Bank of Beirut

Bank of Beirut's UK personal banking range is built around three accounts: a current account for day-to-day money, a call deposit account for savings you can withdraw, and a fixed term deposit account for money you can lock away¹. It also offers deposits in foreign currencies, which sets it apart from most high street banks and can suit customers who hold or receive money in another currency.

Each account works differently. The current account handles income and payments, the call deposit account pays interest calculated daily and credited every three months, and the fixed deposit account locks money away for an agreed period in exchange for a fixed arrangement¹. The bank is part of the Bank of Beirut Group, a Lebanese banking group, and its UK operation serves personal and joint account holders.

Bank of Beirut accounts: current, call deposit and fixed deposit

Bank of Beirut's personal terms cover three account types: the Current Account, the Call Deposit Account and the Fixed Deposit Account¹. Each serves a different purpose, and the differences between them are mostly about access to your money.

The Current Account is the payment account: the one for receiving income and making payments. The Call Deposit Account is a savings account where interest is calculated daily and credited every three months, on the last Business Day in March, June, September and December¹. The Fixed Deposit Account locks money away for an agreed period in exchange for a fixed arrangement, with no access until the term ends¹.

If you are comparing these against the wider market, the current accounts guide explains what a current account normally includes, and the savings guide covers how savings accounts differ, including notice accounts and fixed term deals from other providers.

How call deposit accounts work

A call deposit account is designed for savings rather than spending. Bank of Beirut's terms state it plainly:

That means no direct debits, standing orders or day-to-day card spending from this account. It sits alongside a current account, holding money you want to earn interest on while keeping the ability to withdraw.

Two rules shape how the account behaves. First, there is a minimum balance: if your cleared balance falls below the minimum amount, you will not accrue any credit interest on the account¹. Second, interest is calculated daily and credited every three months, on the last Business Day in March, June, September and December¹. You will receive a statement for each call deposit at least quarterly¹.

For general background on how savings accounts work, including how interest is paid and what to check before opening one, see the savings guide.

Fixed deposits: terms, maturity and renewal

A fixed term deposit at Bank of Beirut can be fixed for periods from one week to one year, as agreed with you when you open the account¹. The trade-off for the fixed arrangement is access: you can only add and withdraw funds at the end of the Fixed Period, and the bank does not allow fixed deposits to be closed before the end of that period¹.

What happens at maturity depends on instructions you give the bank. For a sterling fixed term deposit, you need to provide instructions by 11.00am (London Time) on the Business Day the deposit is due to mature¹. For a deposit in any other currency, the deadline is earlier: 11.00am (London Time) on the Business Day falling two Business Days before the maturity date¹. A Business Day means Monday to Friday, excluding public and bank holidays in England and Wales¹.

If a deposit renews automatically and you change your mind, the terms give you a 14-day window: "If you want to cancel your fixed term deposit that has been auto-renewed, you have 14 days to do so."¹

Foreign currency accounts and exchange rates

Bank of Beirut offers fixed term deposits in currencies other than sterling, as the shorter maturity deadline for non-sterling deposits shows¹. This reflects the bank's origins and its customer base, and it can be useful if you hold or receive money in another currency and want to keep it in that currency rather than convert it.

The exchange rates the bank applies are not fixed. Its terms state that exchange rates fluctuate on at least a daily basis, and that the bank may change its exchange rates immediately and without notice¹. In practice this means the rate you are quoted can move between asking and completing a conversion, and the rate applied is the bank's own, not a mid-market rate.

For context, when you spend abroad from a UK current account, banks commonly apply a foreign exchange fee, often around 3% of the transaction amount⁵. If you are weighing up whether to convert money or hold it in a foreign currency account, the money transfers guide and the international guide cover the options and costs.

Statements, interest and tax

Bank of Beirut provides monthly current account statements unless you have elected to receive them at a different frequency¹. Call deposit accounts receive a statement for each deposit at least quarterly¹.

On tax, the bank's position is that it pays interest gross:

This means no tax is taken off before the interest reaches your account. Whether you owe tax on that interest depends on your circumstances: many people can earn some interest tax-free through allowances, but higher earners or people with large savings may need to declare it to HMRC through a self assessment tax return⁶. If you pay late, HMRC will charge interest set at the Bank of England base rate plus 4%⁶.

