FidBank

FidBank is a UK bank that offers three kinds of personal banking product: current accounts, call accounts and fixed term deposits¹. It previously traded as Union Bank UK². Its accounts can be held in more than one currency, including £GBP and $US, and its debit cards run on the MasterCard network³.

FidBank is a smaller, more traditional bank than the big high street names. Its normal business hours are Monday to Friday, 9.00am to 4.00pm GMT, and it asks customers to apply for its fixed term deposits by post, fax, email or in person at its London office rather than through a fully online application¹. Its terms also state that it cannot currently grant third-party providers access to payment accounts, which matters if you use open banking apps³.

What FidBank offers: current accounts, call accounts and fixed term deposits

FidBank's range is built around three products. Its current accounts are day-to-day payment accounts: money comes in, bills go out, and you get a debit card you can use at retailers displaying the MasterCard sign and at any LINK cash machine, up to the card's daily limit, provided there are sufficient cleared funds in the account³. Banking and payment services of this kind, which the Financial Ombudsman Service describes as covering current accounts, savings accounts, direct debits, money transfers and cheques, are the ordinary business of any UK bank⁵.

Call accounts sit between current accounts and fixed deposits. FidBank's own documents show how the two connect: if a fixed term deposit matures and there is a problem with the account you nominated, FidBank opens a call account for you and transfers the funds into it¹. A call account is therefore the bank's default home for money that needs to sit somewhere accessible while you decide what to do with it.

Fixed term deposits are the savings end of the range. You pay in a single lump sum, leave it for a fixed term of between one and five years, and take the money out at the end¹. The FSCS confirms that its deposit protection covers money in current, saving and fixed-term deposit accounts alike, so all three FidBank products sit inside the same protection⁶.

If you are weighing FidBank's accounts against other options, the site's guides to current accounts and savings accounts explain how each type works, how accounts are compared, and what to check before opening one. FidBank's own range spans deposits on both sides of that line: it offers call accounts and fixed rate time deposits in £GBP and $US¹, a current account available in $US and £GBP with regular statements³, and fixed term deposits that at maturity can be reinvested in a new deposit or transferred to another specified account². It therefore appears among the banks and lenders covered elsewhere on this site.

FidBank's fixed term deposits lock the money away for the whole term

A fixed term deposit is the simplest savings product in shape and the least flexible in practice. You make one payment into the deposit, and only one payment is allowed per fixed deposit product¹. The term runs for between one year and five years¹. Interest is paid when the deposit matures if the term is a year or less, and annually on the anniversary of the deposit if the term is longer¹.

The defining rule is that you cannot withdraw any capital or interest from the deposit until the end of the term¹. FidBank's terms are equally blunt: there is no cancellation period for fixed term deposits, and no withdrawals of part or all of the money during the term³. This is what separates a fixed deposit from a notice account or an easy access savings account, and it is the trade-off you accept in exchange for knowing exactly how long the money is committed for.

Near the end of the term, FidBank contacts you in good time before the deposit matures to ask for your instructions¹. You can choose to reinvest some or all of the money in a new fixed term deposit, or transfer some or all of it to another account you specify¹. If you give instructions by phone or in writing, they must reach the bank no later than 3pm GMT on the business day before the deposit is due to mature³. If you do not tell FidBank what you would like done with the money, it pays your deposit and interest into the account you specified at the time of application, and if there is an issue with that account, it opens a call account for you and transfers the funds into it¹.

The minimum deposit is advised at the time you wish to make the deposit, so it is not a fixed published figure³. Because the money is locked away, a fixed term deposit suits money you are certain you will not need for the whole term. If there is any chance you will need access, a savings account with withdrawal rights, covered in the savings guide, is the more appropriate shape of product.

