The account is for businesses that are looking to earn monthly interest on surplus funds whilst helping GWCU support their local community.
Great Western Credit Union (GWCU) has announced their new Business Saver, offering businesses across the South West the chance to earn a competitive 2% AER / 1.98% gross [1] with a minimum deposit of only £1.
The account will appeal to businesses that are looking to earn monthly interest on surplus funds whilst helping GWCU support their local community. Businesses will have instant access to their funds, although there are some limits to the number of withdrawals that can be made. [2]
The Business Saver is available to businesses registered on Companies House or the Mutuals Public Register, or are a registered charity, but is not available to sole traders.
James Berry, CEO of GWCU, said:
“Following our successful Bond Offer last year, we have been evaluating the services and products we provide and looking at how we can reach even more people across our region. Our Business Saver is helping to meet new demand, for organisations wanting to diversify their financial providers. Businesses can expect good financial returns, whilst knowing that they are providing positive social value to their local communities.”
The news follows GWCU’s recent announcements of their Cash ISA, giving thousands of people across the South West access to ethical and fair saving services. In addition, GWCU recently revealed results from their Family Saver Pilot in conjunction with the University of Bristol to provide mothers with the option to save money directly from their child benefit payments.
To learn more about our other saving products, visit their website or reach out to our member service team.
Important information
[1] AER (Annual Equivalent Rate) is the interest rate if interest were paid once a year, including previous interest payments.
Gross is the gross interest rate paid before the deduction of tax.
Interest is calculated daily and added to the account balance calendar monthly.
The interest rate is not fixed and can go up or down.
[2] The number of withdrawals is subject to a fair usage policy: This includes no more than one withdrawal in any two month period, and no more than four withdrawals in a calendar year.
