Introduction to Predefined Savings and Deposits Products
This module covers the representative UK deposits products like Fixed Deposit and Fixed Bond that can be used out-of-the-box. The UK deposit products are preconfigured, and all products are provided with product conditions in Sterling.
The Fixed Deposit and Fixed Bond products have been released to allow customers to buy these products so that banks can benefit from a high interest rate and make sure that the money will not be accessed before maturity.
Product Configurations
The following products are released as part of this module.
|
UK.AD.PARAENT |
UK.AD.FIXED.DEPOSIT |
Fixed Deposit |
|
UK.AD.FIXED.BOND |
Fixed Bond |
Fixed Bond Product
The following table provides attributes of the Fixed Bond product.
| Characteristic | Default Values | Client Configuration Options | |
|---|---|---|---|
|
|
|
At the Product Level |
At the Account Level |
|
Eligibility |
UK resident. Age 16+. |
Yes |
n/a |
|
Joint Holders |
No more than 2 joint holders. |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
Maturity at a fixed date: 31.12.2025. Customer notification 14 days in advance. Automated reinvestment in most similar product in case of no other customer instructions. |
Yes |
Nominated account for payout. Other reinvestment instructions. |
|
Interest |
|||
|
Rate |
4.35% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365. |
This can be configured to any supported day basis. |
n/a |
|
Accrual |
Accrual from the start date of arrangement and includes the closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise the credit interest annually on the last day. |
Yes |
n/a |
|
Fees and Charges |
|||
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year). |
n/a |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
Yes |
n/a |
|
Servicing |
|||
|
Statements |
Statements are produced quarterly on the last day of the month. |
The frequency and date of the statement production is configurable. |
n/a |
|
Taxation |
Subject to BBSI reporting. |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Restrictions |
|||
|
Funding |
Initial payment withing 14 days after opening. |
Yes |
n/a |
|
Withdrawals |
No access until maturity. |
n/a |
n/a |
|
Balance |
£1 - £250,000 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
The attributes on the Taxation and Payments are informative purpose only. No functionality is available to support it.
Fixed Deposit Product
The following table provides attributes of the Fixed Deposit product.
|
Characteristic |
Default Values | Client Configuration Options | |
|---|---|---|---|
|
|
|
At the Product Level |
At the Account Level |
|
Eligibility |
UK resident. Age 16+ |
Yes |
n/a |
|
Joint Holders |
No more than 2 joint holders. |
n/a |
n/a |
|
Available Currencies |
GBP |
n/a |
n/a |
|
Maturity |
Term: 3Y. Customer notification 14 days in advance. Automated reinvestment in most similar product in case of no other customer instructions. |
Yes |
Nominated account for payout. Other reinvestment instructions. |
|
Interest |
|||
|
Rate |
4.4% p.a. |
Yes |
n/a |
|
Day basis |
Day basis - E 366 / 365. |
This can be configured to any supported day basis. |
n/a |
|
Accrual |
Accrual from the start date of the arrangement and includes the closure day. |
n/a |
n/a |
|
Capitalisation |
Capitalise the credit interest annually on the last day. |
Yes |
n/a |
|
Fees and Charges |
|||
|
Maintenance |
Maintenance fee £0 |
Yes. Amount and period. |
n/a |
|
Transaction Fee |
Withdrawal fee £0 |
Yes. Amount and free transactions per period (month, quarter, year). |
n/a |
|
Closure Fee |
Closure fee £0 |
Yes. Amount. |
Yes. Can be dropped. |
|
Early redemption |
n/a |
Yes |
n/a |
|
Servicing |
|||
|
Statements |
Statements are produced quarterly on the last day of the month. |
The frequency and date of the statement production is configurable. |
n/a |
|
Taxation |
Subject to BBSI reporting. |
n/a |
n/a |
|
Payments |
Internal and domestic (Bacs, FPS, CHAPS) only. |
n/a |
n/a |
|
Restrictions |
|||
|
Funding |
Initial payment withing 14 days after opening. |
Yes |
n/a |
|
Withdrawals |
No access until maturity. |
n/a |
n/a |
|
Balance |
£1 - £250,000 |
Yes |
n/a |
|
Overdrafts |
Not allowed |
n/a |
n/a |
The attributes on the Taxation and Payments are informative purpose only. No functionality is available to support it.
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