Fees and charges on FidBank accounts

FidBank sets out its charges in a document it calls its Standard Tariff, and its terms allow it to vary those charges from time to time in accordance with Condition 25 of the terms, as well as to levy reasonable charges for additional services beyond those in the tariff³. In practice this means the charge for any particular service is a matter for the bank's current published tariff, which is available from FidBank itself, and the figures can change with notice.

Some charges are triggered by specific events rather than being standing costs. If FidBank refuses to make a payment you have instructed, it notifies you within three business days and may charge a fee for that notification as set out in the Standard Tariff³. If you ask the bank to cancel your card to stop a recurring transaction and order a replacement card, that incurs a fee detailed in the Standard Tariff³. Debit interest, where it applies, is debited from your account on the last business day of each month, relating to the previous monthly charging period, with notification issued at least 14 days before the debit is passed³.

Card use abroad is another common trigger. FidBank's terms state that foreign currency transactions on its MasterCard debit cards may be subject to foreign exchange conversion or transaction charges³. As a general guide, MoneyHelper notes that using a debit card abroad typically brings a spending or cash machine charge of between £1 and £3 each time you use your card, except for euros in the EU⁷, though the exact figure for a FidBank card comes from the bank's own tariff.

For context on what to expect from UK accounts generally, credit union current accounts often carry a monthly account fee covering the debit card, regular payments such as direct debits, and overdraft access⁸, while fee-free basic bank accounts exist for people who cannot open a standard account⁹. Where FidBank's own figures sit within that landscape is a question for its published tariff, not something to assume from the market.

Who can open a FidBank account

FidBank's terms set a minimum age of 18 to open an account, and the bank requires a minimum deposit, the amount of which is advised at the time you wish to make the deposit³. For personal customers opening a fixed term deposit, the same age rule applies: you must be 18 years or older¹. A fixed term deposit can be held by up to two account holders¹.

Joint accounts carry a legal point that matters before you open one. FidBank's terms state that each joint account holder has joint and several liabilities³. In the bank's own words:

That means each holder can be pursued for the whole of any debt on the account, not just their share. MoneyHelper describes the ordinary features of a joint account as allowing two or more people to receive payments, pay by debit card, transfer money and manage the account, depending on the bank⁸, and its guide to joint accounts covers the risks in more depth.

FidBank's terms also give it set-off rights: if any accounts you hold are in credit, it may use them to repay amounts you owe it, including sums due on other accounts in the same name or names, even if the accounts are in different currencies, and it can set off money in a sole or joint account against money owing on a joint account³. In practice, this means money held with the bank is not entirely ring-fenced from anything you owe it.

If a standard account is out of reach, the wider market offers alternatives. The rules on basic bank accounts allow you to open one if you are ineligible to open a standard bank account, unless it would be unlawful for the firm to open the account⁹. Basic accounts let you set up direct debits and standing orders, use a debit card, have income paid in and check your balance¹⁰, and Citizens Advice Scotland notes they can take wages, benefits and tax credits directly, pay in cheques and cash, and pay bills by direct debit¹¹. Some banks have also joined a scheme to help homeless people open bank accounts¹². People who have been made bankrupt may still be able to get a bank account, as StepChange explains¹³.

Opening an account and the 14-day cooling-off period

FidBank is not a bank you open an account with entirely on an app. You can apply for a fixed deposit by sending an application in the post, by fax or email attachment, or in person at its London office¹. The bank's fax number is +44 20 7638 7642¹. This is a slower process than the online account opening that most UK banks now offer, and Which? describes how online opening usually works, including the identity checks involved¹⁴.

When you open a current account, you have a cooling-off period. FidBank's terms state that you may cancel within 14 days from the date you entered into the contract, or from the day on which you first receive a copy of the terms and conditions, whichever is later³. If you cancel, FidBank returns any funds due to you, less any amount owed to it, within 30 days from the day it receives your notification of cancellation³.

