Perfect if you...
- Want immediate access to your savings
- Want to manage your account online
- Want to withdraw your funds as and when you need to
- You will need a minimum deposit of £10,000
- You must be a limited company, limited partnership, limited liability partnership or charity registered in the UK
- You must be a UK resident aged 16+
Business e-saver account (Issue 7)
The interest rate paid on the account will be paid as below:
Current rates valid from the 19 August 2020.
Interest is calculated daily and paid gross; without the deduction of tax, into your account annually on 31 December.Previous rates
If your account falls below the minimum balance for your account type your rate will decrease to a variable rate of 0.05% Gross p.a./AER.
The interest rate for this account is variable and can be changed in accordance with clauses 7.6 - 7.10 (inclusive) of the Savings Terms and Conditions.
The following projection is provided as an example only and doesn't take into account your individual circumstances. It assumes no withdrawals or further deposits beyond the opening deposit.
|Opening balance||Gross p.a./AER*||Projected balance|
To be eligible to open an account you must:
- Be a Limited company, Limited partnership, Limited Liability Partnership or charity registered in the UK with a minimum deposit of £10,000. The maximum balance of this account is £500,000
- Have a business current account held with a UK Bank
- Have a/the director as a signatory. The maximum number of signatories is four
- Ensure all signatories are over 16, permanently residing in the UK for tax purposes (excluding Channel Islands and the Isle of Man) at the time of your application
- Provide valid business & personal email addresses and mobile number
Please Note: Before we can open your account, we will confirm your identity using electronic searches and requesting documentary evidence. We must identify the names of all individuals and beneficial owners, owning or controlling more than 25% of the company shares or voting rights. All parties will be verified by an electronic search.
To manage your account:
- You can open and manage this account online at www.saffronbs.co.uk
- Deposits can only be made into this account by internal transfer from another Saffron account or electronically from the company’s main current bank account
Electronic payments received by 4.30pm will be made available the same day, any received after 4.30pm will be made available by 9am on the next working day.
You can withdraw from your account online at any time; however any withdrawal can only be made to the company’s main current bank account.
If your account falls below the minimum balance of £10,000, you will earn a fixed rate of 0.05% gross/AER* until the account returns to the required minimum balance.
Where the balance falls below the minimum for more than 30 days, we have the right to close the account and return the funds to the companys main current bank account.
For a period of 14 days after opening your account, you can close your account penalty free. Cleared funds will be returned to you with the inclusion of any interest earned.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please contact HMRC or visit www.hmrc.gov.uk.
Our full Savings Terms & Conditions will be provided to you before opening this account; you can ask us for a copy at any time.
* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually.
Account specific rules and criteria – Effective from 19 August 2020
Where the Savings Terms & Conditions are inconsistent with the account specific rules and criteria, these account specific rules and criteria will apply and will take priority.
- We will require your Companies House Registration Number or a Charity Commission registration number
- This account is for business monies only. Client funds cannot be held in this account.