Fixed Rate Savings Account

About us

Alliance Credit Union has its registered office at One Thomas More Square, London E1W 1YN. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268). It is subject to the laws of England and Wales. It is registered in England and Wales as a public limited company (Registration Number 04663024).

Account provider

Alliance Credit Union – We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a Bank is unable to meet its financial obligations. Most depositors – including most individuals and businesses – are covered by the scheme.

In respect of deposits, from 30 January 2017, an eligible depositor is entitled to claim up to €85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be €85,000 each (making a total of €170,000). The €85,000 limit relates to the combined amount in all the eligible depositor’s accounts with us including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call the FSCS on 41 43 508 5415 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.

What is the interest rate?

Upto 0.50% AER.

Annual Interest - effective from 23rd November, 2020

Monthly Interest - effective from 23rd November, 2020

Gross¹ - Gross is the rate of interest before the deduction of the tax applicable to interest on savings account.

AER² - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Note: Interest is paid gross. If you are a UK tax payer you may have to pay tax on interest earned in excess of your Personal Savings Allowance. For information and guidance, please refer to the HMRC website.

Interest rates are subject to change and may vary from time to time. To check the latest interest rates ;

• visit www.Alliancecunion.com/interest_rates.html
• Speak to a member of our bank staff
• Call our Customer Service Centre on +44-746-227-2978

Interest is calculated on a daily basis on the total balance in your account at the relevant gross rate.

Can Alliance Credit Union change the interest rate?

Alliance Credit Union has the right to change the rate of interest.

• Alliance Credit Union will keep you informed about changes in the interest rates on your Account/s by sending you a personal notice within 30 days of the change.
• If Alliance Credit Union reduces the interest rate to your disadvantage, you will be given two months prior notice and if you wish, we will close your Account or help you switch your Account to a Bank of your choice.
• Read the T&C for complete information.

What would the estimated balance be after 1 year based on a €1000 deposit?

For €1000 invested for 1 year at interest rate of 0.50% (AER), you will earn approximately €5.00 interest (gross). This is applicable when amount is invested for complete year.

How do I open and manage my account?

Eligibility:

You must be a UK resident (for at least the last year) and aged 18 or over. Please note:

• The UK does not include the Channel Islands and the Isle of Man.
• Businesses cannot open AllianceCU Accounts.
  
  You need to provide the account number and sort code of a UK bank or building society current account held in your name(s).
• The account must have a chequebook in your name(s), should offer direct debit payment facilities & should have electronic funds transfer facility.
• This account will be your nominated linked account – the account from which your initial deposit will be taken.
• You can only hold one AllianceCU Savings Account in your name (single or joint). You can have more than one fixed rate account, however it should be same as AllianceCU Savings (either single or joint).

You must have a valid email address.

You must be able to deposit a minimum of €1,000 for the savings term of your choice. There is no maximum limit on your deposit. No further deposits, withdrawals or early closures are permitted during the term.

Steps to open AllianceCU Fixed Rate Account:

Existing AllianceCU customers

The quickest way to apply for a AllianceCU Fixed Rate Account is by logging in to internet banking, clicking 'Open a AllianceCU Fixed Rate Account' and completing the form.

Alternatively you can call us 24/7 on +44-746-227-2978 (calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls).

To apply for a AllianceCU Remittance Account, complete the online application form with the same details as mentioned against your existing AllianceCU Account, including the linked account details.

New AllianceCU customers

Please apply online. Our simple online application should take around 10 minutes.

If you'd like to speak to someone before applying, you can call us on +44-746-227-2978 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls). We’ll be happy to help you.

Please read our AllianceCU terms and conditions before applying

To open a joint AllianceCU account

Simply complete the joint account holders’ details as part of the online application.

Joint account holders need to have a shared current account either with us or with another UK bank. This is required so we can link your joint AllianceCU account to your joint current account.

Each account holder must be able to use the joint account on their own, without the permission of the other account holder.

If there is a disagreement between joint account holders, one or both of you should promptly contact us in writing. From the date we receive and acknowledge the correspondence, anything to do with your account has to be authorised by both account holders.

Joint account:

You can open an individual or a joint account or both.

Documents required to open the account:

For completing the online application process you won’t need any other documents.

By law, before opening your account we are required to have adequate proof of your identity. For the majority of customers we’ll be able to verify your identity and address online using a variety of sources, including searches using public information bodies.

If we're not able to do so, we'll ask you to send us one document each to prove your identity and address in the UK. To know more about which documents are acceptable, please refer to the FAQs on applying for AllianceCU accounts.

Minimum balance:

€1000.00

Can I withdraw money?

No withdrawals can be made during the fixed term.

Additional information

After your AllianceCU Fixed Rate Account matures, interest will be paid to your AllianceCU Savings account. In case you don’t have a AllianceCU Savings account, we will open one for you.

Interest can be paid monthly (on the last day of each month: if the last day is not a working day, we will pay the interest on the next working day) or annually (on the anniversary of account opening). Please note annual interest is replaced with interest at maturity for terms of one year or less.

On renewal of your AllianceCU Fixed Rate Account, you will get the benefit of the higher interest rate even if the rates go up or down during the period of 45 calendar days to 2 working days before maturity

Loyalty Bonus for existing customers

Earn a Loyalty Bonus interest rate of 0.10%.

Applicable to all AllianceCU Fixed Rate Accounts renewed in the period between 45 to 2 days prior to maturity

Click here for FAQs

Click here for Terms & Conditions

Access

New customers: please apply online. It'll take around 10 minutes.

Existing customers: please log in and click 'Apply for a AllianceCU Fixed Rate Account'. Or, please log in and click 'Apply for a AllianceCU Fixed Rate Account'. Or, call us on +44-746-227-2978 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls).

Management: you manage your accounts online.

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