The account has a market-leading interest rate of 0.90% AER*, can be opened online in under 10 minutes and requires a £1,000 minimum opening deposit. This means Kent Reliance now offers the highest paying** easy access business savings account by a UK bank.
Research conducted by Kent Reliance found that UK businesses have over £90bn currently saved with UK banks, with £18bn of this not tied to the big four current account providers. This highlights the opportunity for the challenger bank to replicate its success in providing personal savings accounts in the business account space.
Will Davies, Head of Retail Proposition at OneSavings Bank, said: “We recognise that business customers want quick efficient service with a decent return – business deposits are often kept with their current account provider, a convenient option but giving little in the way of return on investments. Our business savings account aims to fill this gap, and we are excited to be able to offer an account which is easy to open, simple to manage and offers an attractive rate of interest.”
- Easy Access account
- 0.90% AER
- Online only, typical application taking less than 10 minutes
- £1,000 min opening balances, £1,000,000 max balances.
*Source: Moneyfacts Group plc, correct as of 24/10/2016
**Source: Moneyfacts Group plc, correct as of 24/10/2016
Download the full press release.