What would the estimated balance be after {PRODUCT_NAME} based on a £1,000 deposit?

Term Interest Rate Estimated balance at end of Term {PRODUCT_NAME} Fixed Term {AER} AER {EXPECTED_RETURN} The estimate shown is the amount of money if you will have at the end of the fixed term, if you opened an account with a £1,000 deposit.

How do I open and manage my account?

Applying for an account To open a savings account, you will need to: be aged 18 or over have a UK address (excluding Isle of Man) have a personal UK current bank account match the criteria of the Common Bond of our Credit Unions which are: If you are employed (incl. self-employed), you will be automatically approved and matched to one of our Credit Unions based on your industry. If you are not employed (retired, student, unemployed) you can open an account if you are member of an applicable Trade Union or Association (eg. CO-OP, National Trust, UNISON...). Sharing a household with an existing member of My Community Bank or Castle Community Bank. Opening an account The minimum opening deposit is £1,000 and should not exceed £85,000. Your deposit must be sent within 7 days of opening the Fixed Term account My Community Finance will set up your savings account with the Credit Union your savings will be held in. The account can be viewed and managed online at www.mycommunityfinance.co.uk. When you make your first deposit, a Funding Deposit account will be automatically opened for you. Your funds will be held here until your Credit Union provider receives the full deposit amount you agreed to on your application. No interest will be earned under the Funding Deposit account unless specified otherwise. Once the Credit Union receives your funds in full, it will be transferred to your interest-bearing Fixed Term Deposit account within 2 working days.

Can I withdraw money?

No withdrawals are allowed until the fixed term ends, unless there are exceptional circumstances. If you need to withdraw early, then you will lose the interest earned Your account maturity date is based on your product term and account opening date. Before your account matures, we will contact you to inform you of your options so you can let us know what to do with your money

Additional information

We will pay your interest or dividends ‘gross’, which means that no tax will be deducted. If your total interest earned exceeds your Personal Savings Allowance, you may need to pay tax directly to HM Revenue & Customs. Please visit http://hmrc.gov.uk/ for more information.

Fixed term savings account

3 year Fixed Rate Savings at 4.55%

Q: What is the interest rate?

{AER} AER Interest is calculated daily and paid when your account matures at {PRODUCT_NAME}. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

provided by

FSCS protection up to £85,000

No fees or charges

Save from £1,000 to £85,000

UK based customer support

FSCS Protected

Customers of our network of credit unions are protected up to £85,000

65,000+ Customers

My Community Finance has an excellent 4.7/5 rating on Trustpilot

Trusted Provider

The credit unions we work with currently look after £300m of savings

Open your personal savings account with guaranteed interest rates.

When you apply, we will match you with one of the credit unions in our network. They offer the accounts and rates listed below.

Product Summary

3 Year Fixed Rate

We recommend for:: Those who can save for a fixed term and want to protect themselves from interest rate fluctuations.

4.55% AER

Interest is calculated daily and paid when your account matures at 3 Year.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

No, the interest rate is fixed when the account is opened and will stay the same until the product term ends.

Protect your money

Protect your money against inflation fluctuations with a fixed rate.

Low risk saving

Earn a better rate than you would typically from your current account.

Low maintanence

Hassle free way to put aside money and save.

COMMUNITY FOCUSED FINANCE

How we work

My Community Finance introduces savers to a network of partnering credit unions: My Community Bank & Castle Community Bank. Deposits are held by the credit unions while customers gain 24/7 access through the My Community Finance portal.

So what are credit unions?

Credit unions are not-for-profit mutual organisations who offer fair and ethical finance. Just like high-street banks, our credit unions are regulated and authorised by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Together, our credit unions have already welcomed over 65,000 happy customers.

Visit My Community Bank

Registered trading name of Brent Shrine credit union, with FRN 213245

Visit Castle Community Bank

Registered trading name of North Edinburgh & Castle credit union, with FRN 213877

What our customers say

Trustpilot

How does a 3 year fixed rate savings account work?

