Support your local community whilst earning 2% AER on your savings
We’ve launched the 1 year fixed term deposit account which is available to new and existing account holders who wish to earn a healthy 2% AER on savings between £5,000 and £85,000!
Whether you are planning to buy a house, retire or just need a safe haven for your savings, this account allows you to generate the greatest return on your money compare to other UK providers for the same product according to Martin Lewis’s Money Saving Expert.
How do we compare?
|PRODUCT||RATE (AER)||INTEREST PAID||MIN/MAX DEPOSIT||HOW TO OPEN||MAX FSCS PROTECTION|
|PCCU||2.00%||Annually following Maturity||£5,000/ £85,000||Online/ in Branch||£85,000|
|Atom Bank||1.65%||Monthly or annually||£50/£100,000||In app||£85,000|
|Ford Money||1.55%||Monthly or annually||£500/£2m||Online/ phone||£85,000|
|Post Office||1.41%||Monthly or annually||£500/£2m||Online||£85,000, shared (1)|
What is a Fixed Term Deposit savings account and AER?
A ‘fixed’ rate refers to the interest rate the provider can guarantee for a set time period, however, most savings accounts are variable and can be changed at the discretion of the provider.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
PCCU’s Fixed Term Deposit
We launched the 1 year Fixed Term Deposit account shortly after the UK government released its strategy for improving the nation’s Financial Wellbeing by encouraging people to have a future focus for their finances. We believe this incredible 2% AER rate provides a great incentive for new and existing account holders to save with us, as it could boost account holders savings by hundreds of pounds!
A further bonus is when you choose to save with us, you know that not only is your money safe within your account, fully protected by the FSCS up to the value of £85,000, you are also helping members of your community access affordable loans through the pooling of money – literally people helping people!
Please be aware this remarkable interest rate is only available to anyone who lives or works within our common bond, which includes the Boroughs of; Burnley, Pendle, South Craven, Rossendale, Hyndburn and the Ribble Valley. You are welcome to deposit between £5,000 and £85,000 into the account as a one off transaction, the money deposited within this account cannot be withdrawn or added too within the year period.
We are fully aware this account does not suit all our account holder’s financial circumstances, if this is the case please be aware we offer a variety of free savings accounts to cater for all, such as our Long Term Savings, Christmas Savings Account, and Young Savers accounts. These accounts do not have the earn the 2% AER, however they do receive a share of any profits PCCU makes through the annual dividend – which has been well above the average interest on an instant access account in the UK for a number of years.
The chances are you are not currently receiving a competitive interest rate on your hard earned cash and therefore you are missing out on earning extra interest. Be savvy with your savings and apply to switch today.
To download the short application form and Terms & Conditions.Click Here