Business savings account

Business savings account - issue 2

Rates effective 19 June 2020:

Annual Interest gross p.a.*

0.50% (£1+)

Monthly Interest gross p.a.*

0.50% (£1+)

AER*

0.50% (£1+)

*Gross p.a. is the rate of interest paid without the deduction of tax per annum. Please note that the automatic deduction of tax on savings interest ceased with effect from 6 April 2016. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Interest is calculated daily and can be credited to the account or transferred to your elected account.

Annual interest is paid on 5 April each year. Monthly interest is paid on the last working day of each month.

The interest rate on this account is variable and can change at any time. Up to date information on our interest rates can be found on our interest rates page, in branch or by calling our head office.

If your account balance is over £100, when we make a rate reduction we will personally notify you of the change at least 14 days in advance of the change taking effect.

Please refer to Condition 29 of our Business savings terms and conditions for full details on interest rate changes.

£1,000 Deposit

Monthly interest projected balance: £1,005.00

Annual interest projected balance: £1,005.00

These projections are based on interest being credited to the account, no interest rate changes, no withdrawals and no additional deposits.

The above projections are provided for illustrative purposes only and do not take into account individual circumstances.

This account can only be opened by Private Limited Companies (LTD) with a maximum of 3 Directors who are also major Shareholders.

This account can be opened and operated online.

Minimum opening deposit £1,000.

Maximum deposit £1,000,000.

Minimum operating balance £1.

Additional deposits can only be made by bank transfer (electronic payment) from the nominated account^†.

Withdrawals are permitted without notice or penalty.

All withdrawals will be made directly to the nominated account^† , simply log in to our online services to action the request.

There are different payment cut-off times depending on the method of withdrawal you require. For further details please visit our withdrawals page or call our Head Office.

^†Your nominated account must be a UK Bank/Building Society account held in the company’s name.

The account holder will be the business named on the application for the account. The account holder must be the legal and beneficial owner of any monies held in the account. We do not accept client money, nor do we provide accounts to be held on trust.

Business savings accounts may only be opened and operated online by UK-based Private Limited Companies (Ltd).

As part of the application, you will need to nominate up to three individuals (Authorised Users) to operate the account on behalf of your company. Every Director and major Shareholder of your Company must be set up as an Authorised User.

Your company is not eligible if:

• your Company has more than three Directors and major Shareholders, or
• your Company has major Shareholders who are not Directors.

A major Shareholder is an individual or entity that holds 25% or more of the shares or voting rights in the Company

The account holder will be the business named on the application for the account. The account holder must be the legal and beneficial owner of any monies held in the account. We do not accept client money, nor do we provide accounts to be held on trust.