Business Deposit Account Interest Rates
This account is no longer available to new business. For account information please call our customer service team 0345 845 0829.
Key Product Information for our Savings Account(s)
|Account Name||Business Deposit Account|
|Please see below for full information.
Interest rates are variable.
|Tax Status||Interest will be paid gross and you will be responsible for paying any tax due to HMRC.|
|Conditions for Bonus Payment||No bonus payment applies to this account.|
|Withdrawal Arrangements||No notice period or penalties for withdrawals.|
|Access||Telephone or postal banking.|
Current Interest Rates
|Balances||Gross Interest Rate/AER|
|£500 and above||0.01%|
*There is currently no charge for early withdrawal from 7-Day Notice accounts.
Previous Interest Rates
For previous interest rate information for your account please contact our customer service team on 0345 845 0829.
Interest Payment Periods
A choice of interest payment periods of either monthly, quarterly, six monthly or annually is available.
On the interest rate table you may see some terms you are unfamiliar with. These are:
AER — Stands for the 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 which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time).
Gross — Gross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HMRC.
The AER advertised is based on interest paid gross and capitalised to the account once a year - please note that other interest payment periods are available and the actual interest rate on your account will be lower if you have interest applied more frequently, but when compounded will equal the AER.