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FAQ’s
About Akbank N.V.
1. Who is Akbank N.V.?
Akbank N.V. is a Dutch bank operating in the Netherlands, United Kingdom and Germany. Formed in 2001, Akbank N.V. is wholly owned by Akbank T.A.S., the largest commercial bank in Turkey. Selected as Turkey’s Best Bank in 2004 by The Banker & Euromoney, Akbank T.A.S.’s gross profit at the end of 2004 stood at TL 1,495 trillion (approximately US$ 1,091 million) while assets totalled TL 35,424 trillion (approximately US$ 25,862 million).
As a licensed bank in the UK, Akbank N.V. adheres to the Financial Services Compensation Scheme.
2. How can Akbank N.V. offer such competitive rates?
We keep our costs down by presenting straightforward savings and deposit accounts by post or via the phone. Not having high street branches as everyday expenditure allows us offering high interest rate accounts with value.
3. Is Akbank N.V. regulated?
Akbank N.V. is regulated by Financial Services Authority for the conduct of UK businesses and, as a Dutch Bank, is authorised by De Nederlandsche Bank.
4. How do I contact Akbank N.V.?
You can contact us by telephoning our Customer Service Centre on 020 7034 3010 during our office hours, Mondays – Fridays 9am – 5pm. Alternatively you can write to us with the following address:
Customer Service Centre
Akbank N.V.
29 Marylebone Road
London
NW1 5JX
Account Opening
1. How do I open an account with Akbank N.V.?
You can download our Account Application Form, Terms and Conditions, among other documentations at our Forms page.
Alternatively you can call us on 020 7034 3010 and ask for an application pack to be sent to you.
2. Am I eligible to open an Akbank N.V. account?
On condition that you are a UK resident (this excludes the Isle of Man and the Channel Islands) for at least one year, that you are over the age of 18, and that you have a UK personal current account which provides a chequebook, you are eligible for our high rate savings and deposit accounts.
3. Can I set up more than one account?
We can open additional accounts provided we receive a written instruction from you requesting additional account(s)
4. If requested to send through supporting documentation, what is acceptable?
We verify your personal details through different means including searches at authentic public information related bodies. By law, we are required to get adequate proofs of your identity before opening your account. In some cases, we might request further documentation to verify your address and identity.
If we have been unable to verify your address we will require you to send us:
i) Either a bank statement or utility bill e.g. gas, electricity, water rates or home landline telephone. The document must be original, not older than three months and clearly show your name and address. We are unable to accept mobile telephone bills or credit card and store card statements.
ii) The original or a certified copy of either your latest HM Revenue & Customs notice of coding, tax assessment, or letter confirming the right to benefits or state pension. If you are unable to provide one of these documents we are also able to accept a certified copy of your passport or driving licence (EU or UK photo-card or full UK paper version). For non UK passport holders, copies must be certified by your bank or embassy official.
5. What is a certified document?
A certified document is photocopy of the original certified by an Akbank N.V. recognised professional (e.g. a solicitor, accountant, teacher, doctor or bank official) to show that it is a true copy of the original document.
The certifier must do the following:
1) Sign the document and write ‘original seen’
2) Date the document
3) State their full name
4) State their profession
5) State their full business address
6) State their telephone number.
For non UK passport holders, copies must be certified by your bank or embassy official.
6. Do you open accounts for non UK residents?
No. Our accounts are available to UK residents only. For more information please see our account opening eligibility criteria.
7. Can this account be opened by Corporate bodies as well?
No, our accounts are for personal customers only.
Account Operations
1. What is a nominated account?
This is your personal UK current account which is linked to your account with Akbank Savings or Fixed Deposit account(s) and must have the same name as your Akbank accounts.
2. Do I have to have an AK Savings Account to be able open a Fixed Deposit Account?
NO, as your funds will be transferred on maturity to your nominated account or rolled for a further term in accordance to your instructions.
3. Do I get a new account number for my AK Fixed Deposit Account?
YES, and you will also receive a unique contract number that you can use for your references.
4. Can I withdraw funds from my AK Fixed Deposit Account?
During the time of the contract funds cannot be withdrawn from the account. Withdrawal of the funds will make our contract agreement with you null and void. You may not receive any interest for the deposit period and there may be a minimum £ 250 penalty charge.
5. What happens to my funds at the end of the duration?
The funds will be either deposited back to your AK Savings Account or to your nominated account.
6. How can I change my contact details?
We will change your contact details provided we receive a written instruction from you requesting the amendment on your account.
