Perfect if you...
- Want to store away your savings for a fixed term
- Want a fixed rate of interest
- Have a lump sum deposit
- You will need a minimum deposit of £5,000
- You must be a Limited company, Limited partnership, Limited Liability partnership or a Charity registered in the UK
- All signatories must be UK residents aged 16+
One Year Fixed Rate Corporate Bond
The interest rate paid on the account will be paid as below:
|Minimum balance||Interest||Gross p.a./AER*|
Current rates valid from 22 July 2020.
Interest is calculated daily and paid gross; without the deduction of tax, into your account upon maturity at the end of the 12 month term.
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 fixed, which means it won’t change during the 12 month account term.
The following projection is provided for illustrative purposes 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*||Balance after 12 months|
To be eligible to open this account you must:
- Be a Limited company, Limited partnership, Limited Liability partnership or a Charity registered in the UK with a single opening deposit between £5,000 and £250,000
- 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
Please Note: Before we can open your account, we will confirm your identity using electronic searches & by 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:
- Open in branch, by post or online. If you open your account online and wish to manage your account in branch, we will initially require one Proof of Identity (Please see our Identifying you and preventing fraud leaflet to see the list of documentation we accept)
- No further funds can be added after the opening deposit
No withdrawals can be made from this account, however if you need access to your funds you can close your account. (If you are an Online account holder, you will need to contact us to close your account). This will be subject to a penalty equivalent of 180 days’ interest deducted from the capital balance. These funds will be made available to the business via cheque upon closure of the account. Your account will mature after 12 months. When your account matures it will automatically switch to a variable rate Corporate Maturity 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 22 July 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.
- This account is for business monies only. Client funds cannot be held in this account.