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Client Currency Account

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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?

This account is set up on the basis there are different tiers of interest rate. Normally, the interest rate paid depends on how much you deposit in your account, however, at the moment, because of market conditions, the rates are the same for some or all balances on all currencies and in some cases are 0%. We hope to be able to reinstate the tiers in the future so it is important that you read the information below and the Additional Conditions carefully so that you understand how the different tiers apply.

The applicable credit interest rates are as follows:

Product
Effective Date
Amount
Gross %
AER %
USD (Interest Paid half yearly)
01.06.2020
2,500,000+
0.05
0.05
USD (Interest Paid half yearly)
01.06.2020
1,000,000+
0.05
0.05
USD (Interest Paid half yearly)
01.06.2020
500,000+
0.05
0.05
USD (Interest Paid half yearly)
01.06.2020
250,000+
0.05
0.05
USD (Interest Paid half yearly)
01.06.2020
Up to 249,999
0.05
0.05
Product
Effective Date
Amount
Gross %
AER %

EUR One Euro Account
At present no credit interest is paid.

01.10.2012
3,000,000+
0
0

EUR One Euro Account
At present no credit interest is paid.

01.10.2012
1,000,000+
0
0

EUR One Euro Account
At present no credit interest is paid.

01.10.2012
500,000+
0
0

EUR One Euro Account
At present no credit interest is paid.

01.10.2012
250,000+
0
0

EUR One Euro Account
At present no credit interest is paid.

01.10.2012
Up to 249,000
0
0
Product
Effective Date
Amount
Gross %
AER %

Australian dollar (AUD)
(Interest paid quarterly)

10.03.2009
920,000+
0.5
0.5

Australian dollar (AUD)
(Interest paid quarterly)

10.03.2009
460,000+
0.25
0.25

Australian dollar (AUD)
(Interest paid quarterly)

10.03.2009
92,000+
0
0

Australian dollar (AUD)
(Interest paid quarterly)

10.03.2009
46,000+
0
0

Australian dollar (AUD)
(Interest paid quarterly)

10.03.2009
6,000+
0
0
Product
Effective Date
Amount
Gross %
AER %

Canadian dollar (CAD)

10.03.2009
850,000+
0.05
0.05

Canadian dollar (CAD)

10.03.2009
400,000+
0
0

Canadian dollar (CAD)

10.03.2009
85,000+
0
0

Canadian dollar (CAD)

10.03.2009
40,000+
0
0

Canadian dollar (CAD)

10.03.2009
5,000+
0
0
Product
Effective Date
Amount
Gross %
AER %

Danish Krone (DKK)
At present no credit interest is paid

11.02.2013
4,420,000+
0
0

Danish Krone (DKK)
At present no credit interest is paid

11.02.2013
2,110,000+
0
0

Danish Krone (DKK)
At present no credit interest is paid

11.02.2013
422,000+
0
0

Danish Krone (DKK)
At present no credit interest is paid

11.02.2013
211,000+
0
0

Danish Krone (DKK)
At present no credit interest is paid

11.02.2013
25,000+
0
0
Product
Effective Date
Amount
Gross %
AER %

New Zealand dollar (NDZ)

10.03.2009
1,120,000+
0.75
0.75

New Zealand dollar (NDZ)

10.03.2009
610,000+
0.5
0.5

New Zealand dollar (NDZ)

10.03.2009
122,000+
0
0

New Zealand dollar (NDZ)

10.03.2009
61,000+
0
0

New Zealand dollar (NDZ)

10.03.2009
7,300+
0
0
Product
Effective Date
Amount
Gross %
AER %

Norwegian krone (NOK))

10.03.2009
4,600,000+
0.25
0.25

Norwegian krone (NOK))

10.03.2009
2,260,000+
0
0

Norwegian krone (NOK))

10.03.2009
452,000+
0
0

Norwegian krone (NOK))

10.03.2009
226,000+
0
0

Norwegian krone (NOK))

10.03.2009
27,000+
0
0
Product
Effective Date
Amount
Gross %
AER %

Swedish Krona (SEK)

10.03.2009
4,800,000+
0.1
0.1

Swedish Krona (SEK)

10.03.2009
2,400,000+
0
0

Swedish Krona (SEK)

10.03.2009
480,000+
0
0

Swedish Krona (SEK)

10.03.2009
240,000+
0
0

Swedish Krona (SEK)

10.03.2009
28,000+
0
0

Japanese yen (JPY)

At present no credit interest is paid

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.

Credit interest is calculated on a daily basis and paid twice yearly in June and December.

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 Banking and Business Banking customers: We’ll let you know at least two months before we make the change.
  • Corporate Business Customers: We’ll make the change immediately, and tell you about it once the change has been made.

What would the estimated balance be after 12 months based on a range of deposits?

Example 1: USD

Initial deposit

Interest rate

Interest earned

Total balance at the end of 12 months

USD1,000
0.05% AER (0.05% Gross)
USD0.50
USD1,000.50

For the purpose of this calculation it is assumed:

  • Initial deposit of USD1,000.
  • No additional deposits and/or withdrawals are made during the 12 months.
  • No change to the interest rate during the 12 months.
  • Interest is paid semi-annually.

Example 2: CAD

Initial deposit

Interest rate

Interest earned

Total balance at the end of 12 months

CAD1,000,000
0.05% AER (0.05% Gross)
CAD500.06
CAD1,000,500.06

For the purpose of this calculation it is assumed:

  • Initial deposit of CAD1,000,000.
  • No additional deposits and/or withdrawals are made during the 12 months.
  • No change to the interest rate during the 12 months.
  • Interest is paid semi-annually.

Example 3: NOK

Initial deposit

Interest rate

Interest earned

Total balance at the end of 12 months

NOK5,000,000
0.25% AER (0.25% Gross)
NOK12,507.81
NOK5,012,507.81

For the purpose of this calculation it is assumed:

  • Initial deposit of NOK5,000,000.
  • No additional deposits and/or withdrawals are made during the 12 months.
  • No change to the interest rate during the 12 months.
  • Interest is paid semi-annually.

How do I open and manage my account?

Eligibility:

You need a Sterling Business Account (current or savings) before you can open a Client Currency 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

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

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

You're 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 contractual rate of interest payable before the deduction of income tax at the rate specified by law.
  • Small Business Banking customers are typically small enterprises (including not-for-profits) with borrowing needs of up to £100k. Their everyday transactional banking products and needs would not require the support of a Relationship Manager. (Government lending schemes are subject to different limits.)
  • Business Banking customers are typically small and medium sized enterprises (including not-for-profits) with product needs that require support through a dedicated Relationship Manager, who work alongside our specialist teams. Our Relationship Managers can provide transactional banking and funding solutions of over £100k (both domestically and internationally).
  • Corporate Banking customers are any business customer whose accounts are held with us in the UK, which is not a Small Business Banking or a Business Banking Customer.

Important information

Read our current business banking terms

Read the additional terms for our Client Currency Account

Read our price list for details of our charges and account services

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