Fix the rate and term to suit your business
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Information Message
You must open or currently have an instant access account (a Business Current Account or a Business Reserve Savings account) to apply for a MoneyDesk account.
Money Desk Deposit
A fixed term deposit with interest rates linked to the daily money markets. Money market rates are the interest rates that we quote you before you place your funds in a Money Desk Deposit.
Key features
- Fixed interest rates giving you peace of mind knowing that your interest rate will not change during the term
- We offer a range of terms from 1 week up to 1 year
- No upper limit on how much you can hold on deposit
- The minimum balance depends on the required term of the deal. Minimum balance of £10,000 required for periods up to 6 months and £2,500 if you choose a period greater than 6 months.
- No withdrawals or additional lodgements are allowed during your chosen term
- If, due to exceptional circumstances, you terminate the account early, break fees may apply and your payment of interest may be reduced. Breakage costs will be calculated at the market rate at time of breakage.
For administration purposes, an instant access account (i.e. an account that does not require notice of withdrawal) is required with us in the same name as the deposit. The instant access account will be used for the processing of funds placed on and maturing from the deposit, together with interest due.
Financial Services Compensation Scheme
Your eligible deposits with Ulster Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
For more information, view the guide (84KB, PDF) or visit www.fscs.org.uk.