can be one of our personal current accounts or instant access savings account (excluding Cash ISA).
- The fixed terms available at a branch, or by phone are 1, 2, 3, 4, 6, 9 months; 1, 2, 3, 4, 5 years; and any term ending on a specified date selected by you (minimum term one-month, maximum term 5 years).
- The fixed terms available online using eBanking are 6, 9 months and 1, 2, 3, 4, 5 years.
- The minimum deposit required to open an account is £5,000. There is no maximum amount of funds you can deposit when opening an account in branch or by phone, however, if you open an account using eBanking the maximum deposit is £1,000,000.
- Deposits must be made in cleared funds from your service account and are only accepted on the date that the account is opened or by close of business on the business day before the maturity date if the account is rolled over for another term. Further deposits cannot be made to the account during the term, but you can open more than one account.
- You can arrange for your investment (including or excluding any interest earned) to automatically rollover into a new Danske Fixed Term Deposit at the end of the term at the interest rate applicable at the time.
- You can amend the maturity instructions for your account in branch, by phone and using eBanking (if you are registered for this service). Any instructions must be received by close of business on the business day before the maturity date.
- We'll send you a paper statement at least every 6 months unless you've asked to receive them electronically with eBanking. You can ask to change to electronic statements at any time using our Go Paperless form.
5
Can I withdraw money?
- Withdrawals can normally only be made on the maturity date.
- This account is designed to hold your savings for a fixed time period. In exceptional circumstances, you may apply to close the account or make an early withdrawal before the maturity date. If the bank approves your application, the account will be closed (or the withdrawal will be made from the account) on the date the application is approved.
- In the event of the death of the account holder, the account may be closed.
- At the end of the term, we will transfer the funds plus interest earned to your service account unless you instruct us otherwise.
6
Additional information
- Interest is paid ‘gross’. This means that we do not deduct tax from the interest we pay. Depending on your personal circumstances, you may have to pay tax on your interest.
- AER stands for ’Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded (paid on the total balance including previous interest) once each year.
- Rate correct as at 04/01/2024.
The information provided in this summary box includes the key features of the account only and is not intended to be a substitute for reading the terms and conditions that apply to the account.
Download summary box as PDFDigital Banking services information
- Our Mobile Banking app is available for iOS and Android devices.
- Our eBanking and Mobile Banking app may be temporarily unavailable when we are carrying out routine maintenance.
Important information
Fees and Service charges explained (PDF)
How to apply
Answer a simple question to see your options.
(you are an existing customer if you have a current account, savings account or mortgage with us)
