What is the interest rate?
- Interest will be paid on the full deposit in the Account, providing the total deposited amount is between the minimum value of £40,000 and the maximum value of £800,000.
- If the Account balance goes below £40,000, interest will be set to 0.00% gross/AER* on the full balance, calculated daily, on each of the days that the balance is below £40,000.
- If the Account balance goes above £800,000, interest will be set to 0.00% gross/AER* on the full balance, calculated daily, on each of the days that the balance is above £800,000.
Balance | Interest rate |
£0-£39,999.99 | 0.00.% gross/AER* on the full deposited amount |
£40,000-£800,000 | 1.74% gross p.a.^/ 1.75% AER* on the full deposited amount |
>£800,000 | 0.00% gross/AER* on the full deposited amount |
- Interest is calculated on the cleared daily closing balance in the account, using the interest rate applicable on that day. If a withdrawal request has been made, interest will be calculated on the total amount in the account up until, but not including the day of the withdrawal.
- Interest is applied to the account on the first business day of every month.
- AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance annually. AER is intended to help you easily compare the return available on different savings products.
- Interest will be paid gross. The gross interest rate does not take into account any tax payable.
Businesses that are part of a group
A Group is defined as either, multiple entities that form a part of the same corporate structure, or where companies are linked by ownership, which is where the same person(s) own greater than 50% of multiple individual business entities. If your business is part of a group of businesses, or is linked to other businesses through its ownership structure, (the “Group”), you can apply for the Business Savings Account, but the £800,000 deposit limit will apply to the Group as a whole. This means that the deposit balances of each account within the Group will be aggregated, and the Group’s total aggregated balance must not exceed £800,000. We’ll contact you if you exceed this limit, or if you look likely to, as we may offer another product that’s more suitable for your needs. Alternatively, you can withdraw money to reduce your aggregated Group balance.