ACCOUNT NAME: BUSINESS MONEY MARKET CALL & NOTICE ACCOUNTS
What is the interest rate?
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.email@example.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.
Can the Bank change the interest rate?
Yes, these accounts have variable interest rates that can change daily, so we won’t tell you about favourable or unfavourable changes to them.
What would the estimated balance be after 12 months based on a £1,000 deposit?
||Total balance at the end of the 12 months
||0.05% AER (0.05% Gross)
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
How do I open and manage my account?
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 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.
Can I withdraw money?
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.
- 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.