A 3 year fixed rate savings account is one way to earn guaranteed interest by locking away your savings for 3 years.

We work with credit unions that provide a range of ethical banking services to their members. Credit unions are not-for-profit organisations, so any money they make is returned to their members through interest on savings or reinvested into the credit union to improve its services.

Who can open a 3 year fixed rate savings account?

In order to open a 3 year fixed savings account with one of the credit unions we work with, you’ll need to meet the membership criteria. The criteria can vary between credit unions, but the ones we work with accept people from almost all fields of employment, plus members of several organisations such as the National Trust and UNISON.

When you open a 3 year fixed rate savings account via our online form, we’ll match you to the credit union that offers the best 3 year fixed rate savings account for you based on the membership criteria you meet.

As well as meeting the membership requirements, to open a 3 year fixed rate savings account with one of our the credit unions we work with, you’ll need to:

Be aged 18 or over
Live in the UK (Excluding the Isle of Man)
Have a current account in the UK

How much can I save with a 3 year fixed rate savings account?

With a 3 year fixed rate savings account from one of the credit unions we work with, you can save between £1,000 and £85,000.

Can I add more money during the 3 year fixed term?

When you open a savings account using our online form, we’ll ask you how much you want to save. Once you’ve successfully opened your account, you’ll have 7 days to deposit your money and as soon as the credit union receives all of your funds your term will begin and you’ll start earning interest.

After these 7 days, you won’t be able to deposit any more money into your 3 year fixed rate savings account. However, you can open another savings account if you have additional money you want to save. You cannot deposit more than £85,000 in total with any one of our credit union partners.

Is my money safe in a 3 year fixed rate savings account?

Yes, the credit unions we work with are authorised and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (Bank of England), just like high street banks.

All savings accounts provided by our credit union partners, including the 3-year fixed rate savings account, are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. This means that in the unlikely event a bank or credit union goes out of business, the government will ensure your money is returned up to this amount.

Can I access my money before the end of the fixed term?

Before opening a 3 year fixed term savings account, it’s important to consider whether you can go without the money you lock away, even in emergencies.

However, we understand that circumstances can change, so if you urgently need to access the money, please get in touch with the credit union your account is with to discuss your options.

If you do end up withdrawing your money from your 3 year fixed rate savings account early, you will lose any interest you have built up.

Is a 3 year fixed rate savings account the best option for me?

Whether or not a 3 year fixed rate savings account is the right savings choice for you will depend on your personal financial situation. If you’re saving for an emergency, such as if your car or boiler breaks, then you may want to consider more flexible types of account.

However, if you want to lock in a guaranteed savings rate for three years, and can afford not to withdraw your savings over this period (even in emergencies!) then a 3 year fixed rate savings account could be a good choice.

What are the alternatives to 3 year fixed rate savings?

If you don’t think a 3 year fixed rate savings account is the best option for your savings, here are some alternative accounts for you to consider:

Shorter-period fixed-term savings accounts - If you’re looking to get a high interest rate on your savings, but don’t want to commit to locking your money away for a full three years, you could consider a shorter fixed term savings account. The credit unions we work with also offer 6-month, 1-year, 18-month and 2-year fixed term savings accounts.
Easy access savings accounts - If you’re looking to maintain access to your savings but still want to earn some interest, then an easy access savings account could be right for you.

How do I apply for a 3 year fixed rate savings account?

It’s easy to open a 3 year fixed savings account with one of our partner credit unions online, using our simple form; here’s how:

Fill out the online application form - Tell us more about you and how much you want to save
Read & accept the terms and conditions of your 3 year fixed rate savings account - Make sure you carefully read the terms and conditions. The content of the terms and conditions is not intended to amount to advice on which you should rely. If you’re not sure of the content of the terms and conditions, you should get advice from a specialist before agreeing to them. Once you’re happy, you can accept them

Don’t forget, you have 7 days to deposit the full amount you wish to save into your new account. As soon as the credit union receives all your funds, your 3 year fixed term will start and you’ll start earning interest.

3 Year Fixed rate