Can I withdraw my money before the end of the fixed term?
Withdrawals can normally only be made on maturity date. If you need to make a withdrawal or close the account before the end of the Fixed Term, then you can apply to do so. We will normally only agree to such a request in special circumstances and an early withdrawal charge, calculated at the time of the withdrawal will apply. The early withdrawal charge will consist of a funding cost which is based on movements in the interest rate market. These costs will be advised to you at the time and may result in you not achieving the interest rate that would otherwise have been paid. The Bank may, at its sole discretion, refuse to permit an early withdrawal.
Cancellation rights under the FCA’s Banking Conduct of Business Rules do not apply to this account. You will have no right to cancel the agreement once the fixed term has commenced.
Interest rate terms for up to 1 year can be obtained from any Danske Bank branch.
Your interest rate is fixed for your chosen term. Interest is calculated daily and paid to your account on maturity.
Interest is paid ‘gross’. This means that we do not deduct tax from interest we pay. Depending on your personal circumstances, you may have to pay tax on your interest. If you are a sole trader or a partnership (where all the partners are individuals), this will depend on your total taxable income, interest that you receive and your Personal Savings Allowance.
Deposits must be made in cleared funds from your service account (by cash or by transfer from another account where the funds have cleared).
Deposits are only accepted on the date that the account is opened, you won’t be able to make any further deposits to that particular account, but you can open more than one.
On the maturity date unless you instruct us otherwise, the balance in the account (including capital and any interest which has been credited to the account) will be automatically reinvested for a new fixed term period which will be the same term as the previous period.
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