Business 120 Day Notice Account
Making your money work harder
Business 120 Day Notice Account
This account is suitable for incorporated businesses and limited liability partnerships that can give 120 days’ notice to access their funds.
– 120 days’ notice for withdrawals, even with a penalty early withdrawals are not allowed
– Save between £25,000 – £500,000
– Interest paid annually on 31 January
Click the Apply now button to open this account using our Online Service.
Product Terms & Conditions – Summary Box
| Minimum balance | Gross*/AER**% |
|---|---|
| £25,000+ | 3.50 |
Interest is calculated daily and may be visible on your account from the 24th of the month. This won’t be available to you until the due date of the last working day of the applicable month.
Minimum opening balance is £25,000. No interest is paid on balances that fall below the minimum operating balance of £10,000 until the minimum operating balance is reached again.
*Interest is paid without tax deducted. Some savers will be required to pay tax on savings interest; this should be arranged directly with HMRC through your tax return.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
The interest rate is variable which means we can increase or decrease the rate at any time.
For more details about why we may change the rate, and how and when we will let you know about a change, please refer to the Interest section of the General Savings Account Terms and Conditions.
£25,875.00
This projection is for illustrative purposes only.
If £25,000 was deposited on 1 February, the account balance would be £25,875.00 on 31 January the following year. This assumes no further deposits or withdrawals are made, no changes are made to the interest rate and interest earned is added to the account.
This account is available to open and manage online or in branch.
Signatories must be permanent UK residents and aged 18 or over.
You must fund the account within ten days of opening. You can fund the account multiple times during this period.
You can pay into your account by electronic payment or cheque.
Cash deposits are not permitted.
Minimum opening balance is £25,000. The minimum operating balance is £10,000 and the maximum balance is £500,000 per business.
Customers may hold more than one Business 120 Day Notice account, but the maximum holding in all accounts with the Society is £500,000 per business.
Withdrawals, transfers or closure can be completed online, in branch or by post and are subject to 120 days’ written notice, even with a penalty early withdrawals are not allowed.
Cash withdrawals are not permitted.
This product may be withdrawn from sale at any time without notice.
We reserve the right to close your account and return the funds to you.
We may prohibit further deposits into this product at any time. When we do this, we will update the relevant section within the ‘Current interest rates for withdrawn products’ page of mhbs.co.uk. We will not personally notify you when we do this.
This is a deposit account, not a share account. Deposit account customers do not become members of the Society, and therefore have no voting rights or entitlement to windfall benefits in the event of any merger or takeover.
For full terms and conditions for savings accounts, please refer to our General Savings Terms and Conditions
In the event of any apparent conflict between these Terms and Conditions and the General Savings Terms and Conditions, these Product Terms and Conditions take precedence.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations.
