Fixed Term Deposit

Grow your business savings with a Fixed Term Deposit account. By locking away your funds for a fixed period, you can benefit from a guaranteed fixed interest rate. This helps you plan ahead with confidence.

Features and benefits

Contact us for our current interest rates, which are linked to the daily money market rates.

You must keep a minimum balance of £10,000 in the account, with no maximum limit.

Your interest rate is fixed and guaranteed for the full term of your account.

You cannot make withdrawals or add money during the term of your account.

Choose from a range of fixed terms, from 1 month to 5 years.

If due to exceptional circumstances, you close the account early, a breakage fee may apply.

A full explanation of the breakage fee is available below in the ‘What you need to know’ section.


Is Fixed Term Deposit right for my business?

This product may be right for you if:

  • You want a fixed rate of interest.
  • You have at least £10,000 to save.
  • You are happy to leave your money aside for a fixed period without access to it.
  • Your business is based in Northern Ireland.

This product may not be right for you if:

  • You need access to your money.
  • You want to close the account early (only permitted in exceptional circumstances and a breakage fee may apply).
  • You want to manage your account online.

What you need to know

Product Name: Fixed Term Deposit








Do I need to be an existing customer to open this account?

No, new and existing customers can open a Fixed Term Deposit Account but money must be transferred from a Bank of Ireland UK account. This is referred to as a ‘Linked Service Account’. You are not required to open or use a Business Current Account in order to have a Fixed Term Deposit.

How often will I receive a statement?

You will receive a statement when you open your Fixed Term Deposit ,monthly and when it matures or you close it.

How do I open and manage my account?

Please request a callback and our team will support you through this process.

What happens when my account matures?

We’ll let you know 14 days in advance of your account maturing. Unless you tell us otherwise, we’ll automatically renew your deposit for the same period of time as the previous fixed term. The interest rate that will apply will be rate applicable at that time.

What if I decide I don’t want this account?

After opening, if you decide you don’t want this account, you’ll have 14 days to cancel. This is known as the cooling off period.

Can I access my money during the term?

No, once the account is open you won’t be able to access your money. In exceptional circumstances we may allow you to withdraw, however this would be subject to a breakage charge.

What is a breakage charge?

The breakage charge reflects our costs or the difference between the original deposit rate and the higher current market rate.

This is worked out as follows. Amount withdrawn × (Current market rate – Rate on the account) × remaining time on the account in days ÷ 365

Here’s an example:

Amount withdrawn is £10,000

The current market rate is 5.25%

Rate on the account is 3.50%

Number of days left on the fixed term is 62

£10,000 × (5.25-3.50) × 62 / 365 = £29.73

If the interest you’ve earned doesn’t cover the breakage fee, you’ll pay a minimum charge of £25. This means you may get less than you put in.

What is the minimum balance required for this account?

You need to keep a minimum amount of £10,000 in the account.

Please make sure you read the Terms and Conditions in the Guide to Banking for Business Customers below before applying for this product.

How to apply

Step 1

Request a callback

We will call you back within 2 days.

Request a call back

Step 2

Review, complete and return your application

We will send your application pack to your inbox. Review the documents, complete, and sign the forms, then return them to us using the instructions provided. If you need any help along the way, we’re here to support you.

Step 3

We open your new account

Once we receive your completed forms, we’ll process your application and open your new business Fixed Term Deposit account. We’ll keep you updated at each stage so you always know what happens next.

Contact us

Complete a callback form

We can discuss your needs at a time that suits you.

Request a callback

Locate your local branch

Find your nearest branch.

Find branch details

Get to know our team

View our business team profiles.

Meet the team

Useful links

Deposit Rates and Fees

Guide to Banking for Business Customers

Foreign Exchange and Treasury Deposits


FSCS Protected

Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Bank of Ireland UK and Post Office. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk