Brown Shipley: 6 months Fixed Term Deposit

The interest rate applicable to your savings account is fixed once your application is approved and you fund your account. The rate will stay the same throughout the duration of the fixed term. Should the bank amend the rate advertised before you have fully transferred funds and the rate is lower than the rate you originally ordered, we will automatically cancel your order. We will contact you if this occurs. Please note, for renewal orders the rate you will receive will be confirmed as the rate available 5 days before the date of maturity. Please see our FAQs for more information.

The estimated balance after 6 months on a deposit of £1000.00 is £1,019.05. This projection is for illustrative purposes only and does not take into account individual circumstances. This assumes that the interest rate earned remains the same for twelve months, where in reality it could increase or reduce, in which case the projection would increase or reduce accordingly.

Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf. Please note that you do not have a direct account with Brown Shipley but your deposit is held by them in a trust account opened by MAM for the benefit of you and other depositors. Funds will be remitted to Brown Shipley by MIM on the business day after they arrive in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest. All cash in transit and deposits once established, will be administered by MIM and held by MAM in trust for you under FCA client money and asset rules.

Because this savings account is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Brown Shipley in its absolute discretion. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner. Your savings account will not automatically renew at the end of the fixed term for a further fixed term. Aviva Save will contact you approximately one month before the maturity date of your savings account to advise you of your options. If Aviva Save does not receive a response from you, the proceeds from the fixed term deposit will be held in your Aviva Save Account at the end of the fixed term until you decide what you would like to do with the funds.

Meteor Asset Management (MAM), through their administration arm MeteorInvestment Management (MIM), will administer the deposit on your behalf, whilst Meteor Trustees Limited (MTL), a wholly owned subsidiary of MAM will act as Bare Trustee. Funds will appear in MTL’s account by the following business day from funding your application at the latest. Funds will be remitted to Brown Shipley by MTL on the next business day after arriving in the MTL account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest. All cash in transit and deposits once established, will be administered by MIM and held by MTL in trust for you.

The FSCS is the United Kingdom's statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit. Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.