BLME ups expected profit rates on accounts
Bank of London and The Middle East (BLME) has increased expected profit rates on its 1-year, 18-month, 2-year and 3-year fixed term accounts. Customers opening a Premier Deposit Account (PDA) can now earn up to 3.20% Gross Annually on fixed term deposits in its 3-year PDA (up from 3.15%). The expected profit rate on BLME’s 1-year and 18-month fixed term saving accounts have also increased by 0.10 percentage points, to 2.90% and 2.95% respectively. Additionally, BLME’s 90-Day Notice account has been increased to 2.00% Gross (up from 1.65%) and 2.02% AER.
BLME offers a PDA with fixed term deposits ranging from 3 months to 7 years, with customers able to select the term best suited to their savings goals. Customers can open a PDA with a minimum deposit amount of £1,000 up to £1m. Early withdrawals are not permitted.
| Premier Deposit Account fixed term rates
| ||
| Deposit period
| Gross Rate | AER |
| 3 months | 1.55% | 1.56% |
| 6 months | 2.00% | 2.01% |
| 1 year | 2.90% | 2.90% |
| 18 months | 2.95% | 2.95% |
| 2 years | 3.15% | 3.15% |
| 3 years | 3.20% | 3.20% |
| 4 years | 3.25% | 3.25% |
| 5 years | 3.30% | 3.30% |
| 7 years | 3.30% | 3.30% |
| 90-Day Notice Account Rate | ||
| 90 days | 2.00% | 2.02% |
| *All rates correct as at 18th August 2022 | ||
Eligible deposits with BLME are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme.