Fixed Term Deposit
Put your savings away for 12 months and know exactly what rate you’ll receive for the whole term.
A straightforward way to put your money to work, with the peace of mind that comes from saving with a member-owned credit union.
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3.5% AER is the current rate of interest offered
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Minimum deposit: £500
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Maximum amount: £100,000
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Term: 12 months fixed
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The interest rate received is based on the Bank of England Bank Rate, minus 0.25% at the time you open your account.
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This account is designed to be left untouched for the full 12 months. If you think you may need access to your money during the term, this may not be the right account for you. Our team is always happy to talk through your options, just get in touch.
For more more information on this account, see the frequently asked questions below.
Please read before applying
This account is for members only. However if you are not a member you can still join and open this account. As a member you will be required to open a shares account alongside this one and hold a minimum of £10 in the account. Having a shares account is a requirement of joining the credit union. There’s also an annual £5 membership fee, which is taken from your shares account.
If you are not a member we can set your shares account up for you on your behalf. We will explain the process in more detail to you over the phone, but in the meantime you can also find out more about our shares account here.
Summary of this account
Here’s everything you need to know about how this account works.
| Minimum deposit | £500 |
| Maximum deposit | £100,000 (subject to overall deposit limits and any applicable regulatory requirements) |
| Term | 12 months, fixed from the date your account is funded |
| Interest rate | Currently 3.5% AER. The interest rate is based on the Bank of England Base Rate minus 0.25%. |
| When is interest paid? | On the maturity of your account after 12 months |
| Will the interest rate change? | The interest rate you receive will be the Bank of England Bank Rate minus 0.25% at the time you open your account. Once your account is opened, that rate is fixed for the full 12 months, even if the Bank of England Bank Rate subsequently changes. |
| Can I add more money later? | No. Only a single deposit when the account is opened can be made. No further deposits are permitted |
| Can I deposit money from my other savings accounts? | This account is designed to bring new deposits into the credit union. However, if you hold a high unattached Shares balance (savings with no loan against them), you may be able to transfer some of this to open a Fixed Term Deposit. Speak to us to check whether this applies to you. |
| Can I have more that one account? | You may hold up to three accounts at the same time, subject to the maximum deposit and any other limits applied |
| Early withdrawal | Early withdrawal is possible, but if you close your account before maturity you will forfeit all interest earned up to that point. A partial withdrawal will also result in the whole Fixed Term Deposit being closed and the remaining balance transferred to your normal Shares account. |
| Who can apply? | Central Credit Union members only. If you’re not yet a member, you can still apply to open an account. We’ll set up your membership and Shares account for you as part of the process, explaining everything over the phone. |
| FSCS protection | Up to £120,000 per eligible person |
What could I earn?
Below is an illustrative example of what you your savings could earn in this account over 12 months if the rate is 3.5%
| Deposit amount | Interest (at 3.5% AER) | Amount you receive at maturity |
| £500 | £17.50 | £517.50 |
| £1,000 | £35.00 | £1,035.00 |
| £5,000 | £175.00 | £5,175.00 |
| £10,000 | £350.00 | £10,350.00 |
| £25,000 | £875.00 | £25,875.00 |
| £50,000 | £1,750.00 | £51,750.00 |
| £100,000 | £3,500.00 | £103,500.00 |
Examples assume a 3.50% interest rate and that your money remains invested for the full 12-month term.
Is this account available to you?
To open a Fixed Term Deposit account you must be a member of Central Credit Union. Whether that’s existing members, or new members who join the credit union. Membership is open to anyone who lives, works or studies within our common bond area.
Our common bond area:
- Liverpool City Region
- West Lancashire
- Warrington
- Wigan
- Cheshire West and Chester
If you’re unsure whether you’re eligible, just ask us, we’re happy to help you find out.
Not a member?
If you’re not a member, you don’t need to apply separately. Just use the form below to request a Fixed Term Deposit account, and we’ll set up your membership for you as part of the process.
Open an account today
To open a Fixed Term Deposit account, please contact us directly by email enquiries@clcu.co.uk or use the contact form below.
