We understand personal savings accounts

What is the interest rate?
– 1.00% Gross/AER
– Interest is calculated daily and credited annually on 31 October.
– AER means Annual Equivalent Rate and is designed to make it easier for you to compare savings products. It tells you how much interest you’d earn if you put some money in an account and left it there for a full year. It takes account of things like how often the interest is paid and assumes any interest paid during that year is added to the balance and earns interest i.e. compounded.

Can United Trust Bank change the interest rate?
Yes. The interest rate is variable and can therefore move up and down. Please see clause A27 of our Terms and Conditions for further information.

What would the estimated balance be after 2 Years based on a £5,000 deposit?
UTB Easy Access Savings Account £5,105.00. The projection assumes that the interest rate does not change, no withdrawals or further deposits are made during the first year and that interest has been compounded. The projection provided is for illustrative purposes only and does not take into account individual circumstances

How do I open and manage my account?

To open an account:
• You need to be 18 or over and permanently reside in the United Kingdom. The account can be held jointly by up to two people.
• The minimum deposit is £5,000 per account.
• The maximum deposit is £250,000 per account.
• You can only open our Easy Access account online at our website, www.utbank.co.uk.
• A Nominated Bank Account must be provided when applying for an account. The Nominated Bank Account must be a transactional UK Bank account where electronic payments can be made and received. The Nominated Account must be in your name, or if applying for a Joint account, the Nominated Bank account must be in at least one of the names of the account holders.
• You have 14 days after submitting your application to fund your account. Funds need to be sent from your Nominated Account and can be made either electronically or you can send a cheque. If it is not funded at the end of 14 days we will close the account.
• You can make unlimited additional deposits, subject to the account maximum balance.

How to make a withdrawal:
To notify of a withdrawal this must either be:
• Made in writing and can be given to us by letter (to the postal address outlined above in the General Terms and Conditions) stating:
• Your name, address, account number and including your signature(s); and
• The amount that you would like to withdraw. Funds will be paid to your Nominated Bank Account automatically; or
• Made through the online banking service.

What happens at maturity?
– We will contact you approximately 14 days before your account matures detailing your options and enabling you to give us your maturity instructions.
– You can ask us to repay your funds or reinvest some or all of it into one or more new accounts.
– If you ask us to repay your money we will do this by sending an electronic payment to your Nominated Account.
– If we do not receive an instruction from you we will reinvest your funds into a seven day instant access account at the banks’ prevailing rate for such accounts. Following a maximum of four, seven day renewals, we will make a full repayment electronically to your Nominated Account.

Can I withdraw money?
Yes. Funds will be sent to your Nominated Bank Account upon withdrawal request.

If we receive a withdrawal request before 2.00pm on a business day then the withdrawal will be processed and the funds should be received into the Nominated Bank Account on the same business day.

If we receive a withdrawal request after 2.00pm on a business day or on a day that is not a business day, then it will be deemed to have been received on the next business day and the funds should be received into the Nominated Bank Account on that business day (i.e. the next business day after the withdrawal request was received).

There are no restrictions on withdrawals, subject to maintaining the minimum account balance.

Additional information

– Opening the account is subject to our Terms and Conditions. Offers can be withdrawn at any time.
– Interest is paid Gross i.e. without the deduction of tax.
– Tax Treatment depends on individual circumstances and could change in the future.

Need some help with our Personal accounts?
Here you can find answers to our most common questions. If you still cannot find what you are looking for, please use the contact us form within our ‘How can we help’ section.

Please take time to read and understand our Terms and Conditions before applying for any of our accounts.