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35 day business notice account

Business Notice Account

In order to earn a higher rate of interest this account requires advance notice of 35 days before you can withdraw any of your money. While you earn interest on your savings you will have the comfort that your money will make a positive difference to other people's lives. 

Summary

  • Earn 0.75% interest AER* variable
  • Great way to build your savings with lump sums and regular payments
  • Online mobile and telephone banking
  • UK Customer Service Team
  • Earn 0.75% interest AER* variable
  • Great way to build your savings with lump sums and regular payments

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.

*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
 

Features

What is the interest rate?     

•    Earn 0.75% interest AER* variable  
•    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 2 months’ notice

What would the estimated balance be after 12 months based on a £5,000 deposit?     

On a deposit of £5,000, the estimated balance would be £5,037.61. This is based on: 
•    Interest calculated daily and compounded quarterly
•    £5,000 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 a 35 Day Notice Business Savings Account if you a UK registered business
•    You can apply by completing an application form
•    There is a minimum balance of £5,000 required to maintain the 35 Day Notice 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

•    Should the balance of the Account fall below the minimum balance, an interest rate of 0.05% will apply until the balance meets the required level again.
•    You can manage your account on-line via our internet banking or by telephoning our Customer Service Team on 020 7398 5400
•    You can close your 35 Day Notice Account by providing us with 35 days’ notice

Can I withdraw money?     

•    A notice of withdrawal is not permitted within the first 35 days
•    No early withdrawals
•    You can withdraw funds by writing to our office or by i-mail (internet banking)

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 01/10/2019.

  • Earn 0.75% interest AER* variable
  • Great way to build your savings with lump sums and regular payments

Apply

1)    Click on 35 Day Notice Business Savings Account at the base of this page and read our key documents
2)    Complete our Business Enquiry Form 
3)    We’ll assess your application
4)    We’ll set up your account

Read our key documents
1)    35 Day Notice Business Savings Account Terms and Conditions
2)    What you need to open a business account
3)    Reliance Bank Business Terms and Conditions

Complete our Business Enquiry Form 
Complete our Business Enquiry Form. 
This form is a paper application form so please print it out, complete it and send it to us at:
Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB.

We’ll assess your application
•    There is a minimum balance of £5,000 required to maintain the 35 Day Notice 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.

We’ll set up your account
If your application is successful, we’ll set up your account and send you a welcome pack.

35 Day Notice Business Savings Account documents
  • Read our key documents
  • Complete our Business Enquiry Form
  • Refer to What you need to open a business account
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