Business Money Market Account

ACCOUNT NAME: BUSINESS MONEY MARKET CALL & NOTICE ACCOUNTS

These accounts have variable credit interest rates that can change daily. You can find out the current rates by contacting the Money Market Office on 0345 850 1155 or GMCC.money.market@hsbcgroup.com

Deposits for Call Accounts can be:

• Standard deposits, monthly interest deposits or daily interest deposits

Deposits for Notice Accounts can be:

• Standard deposits or monthly interest deposits

For standard deposits, we pay credit interest up to the end of June on 1 July and up to the end of December on 1 January each year.

For monthly interest deposits, we pay credit interest on the monthly anniversary of the day you opened your Account.

For daily interest deposits, we pay credit interest the day after we calculate it.

Interest goes into the Money Market account or paid directly to the linked sterling business account.

Yes, these accounts have variable interest rates that can change daily, so we won’t tell you about favourable or unfavourable changes to them.

For the purpose of this calculation, it is assumed:

• Agreed negotiated credit interest: 0.05% (for indication purposes only)
• Initial deposit of £50,000
• No additional deposits
• No withdrawals
• No change to the interest rate during the 12 months

Eligibility:

You need a sterling business account (current or savings) before you can open a Business Money Market account.

How to open the account:

Open in branch, post, phone

Minimum/Maximum balance:

• Minimum deposit of £50,000 for Call Accounts and Notice Accounts respectively
• No maximum balance limit

How to manage the account: 

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

Yes, you can make as many withdrawals as you like in line with clause 3.2 of the Business Money Market Account Additional Conditions.

For Call Accounts, no notice is required. For Notice Accounts, prior notice is required and we will charge a fee of £60 for immediate withdrawals where insufficient notice is given.

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 contractual rate of interest payable before the deduction of income tax at the rate specified by law.

ACCOUNT NAME: BUSINESS MONEY MARKET FIXED ACCOUNT

We pay credit interest at a fixed interest rate and the rate is set when you open your account. We calculate interest based on your available balance each day

• For fixed deposits of less than 6 months - interest is paid when the deposit matures
• For fixed deposits between 6 & 12 months - interest can be paid when the deposit matures or monthly on the same day of the month that you opened the account
• For fixed deposits of more than 12 months - interest can be paid monthly on the same day of the month that you opened the account or annually on the anniversary of the day you opened your account

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

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

For the purpose of this calculation, it is assumed:

• Agreed negotiated credit interest: 0.10% (for indication purposes only)
• Initial deposit of £50,000
• No additional deposits
• No withdrawals
• No change to the interest rate during the 12 months

Eligibility:

You need a sterling business account (current or savings) before you can open this account. 

How to open the account:

Open in branch, post, phone

Minimum/Maximum balance:

• Minimum deposit
  

  £250,000 for fixed deposits of less than seven days
  £50,000 for fixed deposits of three months to five years

• No maximum balance limit

How to manage the account: 

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

You can’t withdraw part only, but you can withdraw the full amount of the deposit before it matures if less than £50,000 for a charge of £100 (subject to change for new and renewed deposits, but not for deposits you already have).

You can’t withdraw any of the deposit before it matures if you’ve invested £50,000 or more.

 When your fixed deposit matures:

• We can transfer all or part of the money into a sterling business current or business instant access savings account with us, or
• Reinvest all or part of the money in a new fixed deposit on the prevailing interest rate and term

If you haven't given us any instructions about what to do, we'll renew it for the same length of time and amount, at the prevailing interest rate and terms.

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 contractual rate of interest payable before the deduction of income tax at the rate specified by law.