Deposit Accounts FAQs

A nominated account, is the current account that you link to your deposit account with us. Any money you put into your deposit account needs to come from that account. Your nominated account needs to be a UK bank or building society account that can make and receive electronic payments (including faster payments, BACS and CHAPS). You'll need to specify this account when you open your deposit account. If you need to change the nominated account in the future, that's OK. Just get in touch via the self-service portal and we'll help you change it.

This product is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. For further information about the compensation provided by the FSCS (including amounts covered and eligibility to claim), refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100.

Interest is calculated daily. Interest will be paid on the anniversary of the date we receive your first deposit – this will be monthly or annually depending on the product you choose. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day.

If the interest rate is fixed, the interest rate cannot be changed over the term of the account.

Our Savings accounts are exclusively available for online applications. After opening your account, it can be managed online via secure messaging. The account requires a minimum opening balance of £5,000 with a maximum deposit of £100,000. Eligibility is limited to individuals 18 years or older, permanently residing in the UK, subject to UK tax only, and who can nominate a UK bank account.

You can only withdraw from your Account (Fixed Term Deposit Account) upon maturity. Should maturity occur on a non-business day, access to your funds will be provided the following business day. We will notify you in advance of your maturity date. Upon reaching maturity, you have the option to either withdraw your funds or transfer them to a new Conister account, contingent on the terms and conditions of the chosen account.

Failure to inform us of your decision by the maturity date will result in your account transitioning to your Instant Access Account which attracts a nominal interest rate.

All interest is paid gross and it is the responsibility of the account holder to disclose their savings interest earned to their appropriate tax authority.

At least 28 days before your account matures, you will be contacted, detailing your options and requesting your instructions for the account upon maturity.

No, as we're focusing on providing services to personal individuals. Unfortunately, this means we can't open accounts for businesses at the moment.

Our Fixed Term Deposit Accounts are currently accessible only to sole retail customers. However, we are actively developing an online solution for joint account holders, which will be available in the near future

Our Fixed Term Deposit accounts are currently accessible exclusively to individual customers

The maximum total deposit amount per customer is £100,000.00. 

Your deposit will be covered under the UK Financial Services Compensation Scheme (FSCS).  Up to £85k is paid per eligible person. 

Our strategy is to grow our business and continue to add value to our existing customers and to attract new customers. Securing an additional deposit taking licence enables us to achieve this. 

No, the deposit accounts will be managed and supported via the online portal. 

All interest is paid gross with the deduction of income tax. It is the responsibility of the account holder to disclose their savings interest earned to the appropriate tax authority.