7. How do I move money into my account?
To transfer money into your AK Savings Account or AK Fixed Deposit, you can either:
- send a cheque made payable to yourself and write your account number on the front of the cheque.
- move money automatically every month by setting up a Standing Order free of charge by contacting our Customer Service Centre on 020 7034 3010 to receive the relevant documentation.
- contact your bank and arrange for them to transfer money into your AK Savings Account by quoting your account number and our sort code.
8. How can I add a representative?
You can add a representative as long as we receive a formal written authority from you. On joint accounts, all of you must sign. We can send you the procedure and form for this purpose on your request. You can also do this by signing a Power of Attorney but you should take legal advice before doing so.
9. How do I move money from my account?
You can move money from your account by calling our Customer Service Centre on 020 7034 3010 during our office hours, Mondays – Fridays 9am – 5pm. Alternatively you can write to us requesting transfer of funds to your nominated account or to another AK Savings Account.
10. How long does it take to clear a cheque on my account?
Interest is earned from the fourth business day and the funds are available for withdrawal from the fifth business day.
11. How do I close my AK Account(s)?
We can close your account(s) providing we receive a written instruction from you requesting closure of the account(s).
12. Could the minimum £1.00 cheque that I send towards initial deposit be of any bank?
To ensure a high level of security, the minimum £1.00 cheque deposit we receive from you must match the current account details of the nominated account on the Account Application Form. The pre-printed name on the cheque must match the name in which the AK Savings Account is held, and the cheque must be drawn on a personal account.
13. How much time does it take to transfer funds between my AK Savings Account & my nominated current account?
It normally takes three to four working days to transfer funds between your AK Savings Account and your nominated account.
14. Will I receive a statement?
We will post you a monthly statement as long as there has been customer activity in your account during that month. Even if there has been no activity for a long period, you will receive at least one statement per annum.
Instead of a statement, AK Fixed Deposit Account Holders will receive a Fixed Deposit Confirmation at the beginning of the contract.
15. Is there a minimum balance on the accounts?
There is no minimum balance requirement for AK Savings Account. However, AK Deposit Accounts can only be opened for balances of £1 over.
General
1. What is APR and AER?
APR stands for Annual Percentage Rate This is the compounded rate used to give a standard comparison of the amount of interest you are likely to pay on loans or outstanding credit card balances. The APR rate includes interest, transaction fees, and service fees.
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year.
2. When is interest calculated and when is it credited to the account?
For AK Fixed Deposit Accounts, interest is calculated daily at the agreed rate and credited annually or monthly.
For AK Savings Accounts, interest is calculated daily at the advertised annual rate on all balances. Interest will be calculated from the business day on which we receive the funds into the Account. Interest will be paid on money transferred from the Account up to the day of but not including the day of transfer. We will pay interest once each month on the last day of each month, and if the last day is not a business day in the UK, on the next business day.
3. What is the difference between Gross Interest and Net Interest?
Gross Interest is the interest which is to be credited to your account without deducting tax. Whereas, in case of Net Interest, tax is deducted at source as applicable under the current prevailing UK legislation.
4. How do I register for Gross Interest Rate?
To register for gross interest rate you would need to complete the R85 Inland Revenue form and post it to our Customer Service Center. You may download this form by clicking here or alternatively call our Customer Service Center for a copy to be sent to you. If you have a Joint Account, both the account holders must be eligible for gross interest, in order for us to pay interest on a gross basis.
Financial Services Compensation Scheme
1. What is the Financial Services Compensation Scheme?
In the unlikely event that we are unable to repay the funds in your Account, compensation may be available from the Financial Services Compensation Scheme. The scheme affords 100% protection to the first £35,000 of a depositor’s total deposits with the Bank.
2. Which products of Akbank N.V are covered by the Financial Services Compensation Scheme?
All of our products, including AK Savings Account & AK Deposit Account, are covered by the Financial Services Compensation Scheme.
3. Do I get more than the compensation limit if I have more than one account with the Bank?
The compensation limit of £35,000 applies to each depositor for the total of your deposits with the Bank, regardless of how many accounts you hold or whether you are a single or joint account holder. In the case of a joint account FSCS will assume that the money in that account is split equally between account holders, unless evidence shows otherwise.
This means that each account holder in a joint account would be eligible for compensation up to the maximum limit.
4. Where do I find the more information on the Financial Services Compensation Scheme?
Additional information is available at Financial Services Compensation Scheme’s website, http://www.fscs.org.uk
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