Relationship Managed Service
We combine modern banking with a long-standing tradition of exceptional service, offering you the flexibility and choices you need to manage your finances effectively.
Island Fixed Rate Deposit Account
Deposit your money for a fixed term and you’ll get a fixed rate of return paid monthly or annually.
Features and benefits
- Available in Sterling.
- Minimum deposit £2,000.
- Maximum deposit £5 million.
- Interest paid monthly or annually.
This product is designed for customers living in the Channel Islands or the Isle of Man and is provided by Lloyds Bank Corporate Markets plc a wholly owned subsidiary of Lloyds Banking Group plc.
Information on our savings accounts for customers in the United Kingdom.
Eligibility
You must be a personal customer aged 18 years and over. You must be ordinarily resident in the Channel Islands or Isle of Man.
Current fixed interest rates
|
Deposit term |
Account balance |
Annual interest rate % (Gross/AER) |
Access |
|---|---|---|---|
|
Deposit term 1 year |
Account balance £2,000+ |
Annual interest rate % (Gross/AER) 3.50 |
Access At the end of your deposit term |
|
Deposit term 2 year |
Account balance £2,000+ |
Annual interest rate % (Gross/AER) 3.00 |
Access At the end of your deposit term |
|
Deposit term 1 year |
Account balance £50,000+ |
Annual interest rate % (Gross/AER) 3.70 |
Access At the end of your deposit term |
|
Deposit term 2 year |
Account balance £50,000+ |
Annual interest rate % (Gross/AER) 3.10 |
Access At the end of your deposit term |
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You must, at all times for which the Island Fixed Rate Deposit Account is open, maintain a Nominated Account. The Nominated Account is a Lloyds Bank Corporate Markets plc Current Account or Savings Account (as defined in the Customer Relationship Agreement) held in your own name (or, where you are a joint holder, in the name of both or any one of you), details of which will be included in the application form.
The interest rates advertised here are not fixed until receipt of your deposit and any supporting documentation required to open your Fixed Rate Deposit.
You can’t withdraw your money before the end of the fixed term. We will take your circumstances into account and may make an exception in a special case but there will be a charge and you may potentially lose some of your capital deposited.
No additional deposits are allowed.
On the last day of the Term (or next working day if the last day of the Term falls on a non- working day), we will automatically convert your Island Fixed Rate Deposit Account into an Island Standard Saver Account (the Conversion).
It is your responsibility to contact us to give us your maturity instructions before the end of the Term. However, at least 60 days before the end of the Term, we will write to you asking for instructions about what you would like us to do with your balance after the Conversion. When we write we may also send you information about other accounts we think may be appropriate, for example, if we are offering similar accounts at the time that you may want to transfer the balance to.
*GROSS Rate – The contractual rate of interest payable before deduction of income tax at the rate specified by law.
**AER Rate – AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
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There are no fees for opening and holding a Fixed Rate Deposit Account. There may be fees for early closures, and these are detailed within your Terms and Conditions.
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General terms and conditions (PDF, 384KB)
Account terms and conditions (PDF, 310KB)
Frequently asked questions
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The minimum opening balance for the Island Fixed Rate Deposit is £2,000.
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The maximum balance you can deposit into an Island Fixed Rate Deposit is £5 million.
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We offer the Island Fixed Rate Deposit Account in Sterling only.
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You can’t make withdrawals from this account, but you can close the account early by contacting us. Bear in mind that if you close the account early, for the one year term account you’ll be charged the equivalent of 90 days’ gross interest. For the two year term account you’ll be charged the equivalent of 180 days’ gross interest. This means you may get back less than you put in. We will take your circumstances into account and may make an exception in a special case.
At the end of the term, your account will change to an Island Standard Saver Account. Before this happens, we'll contact you to explain your options and next steps.
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You can choose to have your interest paid monthly or annually.
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Yes, the interest rate is fixed for the whole term of your Fixed Rate Deposit. Any subsequent changes in interest rates will only affect new Fixed Rate Deposits.
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Your account will convert to the Island Standard Saver Account on the last day of the term (or next working day) and will pay the variable rate applicable at the time.
Alternatively, you can request your funds to be placed on a new Fixed Rate Deposit or an alternative product. Please contact your local branch to arrange this.
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We will provide you with a sort code and account number (IBAN and BIC for transfers outside the UK) to enable you to deposit your money.
No additional deposits are allowed after the initial capital is deposited.
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If you need extra information, please call 03457 449900. Our automated services are available 24/7. If you need to speak to an adviser not all Telephone Banking services are available 24 hours a days, seven days a week.
Contact us for contact numbers and opening times which may vary depending on the service that you require.
To ensure security for our customers and staff and to help maintain service quality, some calls may be recorded and monitored. Call costs may vary depending on your service provider.
How to apply
Use our contact form or call us to make an appointment.
Savings
See how else we can help you save.
Branch finder
Find your local team in Jersey, Guernsey or the Isle of Man and arrange a visit.