As with any UK bank, opening an account involves identity checks and usually a credit reference check. Credit reference agencies hold information used in these checks, and TransUnion, formerly CallCredit, is one of the main agencies¹⁵. If you have had accounts under a different name in the past, be aware that banks may ask for previous names used in the past six years¹⁴, which is directly relevant to FidBank given its own name changes, covered below.

If you are switching to FidBank from another bank, its terms commit it to give your new institution information on any standing orders and direct debits within three business days of receiving their request³. The wider switching process, including the Current Account Switch Guarantee, is explained in MoneyHelper's guide to opening, switching or closing a bank account⁷.

Banking with FidBank: payments, cheques and cards

Day-to-day banking with FidBank runs on set cut-off times and business days. A business day means Monday to Friday, excluding bank holidays in England and Wales³. The cut-off times differ by currency:

Once an instruction is in, the timescales are fixed by the terms. For payments in euros, or in sterling where the other person's bank is in the United Kingdom, the amount is credited to your payee's account by the end of the business day following the day FidBank receives your instruction³. For other payments taking place entirely within the UK or EEA, the money reaches the payee's bank account at the latest by the end of the fourth business day after the instruction is received³. For automated payments generally, the beneficiary would normally receive funds within three business days, though this may be sooner depending on banking practice³.

Advance payment instructions, including standing orders and direct debits, can only be cancelled or amended up to the end of the business day before the date the payment is due to be made³. If a payment goes wrong, the terms set deadlines: you must tell FidBank about any incorrect payments within 13 months of the payment being made³, and for payments you agreed with another person that failed to reach a UK or EEA account, you must make the refund request within eight weeks of the date the payment was made³. Refund rights for incorrectly executed payments only apply where the payer's or payee's account is in the UK or EEA³.

Cheques work on their own timetable. Cheques paid in after 3pm GMT are not processed until the following business day³. Cheques are deemed out of date after six months³. When you pay in a UK cheque, the amount is normally deducted from your account two business days after the recipient pays it into their account, and at the end of six business days after the cheque was paid in, the money is usually available to you unless you were knowingly a party to a fraud³. FidBank keeps original cheques issued from your account for at least six years³. The Financial Ombudsman Service can look at complaints about cheques and banker's drafts, including asking a bank to pay compensation for distress or inconvenience¹⁶.

Cards are MasterCard debit cards, usable at retailers displaying the MasterCard sign around the world, or Visa where issued, with cash withdrawals by card and PIN from any LINK cash machine³. Card purchases also carry chargeback rights, which UK Finance notes exist for both credit and debit card purchases¹⁷. One limitation: FidBank states it is currently unable to grant third party providers access to your payment accounts or to process instructions to payment initiation service providers³, so open banking apps that connect to your bank account will not work with FidBank. Most banks offer smartphone and tablet apps for checking balances and sending payments¹², but FidBank's own channels are the ones to check with the bank directly.

From Union Bank UK to FidBank: what the name changes mean for customers

FidBank has traded under several names. Before becoming FidBank, the brand was known as Fidelity Bank UK, and before that as Union Bank UK, following the acquisition of Union Bank UK by Fidelity Bank Plc, Nigeria². The company behind the brand was incorporated on 10 February 2003 and remains active¹⁹. So if you held an account with Union Bank UK, or remember the Fidelity Bank UK name, this is the same firm under a new name.

For customers, a name change is mostly administrative. Your account terms, sort details and protections continue. Where it can surface is in checks: banks may ask for any previous names you have used in the past six years when you open an account¹⁴, and credit reference agencies hold historical account information¹⁵. If you are tracing an old account held under one of the previous names, Which? explains how to find lost bank and savings accounts, noting that dormancy is often triggered by undelivered mail, no notification of a change of address, or no withdrawals or deposits for a set period²⁰.

FidBank's own terms define two stages of account inactivity: an account is inactive if no activity, other than interest and charges, has taken place for a continuous period of 24 months, and legally dormant after a continuous period of 15 years³. If you have an old Union Bank UK account you have not touched, contacting the bank is the way to establish what state it is in.

