Contradictory fixed deposit and small print?

mickael28

Hello,

I don't have too much experience in fixed deposits but I was reading the description of a 100 days fixed deposit:

"Agree to 100 days notice, and we’ll pay you 2.90% AER.
You can get your money (after the 100 day notice account period) by BACS transfer,..."


But then in the small print they say:

"We pay you the interest once a year on 31st December."

:S, any idea what they mean, as the maturity of the deposit can be earlier than when they say they'll pay the interests?


Source: https://www.shawbrook.co.uk/business/save/notice-product/100-day-notice-business-savings-account-issue-2

alanq

It says "The interest rate is variable" and there is no mention of a maturity date so it is neither fixed rate nor fixed term. It is a 100 days notice account not a "fixed deposit".

Interest will be paid on 31st December or on account closure.

opinions4u

Check the link to the terms and conditions.

https://www.shawbrook.co.uk/sites/default/files/Shawbrook_Business_Savings_Account_Terms_and_Conditions.pdf

Sections 9 and 12, specifically 9.5.

mickael28

Thank you guys, my mystake! I didn't read it correctly and thought it was a fixed deposit!!

Thanks for checking and letting me know