What is the interest rate?

One-Year Fixed Term Deposit Account gives 3.40%(AER/Gross) fixed interest on balances £5,000 and above. Click for interest rates.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
Net is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate.

What are the benefits of a One Year Fixed Term Deposit Account?

A One Year Fixed Term Deposit Account is ideal if you do not need immediate access to your funds and would like a higher rate of interest than is available with our other accounts. Benefits include:
- A consistently high rate of interest
- Minimum balance only £5,000.
- Additional deposit min. £1,000. This can only be accepted at maturity.

How does a One Year Fixed Term Deposit Account work?

Your first investment should be by personal cheque (initial cheque must be payable to Turkish Bank (UK) Ltd.) or a transfer from your existing UK personal Bank or Building Society account. In addition we will require your signed Application Form.

This is a limited offer and prior to the opening of an account, we have the right to change the fixed rate of interest depending on the prevailing market conditions. We will however contact you if our rate is changed within one month after we have issued an application pack and before acceptance of your deposit.

We offer banking by post as well as face to face at all of our branches. If you require further information or an Application Form to be sent to you, please telephone our friendly staff on 0800 0320480, 9 am to 5 pm, Monday to Friday.

To contact us by post please write to us at:
Turkish Bank (UK) Ltd.
84-86 Borough High Street
London SE1 1LN

If you are an existing customer please quote your account number to help us assist you with your request.

How to make a deposit?

You can deposit initial and additional funds with us by:

• Personal cheque payable to Turkish Bank (UK) Ltd. -the initial deposit must be for a minimum £5,000. Third-party cheques are not accepted.
• Your cheque must be drawn on a UK personal Bank or Building Society account in the exact name of the applicant. For joint applicants, your cheque should be drawn on a joint personal account in the exact same names of the applicants. If this is not the case then a personal cheque from each applicant is necessary.
• Additional deposits cannot be under £1,000 and can only be accepted at maturity.
• No cash payments are allowed.

Can we open a Joint Account?

Yes if required, we will open the account for you as a joint account. Your instructions will apply to all future accounts you open in all names unless you specifically tell us otherwise.

A joint account means:

• All of you are jointly and separately responsible for keeping to the terms and conditions. If any of you does not keep to them, we reserve the right to take appropriate action against any or all of you singly or together.
• We may give any information about the account to all of you, even if you choose that all of you must sign instructions to us together.
• If you choose to allow any one of you to authorise transactions on the account (which may be without the other’s knowledge), we will not be obliged to make any enquiries about the purpose of any such transactions.
• The account cannot later be put into just one of your names, unless you all agree in writing.
• If there is a dispute among you about your account, we may require you all to authorise transactions until you all agree how the account is to be run.
• If a joint account holder dies, the surviving account holder(s) may continue the account in his/her/their name(s) or close the account without penalty.

How to withdraw at maturity?

Payments will be made either by Electronic Funds Transfer direct to your nominated Bank or Building Society account (the Application Form asks you to provide your nominated account details) or by bankers draft drawn in your name. Instructions to pay money to a third party cannot be accepted for security reasons.

To withdraw funds from your account at maturity:

• Instructions can be given to us by post. Fax instructions will only be accepted if a Bank indemnity form has been completed. (This can be obtained from the Bank.)
• Instructions can be given in writing to the Bank minimum 5 business days before maturity. Withdrawals before maturity are only allowed in case of emergency and if permitted by the Bank and will be subject to 1.25% charge on the amount withdrawn. Min. charge is £50
• Provided a minimum balance of £5,000 is maintained in your account, the minimum amount you can transfer from your account is £1,000. Early withdrawals are subject to penalty.
• No cash withdrawal is allowed.
• If a sole account holder dies, the personal representative may close the account without penalty. If a joint account holder dies, the surviving account holder(s) may continue the account in his/her/their sole name(s) or close the account without penalty.

We must receive instruction to repay the deposit at least 5 business days before the maturity date. If instructions are not received by this time, the amount of the deposit and accrued interest will be renewed automatically for a further similar period upon the same terms and conditions as previously agreed at our interest rate prevailing at the time.

When do I receive a statement?

Confirmation of contract will be provided to you within 10 business days of the date of commencement.

What are the charges?

Early Repayment Charge: Early, full or partial repayment may be permitted but only with the Bank’s prior approval and at its sole discretion subject to 5 business days notice. In such circumstances, each and every early payment will incur an early repayment charge of 1.25% on the amount withdrawn. Min. charge is £50.