SUMMARY BOX – Key Product Information for 7 Day Notice Deposit Accounts
7 Day Notice Deposit Account (offered in GBP and USD)
What is the interest rate?
Sterling – Currently pays a spread of 0.00% over one week GBP LIBOR; Current rate: 0.03913% (Rate valid as at 08 Feb 2021 and subject to availability)
USD – Currently the account pays a spread of 0.00% over one week USD LIBOR. Current rate: 0.08163% (Rate valid as at 08 Feb 2021 and subject to availability)
Can Bank Leumi (UK) plc change the interest rate?
Yes, these rates are variable. We can increase or decrease any time. For example we might review the interest rate if the Bank of England base rate changes.
The most up to date rates are published on our website.
What would the estimated balance be after 12 months based on a £1,000?
A deposit of £1,000 at an annual Gross rate of 1.00% would generate an estimated balance of £1,010.00 after 12 months
How do I open and manage my account?
How to open the account:
All deposit products are subject to Bank Leumi (UK) plc’s standard terms and conditions and and may be conditional upon satisfactory completion of any application forms and documentation.
GBP Min £250,000, Max £10,000,000
USD Min $250,000, Max $10,000,000
How to manage the account
Once opened you can find out your balance by contacting the Bank.
Can I withdraw money?
Yes, you do need to give 7 days’ notice to make a withdrawal or close your account.
If you wish to withdraw money from your 7 Day Notice Account without giving us the required notice, we will normally only agree to such a request in special circumstances. If we agree to your request then, depending on the investment term of your account, you may also be required to serve a notice period before you make the withdrawal or close the account. An administration fee and early withdrawal charge, calculated at the time of the withdrawal, will apply.
There is a 14 day cooling off period for the 7 Day Notice Account. If you decide to cancel within the 14 days we will not deduct Early Withdrawal Charges, but you will not be entitled to interest for the number of days your deposit has been with us.
We do not deduct tax from any interest paid to you.
Tax benefits depend on individual circumstances and could change in the future.
AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
Gross is the rate of interest if interest were paid and not compounded each year
Rates are correct as at 08 Feb 2021
Bank Leumi (UK) plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.