Save ethically while earning
You will help those in need of financial support across the South West. Read our Social Impact Report to see how savers are helping borrowers access affordable credit.
Benefits
- Competitive 2.0% AER / 1.98% gross (i)
- Instant access – no notice required
- Deposit from £1 to £85,000
- Your savings are protected by the Financial Services Compensation Scheme (FSCS)
Things to consider
- Interest is calculated daily and added monthly
- The interest rate may change (although we’ll give you notice if it goes down)
- This account may not be right for you if your business intends to make regular withdrawals (ii)
- This account is only available to businesses that are legally separate from their owners, such as limited companies and registered charities. It is not available to personal customers, or sole traders
(i) AER (Annual Equivalent Rate) is the interest rate if interest were paid once a year, including previous interest payments.
Gross is the gross interest 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.
Interest is paid gross, and it is the responsibility of the business to pay any tax owed to HM Revenue & Customs (HMRC).
(ii) Withdrawals are limited to 1 in any two month period, and 4 in a calendar year.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The total interest at the end of 12 months would be £20.00 at the rate of 2.00% AER.
This means that the balance after 12 months would be £1,020.00.
This assumes that you opened the account on the 1st day of the month and didn’t add or take out any money and there is no change to the interest rate over the year.
How to Apply
There are two simple ways you can apply!
(1) Download an application form here. Print it out, fill it out and send it to us using our ‘postage paid’ address.
OR
(2) Request an application form here and we will post it to you with a prepaid envelope for you to return the completed form
Once we have received your application, we will be in touch to finalise your Business Saver account.
Please read the Business Saver terms and conditions before completing the application form.
