Fixed Term Bank Account

A fixed term bank account is an excellent way for an individual or company to invest large funds for a fixed period of time whilst enjoying high interest rates. Healy Consultants assists international clients open fixed term bank accounts with major banks including HSBC and Barclays. The following is an overview of the key characteristics of international deposit accounts, including their advantages and disadvantages.

A fixed term bank account is an arrangement whereby an individual or company places significant funds in an offshore bank. The deposit has a fixed term that can vary from one week to five years, decided by the account holder. During this period of time, access to the funds is somewhat restricted. This type of account is therefore unsuitable for international entrepreneurs who require ready access to their funds.

Our clients open fixed term bank account in all major currencies. By holding funds in the currency in which they are received or needed to pay foreign suppliers, account holders minimise being adversely impacted by exchange rate volatility. Some fixed term bank accounts have restrictions on funds access and payment methods into the account. Healy Consultants will find an fixed term bank account which best meets the needs of our clients.

Healy Consultants ameliorates the opening process of all types of fixed term bank accounts, including the demand account, savings deposit account and time deposit account.

There are advantageous conditions from bank to bank, for example:

• HSBC offers higher interest rate to their premier customers
• Citibank does not require that you hold a current account or a minimum account balance
• DBS allows you to use your account as collateral to apply for an overdraft facility at competitive rates

The fixed term bank account offers high interest rates often for fixed periods of up to five years. Most fixed term bank accounts accrue interest daily and are credited quarterly. In some cases, the account is credited at the conclusion of the fixed term.

Healy Consultants assists clients with all aspects of the deposit account opening process, including:

i) Locating the most suitable, tax-efficient jurisdiction for the account. Our preferred jurisdictions for fixed term bank account are Singapore and Hong Kong;

ii) Finding the account with the most flexible terms and conditions, including competitive interest rates and fewer restrictions on access to the account;

iii) Liaising with the bank during the account opening process, including completing account opening forms on behalf of our client, paying in the initial deposit and advising our client of the account opening approval, including forwarding details of the account Internet login and password details and PINs.