Account Name: CLIENT DEPOSIT ACCOUNT
What is the interest rate?
The applicable credit interest rates are as follows:
|Product||Amount||Gross %||AER %|
|Clients Deposit Account
(Twice yearly interest)
|Up to £25,000||0.05||0.05|
Credit interest is calculated on a daily basis up to the first Friday (or the next working day if Friday is not a working day) in June and December in each year and paid on the third Friday (or the next working day if Friday is not a working day) of those months.
Can the Bank change the interest rate?
Yes, the Bank can change the interest rates at any time in line with the Business Banking Terms and Conditions.
We’ll make the change immediately and tell you about it once the change has been made.
- 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||0.03% AER (0.03% Gross)||£1,000.30|
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?
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. Online opening available for solicitors, accountants and insolvency practitioners subject to opening first account in branch.
- No minimum balance
- No maximum balance
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 the Client Accounts Additional Conditions. No notice is required.
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.
- 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 means any business customer whose accounts are held with us in the UK, which isn't a Small Business or a Small Charity Customer.
Rates correct at 01.12.2017- See Additional Information in this link