Choosing the Right Savings Account - Digital Easy Access vs Fixed-Term Deposits

Choosing the Right Savings Account - Digital Easy Access vs Fixed-Term Deposits

In today's financial environment, selecting the appropriate savings account to achieve your financial goals is important. This article compares the key features of UBL UK’s Digital Easy Access Account and Fixed Term Deposit Account to help you make an informed decision on the account that best suits your needs, whether you are looking for flexibility whilst saving or have long-term savings goals.

Digital Easy Access Accounts: Flexibility When You Need It

The UBL UK Digital Easy Access Account allows you to earn interest on your savings, whilst still having the flexibility to withdraw your funds at any time, (subject to daily withdrawal limits).

Key Features

•    Low Minimum Balance Requirement: Earn interest on savings from as little as £1 up to a maximum of £200,000.
•    Interest Rates: This account offers a variable interest rate. This means that the interest rate can change at any time.
•    Interest Payments: Receive interest payments on a monthly basis.
•    Immediate Access: Withdraw up to £10,000 per day without penalty charges.
•    Account Management: You can only manage your account through our Online and Mobile Banking Platform.
•    Single Account Holder Only: Digital Easy Access Accounts can only be held in a single name.
•    FSCS Protected: Deposits of up to £85,000 per eligible person per bank are protected under FSCS.

Fixed-Term Deposits: Maximising Your Returns

UBL UK Fixed-Term Deposit (FTD) Accounts guarantee a fixed interest rate when depositing a lump sum for a set period of time.

Key Features

•    Minimum Balance Requirement: Earn interest on balances starting from £2,000 up to £1,000,000.
•    Interest Rate: UBL UK’s FTDs a fixed interest rate meaning that the interest rate will not change once you have opened your account.
•    Interest Payments: Choose to receive interest payments monthly, annually, or at maturity.
•    Access to Funds: You will not have access to your funds until the maturity date. Early withdrawals are to the Bank’s discretion and are only permitted in extenuating circumstances.
•    Flexible Term Options: Select from 1-7 years to align with your financial timeline.
•    Joint Account Holders Allowed: FTDs can be held in a single or joint names.
•    FSCS Protected: Deposits of up to £85,000 (or £170,000 for joint accounts) per eligible person per bank are protected under FSCS.

Below are some difference between our Digital Easy Access Account and Fixed Term Deposit:

To find out more information and to apply, please visit our dedicated Digital Easy Access Account and Fixed Term Deposits webpages.