Foreign Currency Account

If you do business overseas, our choice of specialist account options could give you essential support in key areas such as importing and exporting, foreign currency and international payments.

At a glance

  • 4 different foreign currency account options

  • Available in any tradeable currency

  • Reduce the risks associated with foreign exchange

Key benefits

Select the type of account that best suits your business needs

Choose any tradeable currency and simplify foreign currency dealings

SUMMARY BOX

International Instant Access Savings Account

What is the interest rate?

The applicable credit interest rates are as follows:

Product Effective Date Amount Gross % AER %

USD
(Interest paid half yearly)

30.12.15 2,500,000+ 0.15 0.15
1,000,000+ 0.14 0.14
500,000+ 0.14 0.14
250,000+ 0.13 0.13
Up to 249,999 0.13 0.13

Product Effective Date Amount Gross % AER %

EUR One Euro Account
(Interest paid quarterly)
At present no credit interest is paid.

01.10.12 3,000,000+ 0 0
1,000,000+ 0 0
500,000+ 0 0
250,000+ 0 0
Up to 249,000 0 0

Product Effective Date Amount Gross % AER %

Australian dollar (AUD)
(Interest paid quarterly)

10.03.09 920,000+ 0.5 0.5
460,000+ 0.25 0.25
92,000+ 0 0
46,000+ 0 0
6,000+ 0 0

Product Effective Date Amount Gross % AER %

Canadian dollar (CAD)
(Interest paid quarterly)

10.03.09 850,000+ 0.5 0.5
400,000+ 0 0
85,000+ 0 0
40,000+ 0 0
5,000+ 0 0

Product Effective Date Amount Gross % AER %

Danish Krone (DKK)
(Interest paid half yearly)

11.02.13 4,420,000+ 0 0
2,110,000+ 0 0
422,000+ 0 0
211,000+ 0 0
25,000+ 0 0

Japanese yen (JPY)
At present, no credit interest is paid.

Product Effective Date Amount Gross % AER %

New Zealand dollar (NDZ)
(Interest paid half yearly)

10.03.09 1,120,000+ 0.75 0.75
610,000+ 0.5 0.5
122,000+ 0 0
61,000+ 0 0
7,300+ 0 0

Product Effective Date Amount Gross % AER %

Norwegian krone (NOK)
(Interest paid half yearly)

10.03.09 4,600,000+ 0.25 0.25
2,260,000+ 0 0
452,000+ 0 0
226,000+ 0 0
27,000+ 0 0

Product Effective Date Amount Gross % AER %

Swedish Krona (SEK)
(Interest paid half yearly)

10.03.09 4,800,000+ 0.1 0.1
2,400,000+ 0 0
480,000+ 0 0
240,000+ 0 0
28,000+ 0 0

Swiss franc (CHF)
At present, no credit interest is paid


If your credit interest rate for a currency goes below zero, we may charge you a negative interest rate.

Can the Bank change the interest rate?

Yes, the Bank can change interest rates at any time in line with clause 6.1 of the Business Banking Terms and Conditions:

Favourable changes

We’ll make the change immediately and tell you about it once the change has been made.

Unfavourable changes

  • Small Business/Small Charity Customers – We’ll let you know at least two months before we make the change
  • Large Corporate Business Customers and Customers in Channel Islands/Isle of Man – We'll make the change immediately, whether favourable or not, and tell you about it once the change has been made

What would the estimated balance be after 12 months based on a $1,000 deposit?

Initial deposit Interest rate Total balance at the end of the 12 months
$1,000 0.13% AER (0.13% Gross) $1,001.30

 

For the purpose of this calculation, it is assumed:

  • Initial deposit of $1,000
  • No additional deposits
  • No withdrawals
  • No change to the interest rate during the 12 months

How do I open and manage my account?

Eligibility:

You need a Sterling Business Account (current or savings)  before you can open an international instant access savings account.

How to open the account:

Open in branch

Minimum/Maximum balance:

  • No minimum deposit
  • No maximum balance limit

How to manage the account: 

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

Yes, you can make as many withdrawals as you like. No notice is required.

Additional Information

You will be charged a monthly tariff fee of £5 (or currency equivalent) every month.

Definitions:

  • AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year
  • Gross is the rate of interest if interest was paid and not compounded each year

International Fixed Term Account

What is the interest rate?

We'll pay credit interest on the deposit at a fixed rate on the maturity date - these are specified in the acknowledgment we send you. We’ll calculate your credit interest daily on your cleared balance and pay it into your deposit when it matures.

Can the Bank change the interest rate?

No, once the deposit has been placed the rate will remain fixed for the duration of the deposit and subsequent reinvestments will be priced at the prevailing interest rate.

What would the estimated balance be after 12 months based on a $1,000 deposit?

Initial deposit Interest rate Total balance at the end of the 12 months
$10,000 0.20% AER (0.20% Gross) $10,020.00

 

For the purpose of this calculation it is assumed:

  • Agreed negotiated credit interest: 0.20% (for indication purposes only)
  • Initial deposit of $10,000
  • No additional deposits
  • No withdrawals
  • No change to the interest rate during the 12 months

How do I open and manage my account?

Eligibility:

You need a sterling business account (current or instant access savings account) and a International business account (current or savings) in the same currency as the term deposit before you can open this deposit (and must hold such account for as long as you have this deposit).

How to open the account:

Open in branch

Minimum/Maximum balance:

  • Minimum deposit limit:
    US$10,000 (or the equivalent) for deposits in US dollars, Canadian dollars, euros, Japanese yen or Swiss francs
    US$15,000 (or the equivalent) for deposits in other currencies
  • No maximum balance limit (but once opened, you can't add more money to it)

How to manage the account: 

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

  • You can withdraw the full amount of the deposit before it matures, as long as it’s less than £50,000 (or currency equivalent)
  • You can’t withdraw part of the money from a deposit
  • You can’t withdraw a deposit for £50,000 or more (or currency equivalent) before it matures 
  • We charge a minimum fee of US$260 or EUR220 (or the US dollar equivalent) for early withdrawals (subject to change for new and renewed deposits, but not for any deposits you already have)

When your fixed deposit matures:

  • You can move all or some of the money to another account in the same name and currency; or
  • Renew the deposit

If you haven't given us any instructions about what to do at least 2 working days before maturity, we'll renew it for the same length of time, at the then current interest rate.

Additional Information

Definitions:

  • AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year
  • Gross is the rate of interest if interest was paid and not compounded each year

Important information

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