How do I open and manage my account?
It’s easy to apply by post. To open a Small Business Account, your company will need to deposit between a minimum of £25,000 and maximum of £1 million. You can pay money into your account by cheque or electronic bank transfer (details will be made available as part of the application). You may also place additional funds (no minimum amount), ensuring they do not exceed the maximum balance.
Managing your account is easy too call or write to us and we’ll help you with any questions or instructions.
Can I withdraw money?
Yes. You may place notice to withdraw funds at any time in writing or over the telephone. Your funds will be repaid following completion of the applicable notice period. The minimum amount you can place on notice is £5,000.
If the SME Notice Account falls below the Account’s minimum balance, the balance will be repaid in full to the nominated bank account and the Account will be closed.
What kind of organisations can apply for a SME Notice Account?
This account is for UK incorporated companies, registered under the UK Companies Act, with less than 250 employees during the current financial year. One of the following criteria must also be met: - a total balance sheet not exceeding £35 million - an annual net turnover not exceeding £40 million
We do not currently deduct tax from any interest paid to you. Tax benefits depend on individual circumstances and could change in the future.