Business Reserve (Issue 2)
Account guide
Our Business Reserve account is a great option for businesses that need to complement their existing banking arrangements.
Who can open an account?
- Sole Traders, Private Limited Companies, Public Limited Companies, Partnerships and Limited Liability Partnerships can open a Business Reserve account
How do you open an account?
- You can open an account by post with a minimum of £10,000 up to £2,000,000
- Please read the Terms and Conditions, Key Product Information and Business Reserve Information Sheet before you open an account
- You will also need to provide your SIC code reference number
What happens next?
- Once you have completed your application for a Business Reserve, you will receive a welcome pack within five business days
Ready to apply?
Great, let’s get the ball rolling. Take a look at the ways you can apply for this account and choose the option that best suits your needs.
Ways to apply- 1 AER stands for the Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance? each year.
- 2 Gross P.A. is the rate of interest paid to eligible non-taxpayers without the deduction of tax.
- 4 Net is the annual rate of interest payable after deduction of basic rate income tax (currently 20%). Interest will be paid net or, if we receive the necessary declaration from you, gross. Where the tax deducted exceeds your tax liability (if any) you may make a repayment claim to HM Revenue & Customs. If your income falls within the basic rate band the tax deducted will match your tax liability on the interest and you will have nothing further to pay. If you are liable to tax at the higher rate(s) you will have an additional tax liability. For more information please visit www.hmrc.gov.uk/individuals/babsi.htm.
- * Call our UK-based Contact Centre between 8am to 8pm business days, 8am to 4pm Saturday and 10am to 3pm Sunday. Calls are charged at your service provider’s prevailing rate and may be monitored and recorded.
- **Not all branches are able to offer full banking services. Any facility which is not available at your local branch, excluding cash deposits and general cash transactions, can be processed at our Head Office. Please refer to your local branch for details.