Can my business hold multiple savings accounts?

There is no limit on how many savings accounts you open with United Trust Bank, so you can choose to spread your funds over multiple accounts if you wish, both with our fixed rate and notice products.

Are business savings protected by the FSCS?

Yes, all business savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. To find out more, please click here.

What is the minimum and maximum I can invest?

The minimum initial investment is usually £5000 per account and the maximum is £1,000,000. If you wish to deposit more than this, please click here to find out how we can help you.

What are the benefits of a business savings account?

Having a business savings account brings many benefits. As well as earning your business additional revenue, it can help you plan for future expenses, such as equipment upgrades, marketing campaigns or hiring extra staff. It can also create an emergency fund for unexpected expenses, help future credit applications and can show potential investors and partners that you are a credible business taking your long term financial health seriously.

A business savings account is a great way to make your money work harder and earn extra revenue, so don’t delay and apply for your account now.

What types of businesses can apply for a savings account?

We accept applications from limited companies, self-invested pension plans (SIPPs) and small self-administered schemes (SSASs), discretionary and personal injury trusts, clubs and societies, sole traders, and credit unions. Find out more here.

What are the types of savings accounts I can open with United Trust Bank?

We offer three types of savings accounts: Fixed Term Bonds, Notice Accounts, and a Notice Tracker Account, which tracks the Bank of England Base Rate.

How do I apply for an account?

Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the summary box window for that account and then apply online or by post, depending on your type of business.

If you are applying by post, please send your completed application form to Deposits, United Trust Bank, One Ropemaker Street, London, EC2Y 9AW.

Are there different types of business savings accounts?

There are three common types of savings account:

Fixed term bonds – These allow you to set aside a one-off sum for a specified length of time and earn an agreed rate of interest during that period. However, with most fixed term bonds, you cannot withdraw your money during the term of the bond, so you should only deposit funds you won’t need to access during that time.

Notice accounts – These allow you to deposit funds whenever you wish and to earn an agreed variable rate of interest on your balance. However, you can only make withdrawals after giving the required notice. For example, with a 40-Day Notice Account you would have to request a withdrawal 40 days before you needed to have the money. These accounts offer more flexibility than fixed term bonds and usually pay a slightly lower interest rate as a result.

Instant access accounts – These offer the greatest flexibility as you can withdraw your money at any time. However, these typically pay the lowest rates of interest of the three main types of business savings accounts. United Trust Bank don’t currently offer instant access accounts

What is the difference between a savings account and a current account?

A business savings account is very simple in that it allows you to set aside excess money in your business to keep it separate from the account you use for everyday income and expenditure and to earn interest on surplus money which would otherwise earn little or no interest in your current account. A business savings account doesn’t usually come with a payment card, cheque book, overdraft or other facilities a current account may offer.

What are business savings accounts?

They are accounts businesses can use to earn interest on money they don’t need to keep in a current account for day-to-day expenses. Most business current accounts do not pay interest on positive balances, so if you keep surplus cash in your business current account you are probably missing out on a simple way of making your money work harder and earning your business extra revenue.