Business

Frequently asked questions

Savings accounts

Opening an account

Yes, we offer Fixed Term Business Savings accounts for UK Limited Companies and UK Limited Liability Partnerships through our website. Business deposit accounts are not available through our mobile app.

You can find the following Business Savings Terms and Conditions:

Fixed Term Deposits here
Notice Accounts here
Easy Access Accounts here

The Business can apply for an unlimited number of accounts as long as the minimum balance per account is at least £10,000; the maximum does not exceed £1,000,000. If you would like to open an account with a value higher than £1,000,000, please email us at [email protected] for further details.

Funding your account

The maximum deposit for a business deposit account application via the website is £1,000,000. If you would like to deposit more than £1,000,000, please email us at [email protected] for further details.

No. The Business can only fund the account with a single deposit payment when opening an account. We cannot accept additional deposits into the same account during the term of the deposit.

Account maturity

We’ll get in touch a minimum of 30 calendar days before maturity (the end of your fixed rate account's term) to let the Business know what your options are, and we'll send you another reminder 14 calendar days before the maturity of the account.

The account will mature at the end of the fixed term period. If this date falls on a day that is not a business day, then the account will mature on the following business day.

This Agreement has a fixed term depending on the product selected by the Business. The Business cannot close the Account at any time between the date the Account is funded and the 14-day cooling-off period has passed, and the date when the product matures, unless there are exceptional circumstances as determined by us under our sole discretion, acting reasonably. If we do agree to cancel the Agreement prior to the date of maturity, we will transfer the principal and interest accrued up to the day of closure to the nominated UK bank account the Business used to fund the Account.

We’ll act as per the instructions received from you before the maturity date. If we do not receive instructions from the Business before your Account maturity date, the total amount including interest will be automatically transferred to a variable rate Easy Access business deposit account with us and we will email the Business the new account details on the day of account opening. If we do not offer an Easy Access business deposit account on the Account maturity date, or an Easy Access business deposit account will not be available for a minimum of 3 months thereafter, we will transfer the full amount of the Account balance (principal and interest) back to the nominated UK bank account from which the funds were sent by the Business when the Account was opened.

Types of business accounts

A Business Easy access account is a type of business savings product that allows you to make top-ups and withdrawals at any time. The rate of interest is variable for these accounts and the bank can change the interest rate at any time as long as the appropriate notice is provided as per our terms and conditions.

Business Fixed Term Savings Accounts are savings accounts which give a guaranteed rate for a set period to the businesses or SMEs. You cannot withdraw your funds for this set period.

A Business Notice account is a type of business savings product that allows you to gain access to the funds in your business savings account by providing the bank with prior notice. That means, you will need to inform the bank in advance that you want to withdraw funds. The rate of interest is variable for these accounts meaning the bank can change the interest rate at any time as long as appropriate notice is provided as per the terms and conditions.

Yes, the interest rate is fixed, and it cannot be changed over the term of a Fixed Term Savings Account.

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