Invest locally and boost your savings with 2% annual interest (AER)
Our Fixed Term Deposit Account is ideal for groups and businesses that have surplus funds that they can invest for a fixed period to earn some interest - 2% AER.
Closing date 31st October 2025
1) This account allows you to deposit money for a set period of 12 months. You won’t be able to add or withdraw money from the account during this period
2) You’ll earn a fixed rate of interest
3) If you have access to Online Banking you will be able to view your account online
4) As a not-for-profit community bank, when you save with us, you are supporting other members as well as the wider community
5) Risk - You can’t cancel a Fixed Term Deposit or make any withdrawals prior to the Maturity Date This means that your financial position must allow you to be able to cover any cash flow needs you may have during the fixed term.
If you are interested in this account then please get in touch, we will be happy to help. We will send you an application form out in a way that suits you.
| Product type | Deposit |
| Deposit type | Fixed term |
| Interest rate | 2% AER fixed until the maturity date |
| Interest payment frequency | Annually on the maturity date |
| Minimum deposit | £1000* |
| Maximum deposit | £25,000* |
| Deposit duration | 12 months |
*Larger or smaller amounts may be available on request and at our discretion
Please read carefully and retain for further reference
The Fixed Term Deposit Account is only available to members aged 18 and over and is subject to approval.
Darlington Credit Union Ltd. is a limited company registered in England and Wales. Registered number: 213507. Registered office: 41 Tubwell Row, Darlington, County Durham, DL1 1PD. Darlington Credit Union is regulated by the FCA and is authorised by the PRA. All deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS)
Section 1 Account Features
1.1 This product is available for a limited time only and may be withdrawn at the discretion of the credit union.
1.2 There is a limited amount of funds which may be deposited at this interest rate. When this amount has been reached the product will be withdrawn.
1.3 This product is available to new and existing members of the Credit Union provided the applicant is 18 or over.
1.4 The minimum deposit amount is £100 with a maximum deposit of £25,000 (subject to the maximum saving threshold permissible for individual Credit Union members).
1.5 The Fixed Term Deposit Account is for a singe lump sum deposit only and no further lodgments will be permitted on the account after the start date.
1.6 Early termination or withdrawals are not permitted on the account, unless during the ‘cooling off’ period. If you think you may need full or partial access during the Term then this Account may not be appropriate for you.
1.7 Fixed Term Deposit Accounts cannot be held as collateral against a loan. Please note, this does not preclude the Credit Union from using the funds in the Account to offset any liability in the event that you default on a loan payment as per your loan credit agreement.
Section 2 Term of the Deposit Agreement
2.1 The term of the account is 1 year. The fixed term period will commence on the date as confirmed to you by the Credit Union and will end on the maturity date.
2.2 At maturity of the fixed term, all funds held in your Fixed Term Deposit account will be transferred to your Savings Account and the Fixed Term Deposit Account will be closed.
Section 3 Cooling off period
3.1 You have 14 days from the start date to change your mind. If you wish to close your deposit account during this time please contact us in writing.
3.2 The 14 day cooling off period begins on the date the Fixed Term Deposit starts.
3.3 If you contact us within the cooling off period to close your Fixed Term Deposit Account we will repay you any funds you have lodged directly to your Savings Account.
Section 4 Interest
4.1 The interest rate is 2% per annum. The AER is 2%.
4.2 All interest earned will be paid gross to your account at date of maturity by the Credit Union. It is the responsibility of the account holder to report the interest to HMRC if applicable, based on your personal circumstances.
4.3 The Credit Union will pay interest at the end of the one-year term. This will automatically be transferred back to your Savings Account.
4.4 The account does not qualify for a dividend payment.
Section 5 Statements
5.1 No statements will be issued for the account, except on request.
5.2 Where you have access to online banking your account will be available to view online.
Section 6 Fees and Charges
6.1 There are no set up charges, maintenance, or transaction fees on the Fixed Term Deposit Account.
Section 7 Changes to these Terms and Conditions
7.1 The Credit Union reserve the right to amend these Terms and Conditions.
7.2 Where there are changes during the term of your deposit we will notify you at least 30 days before they become effective.
Section 8 Complaints
8.1 In the event that you wish to make a complaint you may do so in writing to the Complaints Officer at Darlington Credit Union, 41 Tubwell Row, Darlington, DL1 1PD. If you are not satisfied with the outcome of your complaint you are entitled to take your complaint to the Financial Ombudsman.
Section 9 Data Protection
9.1 Darlington Credit Union will always comply with data protection laws and regulations with regard to data in our possession relating to members. A copy of our Privacy Policy is available at www.darlingtoncreditunion.co.uk. This details how we collect and use your personal information.
