Canara Bank London savings rates — compare every account, plus switch offers and guides

Who they are

Canara Bank was founded in 1906 in Mangalore and has grown into one of India's largest state-owned commercial banks. In 1983, it opened its first overseas office - a branch in London - and that UK presence has been running ever since. The bank celebrated 40 years in the UK in 2023 and today serves both corporate and retail customers.

Canara Bank is authorised by the Prudential Regulation Authority and regulated by both the FCA and the PRA (Financial Services Register number: 204642). It operates here as a branch of its Indian parent rather than as a separately incorporated UK bank - worth keeping in mind when comparing it to UK-headquartered providers. In 2018, the UK division was fined £890,000 by the FCA and temporarily blocked from accepting new deposits for around five months following anti-money laundering failures. The bank has continued to operate since then, but it is a piece of context that savers may want to factor in.

Savings accounts and deposit protection

The bank's UK offering includes current accounts, term deposits, remittances and corporate banking services. On the savings side, the focus is on fixed-term deposits rather than easy-access or ISA products. Term deposits are open to individuals aged 18 and over, with a minimum deposit of 1,000 units of the relevant currency. The rate is fixed for the entire period of the deposit, and it will roll over automatically for the same term if no maturity instructions are given. Early withdrawal is not normally permitted, though the bank may allow it in exceptional circumstances at its absolute discretion.

Your eligible deposits with Canara Bank are protected up to £120,000 by the UK's Financial Services Compensation Scheme. That is the standard FSCS limit that came into effect in December 2025. Because Canara Bank London operates under its own licence rather than as part of a larger UK banking group, your FSCS allowance here should sit separately from any protection you hold with mainstream UK banks - but always check the FCA register if you are in any doubt.

Is it right for you?

Canara Bank London is a fairly niche option in the UK savings market. It suits customers who want a fixed-term deposit with a bank that has deep roots in the Indian banking system - particularly those with existing ties to Canara Bank in India or who value the remittance services alongside their savings.

If you are a straightforward UK saver looking for competitive easy-access or ISA rates, the range here is limited compared to the wider market. There are no switch offers or bonus rates in our current data either. As with any savings decision, the specific rates available change over time - use the live figures shown on this page to see exactly what Canara Bank London is offering right now before you decide.