Business 120 Day Making your money work harder

Business 120 Day

Making your money work harder

Business 120 Day

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
Save £10,000 - £500,000
Annual interest

Product Terms & Conditions - Summary Box

Gross* / AER** %
£10,000+1.35

Interest is paid annually on 31 January and can be added to your Business 120 Day 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.

If the balance falls below the minimum of £10,000, the rate on the Business Easy Access, at that time, will apply until the minimum 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 Account Terms and Conditions.

£10,135.00

This projection is for illustrative purposes only.

If £10,000 was deposited on 1 February, on 31 January the account balance would be £10,135.00. This assumes no further deposits or withdrawals are made, no changes are made to the current interest rate and interest earned is added to the account.

You can open and manage this account 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 by cheque.

Cash deposits are not permitted.

The minimum balance is £10,000 and the maximum balance is £500,000 per business.

Customers may hold more than one Business 120 Day account, but the maximum holding in all accounts with the Society is £500,000 per business.

Withdrawals, transfers or closure are subject to 120 days’ written notice.

You can access your account online or in branch.

Cash withdrawals are not permitted.

Electronic transfers can only be made to a nominated account in the business name.

This product may be withdrawn from sale at any time without notice.

We reserve the right to prohibit any further deposits into this product.

We reserve the right to close your account and return the funds to you.

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 a merger or takeover.

For full terms and conditions for savings accounts, please refer to our General Savings Account Terms and Conditions.

In the event of any apparent conflict between these Business 120 Day Terms and Conditions and the General Savings Account Terms and Conditions, the Product Terms and Conditions take precedence.