Online Business Savings Account

Frequently asked questions

• What is the account name?

  Investec Business Savings

  GBP 32-day Notice Account – Issue 4
  

• 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	1.24% gross p.a.^/ 1.25% 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.

• Can Investec Bank plc change the interest rate?

  • Interest rates are variable and can be increased or reduced at any time at our sole discretion as outlined in our Online Deposit Terms and Conditions (Section 3). 
  • If we increase your account’s interest rate, we will announce the increase on our website, and the change will take effect on the first day of the next calendar month (or in certain cases, immediately). 
  • If we decrease the interest rate, we will notify you at least 46 calendar day before the decrease takes effect and provide a reminder 14 days before.

• What would the estimated balance be after 12 months based on two example deposit amounts?

  Balance at Account Opening	Balance After 12 Months	Interest Earned
  £100,000	£101,247	£1,247
  £750,000	£759,353	£9,353

  
  These examples assume that no further deposits or withdrawals are made, and the interest earned is paid in to the Account monthly.

• Is this account suitable for my business?

  The Account has been created for SMEs which are UK-based limited companies, and:

  • Have been registered for at least one year;
  • Have fewer than 250 employees;
  • Have a total balance sheet of less than £36,550,000 or a turnover of less than £42,500,000; 
  • Where all associated persons (beneficial owners, people with significant control of business, directors, partners) are residents in the UK, are UK taxpayers only, and are over 18 years old.

   

  The Account is not designed for companies that:

  • Operate within certain countries subject to extensive sanctions;
  • Have overly complex ownership structures or have bearer shares;
  • Are a shell company;
  • Operate within certain industries that may fall outside of Investec's risk appetite;
  • Are known or suspected to have committed money laundering, terrorist financing, tax evasion or other non-financial crimes.

  Please note: you won't be able to apply if you or another director in your application has already opened a Business Savings Account with us for another company.

  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. 
  

• How do I open and manage my account?

  You can open an Investec Business Savings account through our online application.
  
  Manage your Investec Business Savings account through our online digital platform, Investec ix. Statements will be issued monthly via the Investec ix platform. For further information please contact us via email at [email protected].

• Can I withdraw money?

  • You can withdraw your money at any time, and in any amount, subject to giving us 32 calendar days’ notice of the intention to make a withdrawal.  There are no limitations on the number of withdrawals you can make.
    
  • You can request to withdraw funds via our online banking platform, Investec ix.
  • Withdrawn money will be sent back to the linked account used to send us money.
  • There are no charges or penalties for withdrawing your money in line with the notice period requirements on the account.

• Additional information

  For further information please contact us on +44 (0)20 7597 5539.

   

  • The information provided in this summary box is a summary of the key features of this Account. It should be read in conjunction with our Product Sheet and the Online Deposit Terms and Conditions (which can be found on this page below), and not used as a substitute for those Terms.
  • You can only make electronic payments to and from the Business Savings Account.
  • You can only make and receive payments from one account and the account must be in your business's name.
  • If the account balance goes to £0, and remains at £0 for 6 months, we can close the Account at our discretion.
  • AER* (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year. Interest will be paid gross.
  • The gross^ interest rate does not take into account any tax payable.
    
  • Your tax treatment of the interest received will depend on your individual circumstances. If you have any specific tax questions you should seek professional tax advice.
  • Alternatively, further guidance can be found on the HMRC website.  Please note that your tax treatment may be subject to change in the future.