Notice Deposit account

You can manage your deposit using eQ online banking, in branch or in writing.

The deposit operates on a notice basis. Interest is paid at the applicable rate until a minimum 35, 60 or 90 days notice of withdrawal is instructed, depending on the relevant notice period.

Once notice has been provided, the amount withdrawn is placed on a Fixed Term Deposit.

The Fixed Term Deposit interest rate is calculated using the Notice Deposit Headline rate for 35 days along with the introduction of a fixed margin of -0.20%, known as the Step Down Rate. For 60 and 90 day Notice Deposit products, the prevailing Headline rate is used for the remainder of the notice period i.e.

• 35 Day Notice Deposit
  The Step Down Rate applies for the full 35 day notice period
• 60 Day Notice Deposit
  The Headline rate applies for 25 days of the notice period and the Step Down Rate applies for 35 days
• 90 Day Notice Deposit
  The Headline rate applies for 55 days of the notice period and the Step Down Rate applies for 35 days

Upon maturity of the Fixed Term Deposit the balance plus any earned interest will be credited to your Cash Management account. If you don't have a Cash Management account, you'll need to open one when applying for a Notice Deposit.

More about Cash Management account

Yes, the interest rates on Notice Deposits are variable and can change during the deposit period.

• If rates go down, we'll advise you of the change subject to the notice period of 14 days.
• If rates go up, we’ll give you notice either before the change happens or as soon as possible afterwards.

Fixed Term Deposit interest rates do not change for the term of the deposit.

Yes, withdrawals are allowed however are subject to the relevant minimum withdrawal notice period i.e. 35, 60 or 90 days. Early withdrawals are not permitted.

The notice period is effective from the date of receipt of the instruction to withdraw. If we receive your instruction after 12pm or on a non-business day, notice will commence on the next working day.

Depending on the notice period, once notice of withdrawal is provided, funds will be available after 35, 60 or 90 days.

• There is a 25,000 (per currency) minimum deposit requirement to open and maintain a Notice Deposit account.
• There is a £250 million (or currency equivalent) maximum deposit per customer.
• The minimum deposit and withdrawal amount is 25,000 (per currency) however this is not applicable to online transactions made through eQ.