Unauthorised payments, fraud and complaints

If money leaves your FidBank account that you did not approve, the rules are on your side. Under the regulations governing payment services, FidBank must refund the amount of the unauthorised payment transaction and, where applicable, restore the debited account to the state it would have been in had the transaction not taken place¹⁸. The legislation puts it this way:

FidBank's terms commit it to refund you within 10 business days of receiving your request, or of receiving any further information requested, provided you report the payment without undue delay and no later than 13 months after the payment³. You are not liable for any unauthorised payments taken after you tell the bank your card has been stolen or that someone else has your security details²¹. You must also tell the bank about any discrepant transaction on a statement no later than 13 months after its date³.

For push payment fraud, where you were tricked into making the payment yourself, FidBank's terms state it will investigate following industry guidelines and let you know within a reasonable time, which could be 15 days or longer depending on the requirements of the investigation; if you did not inform it about the payment, a claim must be made within 13 months after it was made³. The Financial Ombudsman Service covers complaints about the way a financial business has dealt with a scam involving unauthorised payments, stolen details or identity theft²⁴, and it can also look at complaints about the bank or payment service provider that received your money, considering the steps it took to recover the funds and whether it should have had concerns about its customer's account²⁵. Where the ombudsman upholds a complaint, it may ask the bank to refund payments you did not authorise, refund charges and interest applied, compensate you for money lost, and pay compensation for distress or inconvenience²³.

The practical steps are straightforward. Contact your bank immediately using the phone number on the back of your card if you have lost money or spotted an unauthorised transaction²⁶. Check your transactions regularly for payments you do not recognise²⁷, and contact your bank immediately if you spot transactions on your statements you do not recognise²⁸. If your mobile phone is stolen, report it as stolen and freeze your card immediately, using a friend's or family member's phone to call your bank if necessary²⁹.

If you are unhappy with FidBank's response to a complaint, the guidance for consumers is to contact your provider first by phone and, if still unhappy, to contact the Financial Ombudsman Service³³. The ombudsman's coverage of banking and payments extends to current accounts, savings accounts, direct debits, money transfers and cheques⁵, and its guides to scams and fraud and consumer protection set out your rights in full.

How your money is protected at FidBank

FidBank subscribes to the UK Financial Services Compensation Scheme¹. The FSCS protects eligible depositors up to £120,000 per depositor: FidBank's key document describes this as £120,000 per depositor per bank, and its terms as £120,000 per person, two ways of expressing the same limit¹. The FSCS confirms that this protection includes money in current, saving and fixed-term deposit accounts⁶, so all three of FidBank's product types are covered.

The protection matters most if a bank fails. FidBank states that it subscribes to the UK Financial Services Compensation Scheme², and if the bank were unable to repay depositors, the FSCS would pay compensation up to the limit automatically in most cases. The scheme's own guidance on checking whether your money is protected explains how to confirm a bank's membership⁶. Money in current, saving and fixed-term deposit accounts is covered⁵, and you can check any firm's entry and permissions for yourself on the public register.

Two boundaries are worth knowing. First, the limit applies per depositor across the same bank, so if you hold more than one FidBank account, the balances count together towards the single limit. Second, FSCS protection covers deposits, not investment products: if a bank sells you an investment, that falls under different FSCS rules, and the ombudsman has handled cases where a bank failed to fully explain the difference between a deposit and an investment³⁴. FidBank's range as described in its own documents is deposit-based, but the distinction is worth holding on to whenever a bank offers something with a return described as guaranteed.

For free, impartial help with any of this, MoneyHelper offers guidance on banking topics including choosing an account for benefit payments³⁵, and Independent Age publishes advice on making the most of your bank account, including using Post Office branches for withdrawing cash, paying in cheques and checking your balance depending on who you bank with³⁶. The Financial Ombudsman Service is free to use and is the final port of call for unresolved complaints³³.