Business 120 Day Notice Account
Making your money work harder
|Gross* / AER** %|
Interest is paid annually on 31 January and can be added to your Business 120 Day Notice Account or paid direct to your business bank account. Once added to the account interest becomes subject to the same withdrawal conditions as the capital.
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, how and when we will let you know about the change, please refer to section 12.3 of the General Savings Terms and Conditions.
This projection is for illustrative purposes only.
If £25,000 was deposited on 1 February, the account balance would be £25,250 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 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.
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This product may be withdrawn from sale at any time without notice.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 When we do this, we will update the relevant section within the ‘Current interest rates for withdrawn products’ page of mhbs.co.uk.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.
These terms and conditions remain in force for as long as you hold this account, or until we notify you of a change. Where the change is not to your advantage, we will either:
a. Notify you at least seven days plus your normal withdrawal notice period before the change takes effect and your withdrawal terms will remain unchanged; or
b. Notify you at least 14 days before the change takes effect and you will have a period of 60 days to close or withdraw from your account without giving any notice that might normally apply.
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