Protecting your money
The Financial Services Compensation Scheme (FSCS) protects your money up to £120,000 per person, per authorised UK bank, building society, or credit union if the firm fails. This protection applies to current accounts, savings, and cash ISAs, with joint accounts covered up to £240,000. For further information, refer to the FSCS website: https://www.fscs.org.uk
Frequently asked questions about this account
Can’t find the answer you’re looking for? Get in touch and we’ll be happy to help.
A Fixed Term Deposit account is a savings account where you deposit a lump sum for a set period – in our case, 12 months – and earn interest over that time. You agree not to access the money during the term in exchange for a competitive interest rate. Your savings are safe, protected and interest is paid in full when the account matures.
Yes. This account is only available to our members. Membership is open to anyone who lives, works or studies in our common bond area: Liverpool City Region, West Lancashire, Warrington, Wigan, or Cheshire West and Chester.
If you’re not yet a member, you can apply to join. Just complete the account opening form for this Fixed Term Deposit, and we’ll set up your membership and Shares account for you. New members opening a Fixed Term Deposit must also maintain at least £10 in their Shares account and there is an annual membership fee of £5.
Everyone who joins a credit union is required to have a Shares account. This is because of how a credit union is structured and shares are what keep the credit union running. When you join, you’re not just a customer, you’re classed as a member and a shareholder.
If you’re not yet a member, we’ll set your Shares account up for you as part of opening your Fixed Term Deposit, and talk you through everything over the phone. You’ll need to hold at least £10 in your Shares account, plus enough to cover the £5 annual membership fee.
Some members choose to pay in more regularly. A minimum of £2 a week is typical for those who want to build up their Shares balance, for example if they may want to apply for a loan in future. This isn’t required just to hold a Fixed Term Deposit, but it’s an option if you’d like to.
Having a Shares account also provides membership benefits that a Fixed Term Deposit account alone doesn’t. Such as free loan protection and life savings insurance, potential access to secured loans at a lower interest rate (depending on your Shares balance), and access to further sub-accounts like our Christmas Club.
This account is designed to bring new deposits into the credit union. However, if you hold a high unattached Shares balance (savings with no loan against them), you may be able to transfer some of this to open a Fixed Term Deposit. Speak to us to check whether this applies to you.
No. Each Fixed Term Deposit is opened with a single deposit, and no further deposits can be made afterwards. The amount you deposit is the amount that earns interest over the 12-month period. However, you can hold up to three separate Fixed Term Deposit accounts at the same time (subject to the maximum deposit and any other limits applied by Central Credit Union).
A member may hold up to three accounts at the same time, subject to the maximum deposit and any other limits applied by Central Credit Union.
Interest is calculated on the amount deposited into the account and accrues throughout the 12-month term. Our rate is set monthly at the Bank of England Base Rate minus 0.25%.
No. The 12-month term begins on the date the account is opened and the deposit is credited. Any subsequent increase or decrease in the Bank of England Base Rate will not affect an existing account. For example, if you open an account when the rate is 3.5%, and the Bank of England rate changes a couple of months later to 3.25%, you’ll still receive 3.5%.
Interest is not paid monthly. It builds up over the full 12-month term and is paid in full at maturity.
Early withdrawal is possible, but if you close your account before maturity you will forfeit all interest earned up to that point. We’d always encourage you to speak to us first so we can explore your options together.
A partial withdrawal will result in the whole Fixed Term Deposit being closed, with all accrued interest forfeited and the remaining balance transferred to your normal Shares account.
If you withdraw money from this account you will lose the promotional rate of interest on this account. If you only withdraw a partial amount, the remaining balance in this account will be transferred to your shares account, and your Fixed Term Deposit account will be closed. If you wanted to deposit into a Fixed Term Deposit account after, you will need to request a new one.
We’ll contact you around your maturity date to let you know your total interest earned and explain your options. You can choose to:
- Withdraw everything and close your Fixed Term Deposit account
- Take just the interest earned, and keep your original deposit in the account for a new term (be aware that the interest rate at that point may be different)
- Leave everything in and continue savings into a new term (be aware that the interest rate at that point may be different)
- Withdraw a portion and keep your Fixed Term Deposit account (you must have a minimum of £500 remaining in the account)
The choice is yours. Get in touch with us and let us know what’s best for you.
Yes, all eligible deposits held with Central Credit Union are protected up to £120,000 per person by the Financial Services Compensation Scheme (FSCS).