Deposit Accounts FAQs
What is a nominated account?
A nominated account, is the current account that you link to your deposit account with us. Any money you put into your deposit account needs to come from that account. Your nominated account needs to be a UK bank or building society account that can make and receive electronic payments (including faster payments, BACS and CHAPS). You'll need to specify this account when you open your deposit account. If you need to change the nominated account in the future, that's OK. Just get in touch via the self-service portal and we'll help you change it.
How safe is my money?
This product is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. For further information about the compensation provided by the FSCS (including amounts covered and eligibility to claim), refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100.
How is interest calculated?
Interest is calculated daily. Interest will be paid on the anniversary of the date we receive your first deposit – this will be monthly or annually depending on the product you choose. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day.
Can Conister Bank change the interest rate?
If the interest rate is fixed, the interest rate cannot be changed over the term of the account.
How do I manage my account?
Our Savings accounts are exclusively available for online applications. After opening your account, it can be managed online via secure messaging. The account requires a minimum opening balance of £5,000 with a maximum deposit of £100,000. Eligibility is limited to individuals 18 years or older, permanently residing in the UK, subject to UK tax only, and who can nominate a UK bank account.
Can I withdraw from my account?
You can only withdraw from your Account (Fixed Term Deposit Account) upon maturity. Should maturity occur on a non-business day, access to your funds will be provided the following business day. We will notify you in advance of your maturity date. Upon reaching maturity, you have the option to either withdraw your funds or transfer them to a new Conister account, contingent on the terms and conditions of the chosen account.
Failure to inform us of your decision by the maturity date will result in your account transitioning to your Instant Access Account which attracts a nominal interest rate.
Is interest paid Gross?
All interest is paid gross and it is the responsibility of the account holder to disclose their savings interest earned to their appropriate tax authority.
How will I know when my Fixed Term Deposit account is going to mature?
At least 28 days before your account matures, you will be contacted, detailing your options and requesting your instructions for the account upon maturity.
Can I open a business account?
No, as we're focusing on providing services to personal individuals. Unfortunately, this means we can't open accounts for businesses at the moment.
I would like to open a joint Fixed Term Deposit account, can I do this online?
Our Fixed Term Deposit Accounts are currently accessible only to sole retail customers. However, we are actively developing an online solution for joint account holders, which will be available in the near future
I am a corporate customer in the UK, can I open a Fixed Term Deposit account?
Our Fixed Term Deposit accounts are currently accessible exclusively to individual customers
How do I apply for a Fixed Term Deposit account?
New Customers (Sole Account Holders): If you are a sole customer who does not currently have an existing Fixed Term Deposit account with us, you can apply online by following this link: Apply for Fixed Term Deposit.
Existing Customers (Sole Account Holders): If you are a sole customer with an existing Fixed Term Deposit account, you can open a new account through our self-service portal. Simply visit the following link: Self-Service Portal.
Where can I find the Deposit Terms and Conditions?
If you need any assistance or would like to understand any of the information in the Terms and Conditions, please feel free to get in touch with our team. We’re here to help!
What is the maximum amount I can deposit?
The maximum total deposit amount per customer is £100,000.00.
Will my deposit be guaranteed?
Your deposit will be covered under the UK Financial Services Compensation Scheme (FSCS). Up to £85k is paid per eligible person.
Why did you apply for a UK licence?
Our strategy is to grow our business and continue to add value to our existing customers and to attract new customers. Securing an additional deposit taking licence enables us to achieve this.
Will you have a branch office for deposits in the UK?
No, the deposit accounts will be managed and supported via the online portal.
What deposit terms are do you offer?
The Fixed Term Deposit options we currently offer are:
6 months, 9 months, 12 months, 18 months, 24 months, and 36 months. To find out more, please visit our Fixed Term Deposit Account Product Information page
What are the tax implications?
All interest is paid gross with the deduction of income tax. It is the responsibility of the account holder to disclose their savings interest earned to the appropriate tax authority.