What happens to the funds when the account reaches maturity?

We will contact you two weeks before your bond matures to ask what you would like to do with the funds.

For online banking customers, we will also send you a text message to confirm your account is approaching maturity, and you can login to provide your instructions from that day onwards.

If you are not registered with us online, you can sign up here. We will send you your username and password by email. This will arrive in the form of a secure link. You will need to provide a few characters of your National Insurance number for security before being able to view the document. Please ensure you check your junk or spam folder in case our email arrives there.

Should you not provide instructions before your maturity date, we will automatically place your deposit into an easy access account at the bank’s prevailing rate, which will be notified to you. You can find the interest rate and useful product information in the product’s Key Features Document here.

There are options available paying a higher rate of interest so please don’t delay in telling us what you would like to do when your deposit matures.

How do I update the signatories on my account?

If you want to add or remove a signatory on your account, you will need to complete a new mandate found under the ‘Change of Business Signatory Form’ here. The form can be sent by email to [email protected] or by post to One Ropemaker Street, London, EC2Y 9AW. Please ensure any signatories to be removed also sign the mandate, otherwise we will not be able to remove them.

If we are not able to confirm a new signatory’s identity electronically, we will ask you for a copy of their ID. We will let you know when we have updated the signatories.

How often are statements sent?

Statements are sent annually, either on the anniversary of the fixed term’s start date or, for our notice accounts, after interest is applied on 31 October each year.

Should you prefer more frequent statements, please email [email protected] or call us on 020 7190 5599 between 9am and 5pm Monday to Friday, where our team will be happy to help you.

My auditor requires confirmation of balances. How can they send this to you?

We are now responding to all audit requests through Confirmation.com. Your auditor can register for the service online at www.confirmation.com.

Why have I been asked to provide more information?

As part of our customer due diligence, there may be instances when we need clarification on the information you have provided. This doesn’t mean your application has not been accepted, but it may delay the account being opened. It is therefore important that any information you provide is up-to-date and accurate.

What information will I need to provide as part of my application?

When submitting your application, you will need to provide details of your business and any individuals you want to operate as signatories on your account. These details will be made clear in the application process. You will also need to provide details of any shareholder that owns 25% or more of the shares (irrespective of the share class) in your company.

Whilst we run an electronic identity check upon receipt of the application, we may on occasion require manual documents or further information to confirm an individual’s identity.

Can I open a business savings account if I or a director/shareholder lives outside of the UK?

At the time of making your application, all signatories and shareholders must be individuals who permanently reside in the UK for tax purposes, and we reserve the right to decline an application if any signatory or shareholder is resident outside of the UK.

If I own more than one business, can I open accounts for each of them?

Yes, though please note you need to have a different email address for each business.

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.