Union Bank of India (UK) Ltd savings rates — compare every account, plus switch offers and guides

Who they are

Union Bank of India was incorporated in November 1919 and has grown into one of India's major state-owned lenders. After a merger with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, it became one of the largest public sector banks in India, with around 9,300 branches. Its UK arm is a separate, standalone entity: Union Bank of India operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK). The UK company was incorporated on 1 June 2011 and is registered in London.

Union Bank of India (UK) Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. Your eligible deposits are protected by the FSCS. Union Bank of India (UK) holds its own banking licence - Union Bank of India (UK) Limited - with an FSCS protection limit of £120,000. It does not share that licence with any other brand, so the full limit applies to this bank alone. The £120,000 limit came into effect on 1 December 2025, rising from the previous £85,000.

Savings accounts

DepositScout does not currently hold any live savings product data for Union Bank of India (UK). The bank has historically offered fixed-term deposit bonds to UK retail savers, but specific rates change frequently and we do not want to quote a figure that may no longer be accurate. Check the live rates shown on this page for the most up-to-date picture before you decide.

Is it right for you?

Union Bank of India (UK) is a small, specialist operation - as of 2024, the bank employed just 34 people. That gives it a very different feel from a mainstream high-street bank. It tends to suit savers who are comfortable banking online and do not need a branch network on their doorstep. The FSCS cover and standalone banking licence mean your money sits on solid regulatory ground, but it is worth going in with realistic expectations around customer service capacity given the bank's size.

There are no switch offers or promotional bonuses currently listed for Union Bank of India (UK) on DepositScout. As always, compare the live rates shown on this page before committing - savings rates across the market move quickly, and the figures here are kept as current as possible.