Scam payments: how refunds work

Bank of Beirut's terms set out when you may be entitled to a refund after an authorised push payment (APP) scam: if you make an electronic payment in pounds sterling by Faster Payment, CHAPS or internal transfer to another account in the UK which is not under your control¹. The bank will refund payments made as part of an APP scam up to the maximum amount set by the regulator, as published on the regulator's website¹.

There are firm deadlines. You must tell the bank as soon as you discover the scam, and within 13 months of the last payment made as part of the scam¹. If you are entitled to a refund, the bank will pay it within 5 working days after you report the payment, unless it needs more information, in which case it will give a final decision within 35 working days unless the scam is complex¹.

Under the wider rules, a bank can usually refuse a refund only if it can prove you authorised the payments, prove you acted fraudulently or negligently, or you reported the fraud 13 months or more after the payment was taken⁷. A bank can deduct £100 from an APP scam refund unless you are considered vulnerable under the rules⁸. For unauthorised transactions, the payment services regulations require the bank to refund the amount and restore the account to the state it would have been in had the transaction not taken place⁹.

In one case reported by Which?, the Financial Ombudsman ordered a bank to refund the full £4,000 a victim lost to a BT impersonation scam, plus £300 compensation for the trouble and upset caused¹⁰. If you have been scammed, the scams and fraud guide explains the steps to take.

Dormant accounts and when the bank can close an account

Bank of Beirut's terms include a dormancy process with two stages. If there have been no transactions on your account for over a year and the bank has not been able to contact you, the account may be flagged as dormant¹. If the bank is still unable to contact you after five years and there have still been no transactions, the account can be closed¹.

The practical defence is keeping your details current. The terms require you to inform the bank of any changes to your personal data within 30 days of the request or change¹. Banks generally may close or freeze an account if you owe money to the bank, are bankrupt or have a debt relief order, or have not used the account for a long time¹¹.

If the bank decides to close your account or end the agreement, it will give you at least 90 days' notice, unless it can terminate immediately for serious reasons set out in its terms¹. Separately, the bank can apply or "set off" money in your accounts against sums you owe it, with 14 days' prior written notice¹.

If you have lost track of an old account, My Lost Account is a free service that can help find bank accounts that have not been used for three years or more¹². Money left in a closed account must be refunded no matter how long ago it was closed¹².

Making a complaint to Bank of Beirut

You can make a complaint to Bank of Beirut in three ways: in writing by letter or email, in person by prior appointment with the bank, or by phone¹³. The bank's complaints procedure sets response times by complaint type. Payment services complaints should get a response within 15 working days, or up to 35 days in exceptional circumstances. More complicated cases can take up to eight weeks, with updates throughout the process¹³.

If you are unhappy with the bank's final response, you may be able to refer the complaint to the Financial Ombudsman Service, provided you do so within 6 months of the Final Response¹. The general process is the same across banking: complain to the firm first, give it the chance to investigate, and then take it to the free Financial Ombudsman Service if you are still not satisfied¹⁴. The ombudsman is independent and does not charge consumers.

Is my money protected with Bank of Beirut?

Yes. Money held with Bank of Beirut (UK) Ltd is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme. The FSCS protects money in current, saving and fixed-term deposit accounts³, which covers all three of Bank of Beirut's personal account types.

The FSCS is the official safety net for customers of authorised financial firms that fail. You can check your protection, and the current limits, using the FSCS's own protection checker³. How the rules work, including what happens when a bank fails, is explained in the consumer protection guide.

Two further points from the bank's terms are worth knowing. The agreement is governed by the laws of England and Wales, but if you live in Scotland you can bring legal proceedings in either the Scottish or the English courts, and if you live in Northern Ireland you can bring proceedings in either the Northern Irish or the English courts¹. And notices the bank sends by post are treated as received on the second Business Day after posting if sent first class in the UK, the fourth if second class, and the eighth Business Day if sent from outside the UK¹, which matters for deadlines such as the fixed deposit maturity instructions.