Business Banking Solutions

A business savings account is designed for businesses and organisations to deposit money with a bank for an unlimited or fixed term duration, earning interest on the deposits. At Reliance bank, our business savings accounts – including instant access, fixed-term, and notice accounts – are designed to keep your money safe while supporting social impact causes.

To open a business account (current or savings), please follow these steps:

• Review all important documents related to the account you wish to open.
• Download the application form from our website.
• Complete and sign the application and personal details form for all authorised signatory members and directors of the business, and send it to us either by email or post.
• Ensure you include all required supporting documents necessary to complete the application. Details of these requirements can be found on the respective web pages of our website.
• Once we receive your application and documents, our team will review them and contact you with the next steps.
• Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely.

If you have any questions about the application process, please contact our Customer Experience Team on 020 7398 5400 or by email at Customer.experience@reliancebankltd.com.

Our business savings accounts are available to businesses registered in England. We will ask you to provide evidence as part of your application to open your account.

We refer to the interest rate as an AER, which 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.
At Reliance bank, interest calculation varies by account type:
Fixed term savings accounts: Interest will be paid at the end of the Fixed Term for the 6 Month and 1 year Accounts. Interest will be paid annually for the 2 Year Account.
Instant access savings account: Interest will be applied to the Account quarterly, on the set quarter dates.
Notice savings accounts: Interest is accrued daily and will be applied to the Account on the last working day of each quarter, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS covers up to £85,000 eligible deposits person, per bank. This protection applies if we 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 Financial Services Compensation Scheme.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim):

a) You can refer to the FSCS website Bank & savings protection checker | Check your money is protected | FSCS

b) You can call the FSCS on 0800 678 1100; international customers can call on 020 7741 4100.

Please note only compensation related queries should be directed to the FSCS.

• Once you have completed your application and personal details form, send us the signed document to our customer experience team by email at customer.experience@reliancebankltd.com or by post at “Reliance Bank, Faith House, 23- 24 Lovat Lane, London EC3R 8EB.
• Please make sure it’s signed by all the signatories.
• Include the supporting documents as specified on the list “What you need to open a business account”. Please contact our Customer Experience Team on 020 7398 5400 to get more details on the documents to be submitted.
• Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely.

Once received, our team will get in touch with you for the next steps.