The Bank of East Asia

Personal Banking

Fixed Time Deposit Account

If you have money to set aside and are interested in higher returns, our Fixed Time Deposit Account may be the right choice for you. Our Fixed Time Deposit Account gives you a fixed rate of interest on your money for a defined period. That means you will always know exactly what returns you will receive, regardless of any changes in interest rates.


Summary Box - Key Product Information

Account Name

Fixed Time Deposit Account (GBP)

What is the interest rate?

 

Term

Deposit

Interest Rate (Gross)

Interest Rate (AER)

 1 month

 £2,000 - £49,999

 0.3%

 0.3%

 £50,000 - £99,999

 0.35%

 0.35%

 £100,000 or above

 0.4%

 0.4%

 2 months

 £2,000 - £49,999

 0.45%

 0.45%

 £50,000 - £99,999

 0.5%

 0.5%

 £100,000 or above

 0.55%

 0.55%

 3 months

 £2,000 - £49,999

 0.6%

 0.6%

 £50,000 - £99,999

 0.65%

 0.65%

 £100,000 or above

 0.7%

 0.7%

 6 months

 £2,000 - £49,999

 0.7%

 0.7%

 £50,000 - £99,999

 0.8%

 0.8%

 £100,000 or above

 0.9%

 0.9%

 12 months

 £2,000 - £49,999

 0.8%

 0.8%

 £50,000 - £99,999

 0.9%

 0.9%

 £100,000 or above

 1.0%

 1.0%

 18 months

 £2,000 - £49,999

 0.9%

 0.9%

 £50,000 - £99,999

 1.0%

 1.0%

 £100,000 or above

 1.1%

 1.1%

 24 months

 £2,000 - £49,999

 1.0%

 1.0%

 £50,000 - £99,999

 1.1%

1.09%

 £100,000 or above

 1.2%

 1.19%

 36 months

 £2,000 - £49,999

 1.3%

 1.28%

 £50,000 - £99,999

 1.4%

 1.38%

 £100,000 or above

 1.5%

 1.48%

  • The interest rate that will apply to your account will be a fixed rate and for the fixed period you have chosen. You can choose the deposit term of 1 month, 2 months, 3 months, 6 months, 12 months, 18 months, 24 months or 36 months.
  • Tier-based interest will be paid at the end of the deposit term.
  • Interest will be calculated on the principal amount at the rate agreed for the number of days from effective date up to but excluding maturity date.
  • Auto rollover of principal and interest unless otherwise instructed.

Can BEA change the interest rate?

No, the interest rate that will apply to your account will be a fixed rate and for the fixed period you have chosen.

What would the estimated balance be at the end of the term based on a range of deposits?

 

Term

 

Deposit

 

Interest Rate

Balance at the end of term

 

(Gross)

(AER)

 1 month

£2,000

0.3%

0.3%

£2,000.50

£50,000

0.35%

0.35%

£50,014.58

£100,000

0.4%

0.4%

£100,033.33

 2 months

£2,000

0.45%

0.45%

£2,001.50

£50,000

0.5%

0.5%

£50,041.67

£100,000

0.55%

0.55%

£100,091.67

 3 months

£2,000

0.6%

0.6%

£2,003.00

£50,000

0.65%

0.65%

£50,081.25

£100,000

0.7%

0.7%

£100,175.00

 6 months

£2,000

0.7%

0.7%

£2,007.00

£50,000

0.8%

0.8%

£50,200.00

£100,000

0.9%

0.9%

£100,450.00

 12 months

£2,000

0.8%

0.8%

£2,016.00

£50,000

0.9%

0.9%

£50,450.00

£100,000

1.0%

1.0%

£101,000.00

 18 months

£2,000

0.9%

0.9%

£2,027.00

£50,000

1.0%

1.0%

£50,750.00

£100,000

1.1%

1.1%

£101,650.00

 24 months

£2,000

1.0%

1.0%

£2,040.00

£50,000

1.1%

1.09%

£51,100.00

£100,000

1.2%

1.19%

£102,400.00

 36 months

£2,000

1.3%

1.28%

£2,078.00

£50,000

1.4%

1.38%

£52,100.00

£100,000

1.5%

1.48%

£104,500.00

For the purpose of this calculation, it is assumed:

  • Initial deposit of £2,000, £50,000 and £100,000
  • No further deposits
  • No withdrawals
  • No change to the interest rate during the fixed term

The above projections are provided for illustrative purposes only and do not take into account individual circumstances.

How do I open and manage my account?

Eligibility:

  • Aged 16 or over
  • Have a GBP current, call or savings account with us to be the nominated account and continue to hold this for the duration of the Fixed Time Deposit Account. 

How to open the account:

You can open the account in branch.

Minimum/maximum balance:

  • The minimum opening sum is GBP2,000.
  • The deposit amount is fixed when the deposit is made - no top-ups or partial withdrawals are allowed during the term of the deposit.
  • There is no maximum balance.

How to manage the account:

You can manage the account in branch and via BEAUK Cyberbanking.

Can I withdraw money?

You can make full or partial withdrawal from this account to your nominated account on the maturity date. Advance notice should be given at least one day before the maturity date.

You may not withdraw the deposit before maturity date except with the consent of the Bank. For early withdrawal before maturity date, a charge may be applied and loss of accrued interest. You are required to return the deposit confirmation to us for cancellation.

Early termination is permitted, subject to administrative fees and loss of accrued interest for the deposit term. The stated return will not be achieved if a withdrawal is made before the end of the term.

Your fixed deposits will be automatically renewed for the same deposit term at the interest rate applicable on the date of maturity, unless we receive alternative instructions from you at least one day before the maturity date.

Additional information

  • Deposit confirmation will be issued and sent to you for each time deposit placed with us.
  • The initial deposit and any future additional deposits must be made in cleared funds from your nominated account. You should give notice at least one day before maturity date if you want to make an additional deposit.
  • For deposit term six months or over, we will remind you one month before maturity that the deposit is due to be automatically renewed.
  • The account will be closed automatically once the deposit has been fully withdrawn.
  • Please refer to Fixed Time Deposit Account - GBP Terms and Conditions for further information on this account.
  • Fixed time deposit account is available in foreign currencies including USD, AUD, CAD, CHF, CNY, EUR, HKD, JPY, NZD and SGD to customers aged 18 or over.  Please contact us for detailed Terms and Conditions of the Fixed Time Deposit Account (Foreign Currencies). Details of the current rates of interest can be found on www.hkbea.co.uk, at our branches, or by contacting us on 0808 180 3838.

Definitions:

  • AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
  • Gross is the rate payable without tax taken off.

Rates correct as at 22nd May, 2017


For current interest rates, please click here, or refer to the fixed interest rate leaflet available at your nearest BEA branch, or call 0808 180 3838.

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