2 Year Fixed Rate Deposit

Tandem Money Limited has announced that it has signed an agreement to acquire Harrods Bank. The transaction is subject to regulatory approval. The Bank will remain authorised by the PRA and regulated by the PRA and FCA and will continue to operate its business and service its customers. The Bank’s deposits are also protected by the Financial Services Compensation Scheme, the UK's deposit protection scheme, and will remain protected once the acquisition receives regulatory approval.

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For customers with between £20,000 and £2,500,000 to deposit over a 2 year fixed fixed term, a guaranteed interest rate of 1.55% AER1/1.55% Gross2 p.a. can be obtained over the whole term. Interest is posted annually on 31st December and at maturity, when a statement is also issued.
  • Accounts may be credited with a single initial credit of a minimum of £20,000
  • Interest can either be paid to a Harrods Call Deposit Account or be added to your Fixed Rate Deposit Account 
  • No withdrawals are permitted and your capital must remain in the account for 2 year fixeds until the maturity date
  • Customers must be a minimum of 18 years of age, and a UK resident
Account Name Fixed Rate Deposit Accounts
What is the
interest rate?
2 year fixed 1.55% Gross / AER

Interest paid annually on 31st December and on cleared balances above £20,000 and on maturity.
Interest is credited to the Fixed Rate Deposit Account, or to the Call Deposit Account, as instructed at account opening.
Can Harrods Bank Ltd change the Interest rate? Interest is fixed for the term of the product.
What would the estimated balance be after the term of the product based on a £20,000 deposit? 1 Year Fixed     £20,291 gross
18 Month Fixed £20,453 gross
2 Year Fixed     £20,626 gross

Assuming an open date of 16 October 2017 and instructions that interest is paid into the Fixed Rate Deposit. Provided for illustration only and does not take individual circumstances into account.
How do I open and manage my account? These accounts are only open to individuals of 18 years and above.
Account can be opened by postal application, or online via our website www.harrodsbank.co.uk.
UK residents only.
Account to be opened with a single deposit of cleared funds.
Minimum deposit - £20,000
Maximum deposit £2,500,000
Once open, you can manage your Harrods Bank account by phone or by post. For more information see Contact Us on the bank's website.
Can I withdraw money? No access to funds during the period of the Fixed Rate Deposit Account.
Upon maturity funds will be paid to a Call Deposit Account at Harrods Bank Ltd unless you instruct us otherwise.
Additional Information The Bank has the right to withdraw the product at any time and you will not be informed in writing if the Bank does so (please note this does not apply for existing holders of this account).
Interest is paid at the Gross rate without deducting any tax. Any interest earned will count towards your Personal Savings Allowance and you will be responsible for paying any tax due on interest credited to your account. Please refer to HMRC for further details.

1 AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. This allows you to compare easily what return you can expect from your savings over time.

2 The Gross Rate is the rate of interest you would receive on a savings account before the deduction of Basic Rate Tax.