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Nomo makes investing in the UK easy. You can invest your money in the Nomo app through our Fixed Term Deposits and an Instant Access Saver. These let you save at an established profit rate, and you can watch your wealth grow.

When you open your Nomo current account you are given access to our savings products, FTDs and Instant Access saver with different currencies – simply choose the options that suit you and your saving goals best.

An instant access savings account is a type of bank account that allows you to deposit money, earn profit on your balance, and withdraw funds at any time without incurring penalties. These accounts are designed for flexibility, so you can access your money quickly and easily, making them suitable for an emergency fund or saving for short-term goals.

Profit rates on instant access savings accounts may be lower compared to fixed term savings accounts due to the convenience of being able to withdraw funds whenever required.

A fixed term deposit account is a type of savings account where money is deposited for a specified period of time and earns a fixed rate of expected profit. When making the deposit, you agree not to withdraw the funds until the end of the predetermined term, which ranges from 3, 6 or 12 months.

This type of account offers higher interest rates than the Instant Access Saver, providing a savings option for customers who do not require immediate access to these funds.

AER is the expected profit rate, shown as a percentage, that represents the amount that the savings account would earn if your balance was held for one year.

Expected profit rate is an indication of how much profit you can expect to earn. We will do what we reasonably can to achieve the expected profit rate applicable to your savings account and, as part of that, we monitor the return on our investments on a daily basis.

If you have an active Instant Access Saver account, we will notify you if we reduce the expected profit rate applicable to your Account, and give you 30 calendar days' notice. You may tell us if you wish us to close your Account and have your money returned to you. If we do not hear from you within this period, we will keep your Account open, applying the new lower expected profit rate. If, during the 30 calendar day period mentioned above, you choose to close your Account, you can do so in the Nomo App and we will transfer your money (including any profit due to you) to your current account.

If the expected profit rate has increased, we will apply it to your Account immediately.

Your savings accounts earn you profit on your balance daily.

For the Instant Access Saver, Nomo will pay the profit into your Instant Access Saver account on the first day of each new calendar month.

For Fixed Term Deposits, the profit will be paid at the end of the maturity term and the total balance, including the profit, will be transferred to your current account.

To earn more profit, Nomo offers profit structured on three deposit levels, where each threshold met between each level offers a higher profit rate. As you increase the amount in your Instant Access Saver balance, you can move up to the next level, which results in a higher profit rate and therefore, a greater amount of profit earned (up to the maximum profit rate offered by Nomo).

You can view the respective profit rate for each minimum level here

There is a minimum balance required to have an Instant Access Saver account, and this minimum amount will be required to be deposited when opening the account.

The minimum balance for Instant Access Saver accounts are:

3,000 GBP

3,000 USD

3,000 EUR

You have instant access to your money at all times. However, if you are trying to withdraw an amount that would result in your account holding less than the minimum balance, you will need to transfer all the money in your Instant Access Saver to your current account and the Instant Access Saver account will be closed.

You can open up a new Instant Access Saver account again at any time and deposit the minimum balance required.

The minimum deposits for Fixed Term Deposits are:

5,000 GBP

10,000 USD

10,000 EUR

For an Instant Access Saver, you have instant access to all your money in this type of account and are required to keep a minimum balance. However, you may withdraw all your money from your Instant Access Saver to your current account, and close your Instant Access Saver at any time in the Nomo app.

For Fixed Term Deposits, you are unable to withdraw early until the fixed term comes to an end. There is a cooling-off period of 14 calendar days from the date the account is opened to cancel this agreement, by contacting us at support@nomobank.com

If you contact us within 14 days of opening the account, you don’t need a reason to cancel and we’ll give you all of your initial deposit (but not profit) back as soon as we can.

Please refer to the FTD terms and conditions for more information on early termination.

No, you can open a Fixed Term Deposit or Instant Access Saver with no additional fees. You can find the details of all our savings products in the Nomo app, including profit rates and deposit terms.

We recommend you seek qualified tax advice in relation to the tax treatment in both your home country and country of residence.

Yes, savings accounts with Nomo are covered by the Financial Services Compensation Scheme (FSCS). The FSCS is a statutory fund that provides customers of authorised financial services firms with a safety net.

For savings accounts, the FSCS covers up to £85,000 per eligible person, per bank. This means that the FSCS may compensate you up to the limit if you are eligible, should Nomo not be able to meet our obligations under these terms, ensuring that your savings are protected.

It's important to note that the £85,000 coverage applies per banking license. Nomo is the trading name of (BLME) Bank of London and The Middle East plc which is a member of and covered by the Financial Services Compensation Scheme (“FSCS”) established by the Financial Services and Markets Act 2000.

For further information about the FSCS (including the amounts covered and eligibility to claim), please refer to the FSCS website at www.fscs.org.uk or click here for the FSCS leaflet.

Recurring transfers are automated transfers that you can set up to move money from your current account to your Instant Access Saver account on a regular basis, such as weekly or monthly.

To set up a recurring transfer, log in to the Nomo app, head to your Instant Access Saver account, and select the option to set up a recurring transfer. Follow the on-screen instructions to specify the amount, frequency, and start date for the transfers.

Yes, you can change or cancel a recurring transfer at any time. Simply log in to the Nomo app, go to the Instant Access Saver account, and select the recurring transfer you wish to modify or cancel. Follow the on-screen instructions to make the necessary changes.

If there are insufficient funds in your current account on the scheduled transfer date, the recurring transfer will not be processed. We will attempt to process the following transfer according to your transfer schedule. You will need to ensure that there are sufficient funds in your account for the transfer to be successful. After the 3rd scheduled attempt, we will automatically cancel the recurring transfer.