FIXED TERM DEPOSITS

Fixed Deposit contracts operate through fixed deposit cover accounts on start, maturity and breakage of the contract. Cover account statements will be issued annually. No Standing Orders or Direct Debits will be allowed on this cover account.

Suitable to both Business and Personal customers who have surplus funds to invest secure in the knowledge that they should not need to withdraw such funds during the period of the contract.

You can open a Fixed Term Deposit Account with a minimum of £5,000, USD 5,000, EUR 5,000 and TRY 50,000.

You can choose any of the following currencies; Pounds Sterling, US Dollars, Euros or Turkish Liras and for any of the following periods; one month, three months, six months or one year.

Fixed Deposit Contract amounts cannot be amended (increased/decreased) during the term agreed. In the event that a customer has to withdraw funds, the current contract will be broken; a new contract will be opened for the new amount at the original interest rate for the remainder of the term. The new contract number will be issued and a new confirmation will be sent to you.

We display the current rates of interest in our branches and through our website at "www.turkishbank.co.uk". New rates will come into force for new fixed term deposits as soon as we display them.

Interest will be calculated on a fixed rate, for the chosen contract.

Any charge for early withdrawal will be offset against any accrued interest not yet paid. If there is insufficient accrued interest any outstanding charge will be deducted from your account. Such a charge against capital is not a reduction of interest, but a capital loss.

As an account holder you will be entitled to reduced charges on money transfers to Turkey and Northern Cyprus.

Early, full or partial repayment may be permitted but only with the Bank’s prior approval and at its sole discretion. In such circumstances, each and every early payment will incur an early repayment charge as shown below, on the amount withdrawn.

1 Month fixed contract – 0.1% Min Charge £20.
3 Months fixed contract – 0.25% Min Charge £30.
6 Months fixed contract – 0.5% Min Charge £50.
1 Year fixed contract – 1%Min Charge £75.
TRY fixed contract break charges will be subject to TRY Money Market borrowing costs Min Charge £50.

Unless alternative instructions are received from you at least two business days prior to the maturity date of your deposit the Bank will roll over the deposit for a further period matching that of the maturing deposit.