Term Deposits questions and answers

A savings account where you receive a guaranteed interest rate for your savings. You can arrange to lock your money away for three months to five years. However you can't make any additional deposits or withdraw money during the agreed term. Withdrawals during the term are only permitted in the event of the death of the account holder (or either if the account is in joint names).

A Term Deposit may appeal to you if you are seeking a guaranteed rate of interest on your savings.

Term Deposits are only available to existing Personal Term Deposit customers when their current Term Deposit matures. You can view our range of savings accounts here.

No. The interest rate is fixed.

Withdrawals are not permitted during the life of the term except in the event of death of an account holder (or either if account is in joint names).

You will be unable to close your term deposit within the fixed term except in the event of the death of the account holder (or one of them if joint account). If your term deposit is due to mature and you are wishing to close your account you have 2 options. You can complete and return the option form you will receive in the post 35 days before your term deposit matures and post it back to us (using the prepaid envelope provided) or alternatively you can complete the maturity options form online.

If you have not received a prepaid envelope you can return the forms to us at the below address but please note that it is important to ensure the FREEPOST address is written on one line as:

FREEPOST CLYDESDALE BANK TERM DEPOSIT ADMINISTRATION

If your term deposit is maturing and you don’t wish to reinvest, please complete the maturity options form online or send back your completed form by post (using the prepaid envelope provided) choosing option 2. If you have not received a prepaid envelope you can return the forms to us at the below address but please note that it is important to ensure the FREEPOST address is written on one line as:

FREEPOST CLYDESDALE BANK TERM DEPOSIT ADMINISTRATION

We will repay the funds by electronic transfer the next business day after your Term Deposit has matured. In order for us to do this, the nominated account for payment must be a current account. In addition, the other account details (such as account number and sort code) must be correct. We will carry out checks to confirm that the details you have provided are accurate; if we are unable to verify your account details we will issue you a cheque within 5 business days of your Term Deposit maturing.

Approximately 35 days before maturity we will contact you by letter to inform you of you maturity options. To allow us to carry out your instructions, this should be returned at least 5 business days prior to the maturity date.

We aim to issue payment within 5 business days of the Maturity date, providing you have opted to exercise your right for payment and returned the necessary paperwork (sent to you 35 days prior to maturity).

As the maturity letters are sent to you in advance of the actual maturity date, the complete capitalised interest amount will not be advised as the term has not yet come to an end. Only when the term ends will the full amount be quoted in any further correspondence.

You can return the forms to us at the below address but please note that it is important to ensure the FREEPOST address is written on one line as:

FREEPOST CLYDESDALE BANK TERM DEPOSIT ADMINISTRATION