Business Sterling Savings Account

Instant access savings for your business

Enjoy instant access savings with no restrictions on deposits or withdrawals – it’s the savings account that guarantees flexibility for you and attractive rates for your business.

This Information Sheet sets out the key information you need to know about your account. It should be read together with the Savings Accounts Terms and Conditions and forms part of our agreement with you. Please keep it for future reference.

Summary Box - Business Sterling Savings Account:

Account Name: Business Sterling Savings Account

It is a variable rate, with the rate as at 23 June 2017 shown below:

Up to £9,999 0.20%
£10,000 - £49,999 0.25%
£50,000 - £99,999 0.25%
£100,000 - £499,999 0.25%
Over £499,999 0.25%

Interest is calculated daily and credited twice a year in June and December into your Sterling Savings Account.

Yes.

As this account pays a variable rate of interest, the rate can change over time. For example we might review the interest rate if the Bank of England bank rate changes. We’ll always let you know of any planned changes to the rate.

A deposit of £40,000 will generate an estimated balance of £40,095.00

Interest in this Account is paid on incremental balances. This means that a balance of £40,000 will attract an interest of 0.20% on the first £9,999 and 0.25% on the remaining £30,001.

This estimate is for illustrative purposes only and do not take into account individual circumstances.

Assumptions taken for above calculations;

  • No change in the amount (no deposits, no withdrawals)
  • No change to the variable interest rates
  • Interest paid annually

Eligibility:

To apply for our Business Sterling Savings Account, you should:-

  • Require the account for business use
  • Be a sole trader, Company or Partnership
  • Be aged 18 or over.

Minimum/Maximum Balance:

  • The minimum interest earning balance is £1. The maximum interest earning balance is £1,000,000

How to open the account:

Download the application for and complete and return it:

  • In Branch
  • Via post (United Bank UK Central Operations, 391-393 Stratford Rd, Birmingham B11 4JZ)

How to manage the account:

Yes, there are no limitations on withdrawals.

Interest will be paid using the Gross Rate and tax will not be deducted where your interest is exempt.

Gross rate means we won’t deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.

Applications and downloads

To apply for one of our Business Savings Accounts, simply download the relevant form from this page, fill it out, and send it to one of our branches. Alternatively, you can contact our call centre on 0121 753 6000.

Definitions:

To help you in your product selection, you may find the following definitions useful:

  • Gross interest:  the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
  • AER (Annual Equivalent Rate):  the AER illustrates what the true rate of interest would be if interest was paid and compounded each year. Please note that the actual interest rate, based on the interest payment frequency you chose, will be different than the AER advertised. If interest is paid more frequently to your account, the actual rate applied would be lowe