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- Business savings account - Issue 8
Business savings account - Issue 8
3.61% AER**
Key facts
Earn monthly or annual interest
Additional deposits allowed
Open online in just 10 minutes
Minimum opening deposit £1,000
Get easy, online access to your money any time
Private limited (ltd) companies only
Companies must have a maximum of 3 Directors to be eligible
Your money is protected up to £85,000
Product Summary
Account Name
Business savings account - issue 8
What is the interest rate?
Rates effective 13 September 2024:
Annual Interest gross p.a.*
3.61% (£1+)
Monthly Interest gross p.a.*
3.55% (£1+)
AER**
3.61% (£1+)
Where interest is payable, it is calculated daily and can be credited to the account or transferred to your nominated account. Monthly interest is calculated on the basis that each month last 30.416 days (365 days divided by 12 months).
Where payable, annual interest is paid on 5 April each year and monthly interest is paid on the last working day of each month.
Can Kent Reliance change the interest rate?
The interest rate on this account is variable and can change at any time. Up to date information on our interest rates can be found on our interest rates page, in branch or by calling our head office.
For full details of interest rate changes, please refer to Condition 29 of our Business Savings Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
Deposit Amount
£1,000 Deposit
Annual interest projected balance
£1,036.10
Monthly interest projected balance
£1,036.10
These projections are based on interest being credited to the account, no interest rate changes, no withdrawals and no additional deposits.
The above projections are provided for illustrative purposes only and do not take into account individual circumstances.
Terms and conditions
Eligibility
Business savings accounts may only be opened and operated online by UK-based Private Limited Companies (Ltd).
As part of the application, you will need to nominate up to three individuals (Authorised Users) to operate the account on behalf of your company. Every Director and major Shareholder of your Company must be set up as an Authorised User.
Your company is not eligible if:
- your Company has more than three Directors and major Shareholders, or
- your Company has major Shareholders who are not Directors.
A major Shareholder is an individual or entity that holds 25% or more of the shares or voting rights in the Company.
Account holder
The account holder will be the business named on the application for the account. The account holder must be the legal and beneficial owner of any monies held in the account. We do not accept client money, nor do we provide accounts to be held on trust.
Age restrictions
Minimum age of Authorised Users is 18.
FSCS
Eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000. Find out more (pdf document).
How to apply
Apply online
Complete and submit your application online. Please ensure you have read the terms and conditions before you apply.
*Gross p.a. is the rate of interest paid without the deduction of tax per annum. Please note that the automatic deduction of tax on savings interest ceased with effect from 6 April 2016.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
Account Management
Account Name
Business savings account - issue 8
How do I open and manage my account?
This account can only be opened by Private Limited Companies (LTD) with a maximum of 3 Directors who are also major Shareholders.
Minimum opening deposit
£1,000
Maximum deposit
£1,000,000
Minimum operating balance
£1
Additional deposits can only be made by bank transfer (electronic payment) from the nominated account†.
Can I withdraw money?
Withdrawals are permitted without notice or penalty.
All withdrawals will be made directly to the nominated account† , simply log in to our online services to action the request.
There are different payment cut-off times depending on the method of withdrawal you require. For further details please visit our withdrawals page or call our Head Office.
†Your nominated account must be a UK Bank/Building Society account held in the company’s name.
Additional information
The account holder will be the business named on the application for the account. The account holder must be the legal and beneficial owner of any monies held in the account. We do not accept client money, nor do we provide accounts to be held on trust.
How to apply
Apply online
Complete and submit your application online. Please ensure you have read the terms and conditions before you apply.