Fixed Term Deposit

Lock away money from overnight to 2 years and get a fixed interest rate on your savings.

Apply now

Apply now

You can apply online if you have a Business Current Account with us.

Other ways to apply

Log in and apply

Features and benefits

  • Choose a term that suits you – from overnight to 2 years
  • Start saving from £10,000
  • Get a fixed interest rate, paid at the end of the term
  • No withdrawals or additional funds allowed during the term
  • New customers with a turnover below £3m

    We’re sorry; Fixed Term Deposits are only available to existing Bank of Scotland Business Current Account customers as this is required to operate this product. 

    New customers with a turnover above £3m

    If you are new to Bank of Scotland and want to open a Fixed Term Deposit either apply online or call 0345 604 5539.

    Existing customer with access to Commercial Banking Online

    If you do not have access to Business Internet Banking apply online.

Eligibility

To apply for our savings products, you should:

  • Be a sole trader, or a partner or director of the business
  • Be over the age of 18
  • Require the account for business use

What you’ll need to open an account

To apply for our savings products, you'll need:

  • Your business contact details
  • To choose the savings account for your needs
  • The amount you want to deposit
  • To choose the term of the account
  • These interest rates apply to Sterling deposits only with a minimum balance of £10,000 and maximum balance of £5m. Interest is calculated by reference to the Interest Rate which is fixed for the term until the Maturity Date using the Day Basis. Interest is paid at the end of the agreed term.

    Account

    Term length

    Indicative interest rate
    Gross p.a.Gross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HM Revenue and Customs. Whilst the Gross rate quoted is the annual rate of interest, please note that the duration of your deposit will affect the amount of interest that you are paid.

    Indicative interest rate AERThe AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if paid and compounded on an annual basis. As every advert for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

    Account

    Fixed Term Deposit

    Term length

    3 months

    Indicative interest rateGross p.a.Gross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HM Revenue and Customs. Whilst the Gross rate quoted is the annual rate of interest, please note that the duration of your deposit will affect the amount of interest that you are paid.

    2.00%

    Indicative interest rate AERThe AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if paid and compounded on an annual basis. As every advert for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

    2.02%

    Account

    Fixed Term Deposit

    Term length

    6 months

    Indicative interest rateGross p.a.Gross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HM Revenue and Customs. Whilst the Gross rate quoted is the annual rate of interest, please note that the duration of your deposit will affect the amount of interest that you are paid.

    3.50%

    Indicative interest rate AERThe AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if paid and compounded on an annual basis. As every advert for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

    3.53%

    Account

    Fixed Term Deposit

    Term length

    9 months

    Indicative interest rateGross p.a.Gross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HM Revenue and Customs. Whilst the Gross rate quoted is the annual rate of interest, please note that the duration of your deposit will affect the amount of interest that you are paid.

    3.55%

    Indicative interest rate AERThe AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if paid and compounded on an annual basis. As every advert for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

    3.57%

    Account

    Fixed Term Deposit

    Term length

    12 months

    Indicative interest rateGross p.a.Gross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HM Revenue and Customs. Whilst the Gross rate quoted is the annual rate of interest, please note that the duration of your deposit will affect the amount of interest that you are paid.

    3.60%

    Indicative interest rate AERThe AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if paid and compounded on an annual basis. As every advert for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

    3.60%

    Account

    Term deposit with fixed maturity date

    Term length

    Maturity date 04/09/2024

    Indicative interest rateGross p.a.Gross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HM Revenue and Customs. Whilst the Gross rate quoted is the annual rate of interest, please note that the duration of your deposit will affect the amount of interest that you are paid.

    3.50%

    Indicative interest rate AERThe AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if paid and compounded on an annual basis. As every advert for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

    3.53%

    Account

    Term deposit with fixed maturity date

    Term length

    Maturity date 25/06/2025

    Indicative interest rateGross p.a.Gross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HM Revenue and Customs. Whilst the Gross rate quoted is the annual rate of interest, please note that the duration of your deposit will affect the amount of interest that you are paid.

    4.37%

    Indicative interest rate AERThe AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if paid and compounded on an annual basis. As every advert for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

    4.37%

    Interest rates stated above are available as at 02/02/2024 and expire on 21/03/2024 but may be subject to change.

    We only offer standard terms online for Fixed Term Deposit products. If you would like to apply for bespoke term lengths or you need to select specific start and end dates for your deposit, please call us on 0345 604 5539. We are available 8am to 5pm Monday to Friday.

  • If you would like to deposit more than £5 million, please talk to one of our specialists.

    For clients with an annual business turnover of £0-25 million

    Fixed Term Deposit product information factsheet (PDF, 160KB)

    General terms and conditions

    Commercial Banking Markets General Terms of Business (PDF, 110KB)

    Commercial Banking Markets Deposit Terms and Conditions (PDF, 111KB)

    Make sure you understand the small print.

    Terms and conditions

Savings Strategy Tool

Savings Strategy Tool

Our tool can make your money work harder by matching your cash forecasts against our deposit products, helping you create a savings strategy bespoke to your needs.

Get your savings strategy
FSCS protected

Financial Services Compensation Scheme

Eligible deposits with Bank of Scotland plc are protected up to a total of £85,000. Due to FSCS eligibility criteria not all business customers will be covered.

More about FSCS

Apply now

Log in to Business Internet Banking to apply for a Fixed Term Deposit.

Log in and apply

Talk to our specialists

Please call 0345 604 5539

We are available 8am to 5pm Monday to Friday, except on UK bank holidays.

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Read our credentials report (PDF, 165KB)

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