90 Day Notice Business Savings Account

90 Day Notice Business Savings Account Features

• Available to businesses registered in England or Scotland.
• Withdraw your money by giving a 90 day advance notice.
• Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
• Manage your account via online banking or telephone banking.
• Our UK based Customer Experience Team is here to assist you.

Please Note: Reliance Bank uses your personal information to confirm your identity and assess your application when you apply for an account with us. We will only collect, process, and store information about you in accordance with our Privacy Notice. For more details, please read our Privacy Notice.

Summary Sheet

1. What is the interest rate?
   • Earn 2.35% interest AER* variable, effective from 1st December 2024 for balances between £5,000 to £999,999.
   • Earn 2.65% interest AER* variable, effective from 1st December 2024 for balances between £1 million to £10 million.
   • Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
2. 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.
3. 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 £5,118.91 for deposits between £5,000 to £999,999.
   • On a deposit of £5,000, the estimated balance would be £5,134.26 for deposits between £1 million to £10 million.
   • This is based on:
   • An interest rate of 2.35% interest AER* variable effective from 1st December 2024 for balances between £5,000 to £999,999.
   • An interest rate of 2.65% AER* variable effective from 1st December 2024 for balances between £1 million to £10 million.
   • Interest will be applied to the Account quarterly, on the set quarter dates, unless you specify a secondary account held with Reliance Bank Ltd to receive the credit interest.
   • £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.
4. How do I open and manage your account?
   • You can apply to open a 90 Day Notice Business Savings Account if you are a UK registered business.
   • You can apply by completing an application form.
   • There is a minimum balance of £5,000 required to maintain the 90 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 0.10% will apply until the balance meets the required level again.
   • You can manage your account online via our internet banking or by telephoning our Customer Service Team on 020 7398 5400.
   • You can close your 90 Day Notice Savings Account by providing us with 90 day’s notice.
5. Can I withdraw money?
   • The notice period for this Account is 90 days.
   • We will accept withdrawal requests in writing or via our digital banking service. All requests received will be confirmed by the Bank in writing confirming the withdrawal date.
   • A notice of withdrawal is not permitted within the first 90 days of the first deposit.
   • No early withdrawals will be permitted.
   • Funds will be transferred out of the 90 Day Notice Business and Charity Savings Account in the morning of the last day of the notice period to your nominated account.
6. 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.

Rates and information correct at 01/12/2024.

Definitions Explained
1. *AER
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.
2. **Gross rate
Gross rate means that credit interest is paid without income tax being deducted.

Frequently Asked Questions

Explore our other Business Savings Account

Need Help?

For further assistance, please reach out to our Customer Experience Team at 020 7398 5400 or email us at customer.experience@reliancebankltd.com.