Savings Account Rates for Business & Charity Customers
Reliance Bank Base Rate with effect from 3 November 2017 - 0.50 %
As is currently the case, the Reliance Bank Base Rate, ordinarily, mirrors the Bank of England Base Rate. Please note that the Bank is unlikely to set its own Base Rate level below 0.40% in response to falls in the Bank of England Base Rate below this level. This minimum Base Rate level helps to minimise the risk of Reliance Bank incurring losses which would ultimately be borne by our owners, The Salvation Army, and would impact the funds available for their continued mission.
Instant Access Saver
*(interest paid quarterly end of March, June, September and December) with effect from 5 August 2016
Balance Gross Rate PA%
£1 - £99,999 0.05
Business Fixed Term Saver
*(minimum balance £50,000 - interest paid on maturity of deposit)
For cleared sums of £50,000 and above, fixed rates are available linked to money market rates for fixed terms from 7 days to 12 months. Please call us for a quote - we welcome your call.
Financial Services Compensation Scheme (FSCS)
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website for the Finanacial Services Compensation Scheme.
With effect from 30 January 2017 the deposit limit is in respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each, making a total of £170,000. The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the Bank, including their share of any joint account, and not to each separate account.
For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call us on 020 7398 5400, refer to the FSCS website www.fscs.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.