Client Currency Account

If you hold money for clients in Euros or US Dollars, this flexible business account gives you instant access.

At a glance

  • Instant access to funds

  • No minimum balance

  • Choose to pool or separate clients' deposits

SUMMARY BOX

Account Name: CLIENT CURRENCY ACCOUNT

What is the interest rate?

The applicable credit interest rates are as follows:

Product Effective Date Amount Gross% AER%

USD

13.01.18 2,500,000+ 0.70 0.70
1,000,000+ 0.67 0.67
500,000+ 0.64 0.64
250,000+ 0.61 0.61
Up to 249,999 0.59 0.59

Product Effective Date Amount Gross% AER%

EUR One Euro Account
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)

10.03.09 850,000+ 0.05 0.05
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)

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)

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)

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)

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 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 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.

Account eligibility is limited to the following businesses:

  • Credit and Financial Institutions which have permission to hold client money from the FCA (Financial Conduct Authority)
  • Auditors, insolvency practitioners, external accountants, tax advisers, notaries, conveyancers or independent legal professionals that are regulated by a designated professional body
  • Real Estate businesses, estate agents, property managers, or loss adjusters that are regulated by specific bodies and attest to a number of requirements
  • Local Authorities for example county councils, unitary authorities in shire areas, London boroughs and metropolitan boroughs

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 required.

Additional Information

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

This account must only be used to hold money on behalf of your clients, not to make payments for your own business.

You are responsible for carrying out due diligence on your clients that might be necessary to comply with all relevant laws and regulations.

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.
  • Small Business Customer means a business customer which has fewer than 10 employees and an annual turnover and/or balance sheet total of £2million or less (or, if part of a group, the group has an annual turnover and/or balance sheet total of £2million or less).
  • Small Charity Customer means a UK registered charity whose annual income is less than £1million.
  • Large Corporate Business Customer means any business customer whose accounts are held with us in the UK, which isn’t a Small Business or a Small Charity Customer.

Important information

Help and support

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