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Services > Banking > Services > Fixed term deposit account > Terms and conditions
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Deposits
For non Standard Bank customers Standard Bank Jersey Limited/Standard Bank Isle of Man Limited ("the bank") may need to obtain a reference from your bankers prior to opening a Fixed term deposit Account ("the account"). Your account will commence earning interest as soon as cleared funds are received. The minimum balance requirement for deposits for periods of one month or more is £25,000/US$50,000/Euro 50,000, however, for deposits of 6 months or longer, the minimum balance is reduced to £10,000/US$25,000/Euro25,000. Foreign currency minimums available on request. Subsequent additions to your account can only be made at the maturity date. The bank reserves the right to reject any application to open an account.
Withdrawals
Early termination of a Fixed term deposit Account contract ("the deposit contract") is not permitted except in the event of the death of the customer (or one of joint account holders). In this circumstance, the deposit contract balance and interest accrued to the date of early closure will be repaid if required. Partial withdrawals are not permitted.
Whilst early termination of a deposit contract is not permitted other than for the reason stated, the Bank reserves the right at its discretion to permit an early termination or partial withdrawal, subject to the permission of the Managing Director of the bank, and subject to a penalty which will include the cost to the bank of repurchasing the amount of the deposit contract from the Money Markets i.e. the interest differential, plus a charge to cover the bank's administration costs.
Interest Payments
The interest rate is fixed for the full period of the deposit contract at the rate prevailing on the date of receipt of cleared funds. On the maturity date or on the anniversary date you have the option of having the interest accrued paid into another Standard Bank account, paid directly to you by cheque or else reinvested with the capital balance for a further term. In the absence of any specific instructions, the capital balance and interest accrued will be reinvested for a similar deposit term at the rate of interest prevailing on the date of maturity.
Taxation
Deposit interest is paid gross of local income tax. Tax may be payable on interest earned subject to your own individual tax circumstances. If you reside in the European Union, the European Union Savings Directive will affect the way interest is paid on your account.
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