Instant Access Business Savings Account

Features

What is the interest rate?

• Earn 0.85% interest AER* variable effective from 1st December 2022
• The rate will become 1.05% interest AER* variable effective from 1st February 2023
• Interest is calculated daily and is applied at the end of March, June, September and December

Can Reliance Bank change the interest rate?

• We may change any of the rates and charges detailed in this Important Information Summary
• We’ll notify you of any changes by post, email, or any other form of communication
• If we increase the interest, we’ll make details of the rate change available on our website within 3 working days of the change
• If we decrease the interest rate, we’ll let you know personally and give you at least 14 calendar days notice before we do so. If you are not happy with the change, you can at any time up to 30 days from the date we tell you about the change, close or switch your Account without paying any penalty or other charges. If you do not do so, we will consider that you have agreed to it.

What would the estimated balance be after 12 months based on a £1,000 deposit?   

On a deposit of £1,000, the estimated balance would be £1,008.53. This is based on:

• An interest rate of 0.85% interest AER* variable effective from 1st December 2022
• The rate will become 1.05% AER* variable effective from 1st February 2023
• Interest calculated daily and compounded quarterly
• £1,000 being deposited in the account at the time it is opened and no further
• deposits or withdrawals being made over the 12 month period
• The interest rate as detailed in this Important Information Summary and doesn’t take into account any changes in the rate of interest over the 12 month period

How do I open and manage my account?   

• You can apply to open an Instant Access Business Savings Account if you are a UK registered business
• You can apply by completing an application form
• There is no minimum balance required to maintain the Instant Access Business Savings Account
• The maximum balance that can be held is £10m. Accrued interest will
  be transferred into your current account. Please contact us if your
  request is above £10m
• You can manage your account on-line via our internet banking or by telephoning our Customer Service Team 020 7398 5400
• You can close your Instant Access Savings Account at any time

Can I withdraw money?   

• You have unlimited access to your money
• You can withdraw funds by writing to our office or by Faster payment
• Transfers can be made online via Faster Payments
• You can withdraw up to any amount from your Instant Access Account

Additional information  

• Accounts can only be opened in the business name
• All interest on UK savings accounts will be paid gross** (without taking off tax)
• You are covered under the Financial Compensation Services Scheme
• For more details on current interest rates and charges call us on 020 7398 5400

*AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time
**Gross rate means that credit interest is paid without income tax being deducted.
Rates and information correct at 22/12/2022.