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Essential works - Sutton branch 27 June

Business Deposit 180 Day Notice (5th issue)

Interest Rate

4.50%
(AER1/Gross2)
including a 0.50% bonus for the first 6 months
This account could be right for you if...
  • You are a business, sole trader or partnership looking for a business savings account
  • You can give 180 days notice to be able to access your money
  • You have a minimum £1,000 to invest
  • Withdrawals can be by cheque or electronic transfer payable to the business bank account
Some things you need to bear in mind
  • This is a variable rate account and the interest rate may go down as well as up
  • No cash or third party withdrawals
  • You will need to have a separate business bank account to operate this account

Interest Rate

4.50%
(AER1/Gross2)
including a 0.50% bonus for the first 6 months

Summary Box

Documentation and Mandates

We require the following documentation and mandates:

Limited company:
• Company Registration Number or Memorandum of Articles of Association
• A resolution of the Board of Directors to open the account confirming authority to those who will operate it and the address to which the passbook and correspondence should be directed
• Specimen signatures of mandate holders (minimum of 2 specimen signatures required for each mandate holder)

Sole trader, partnership or unincorporated business:

• Business letterheading, invoice and business cards
• Two documents confirming the identity and residency of the business owner/partners
• Signed mandate with authority to open and operate the account
• Specimen signatures of mandate holders (minimum of 2 specimen signatures required for each mandate holder)

Evidence of identification and proof of residency is also required for the individual(s) operating the account.

We may also request information about the company or LLP and its owners, directors or members.

Is there anything more I should know?

Our General Account Terms and Conditions, which is available to download from our website, provides full details of the terms and conditions applied to this and other accounts offered by us.

Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.

The General Account Terms and Conditions are provided to all new account holders and are also available on request.

How do I apply?

To enquire about a business savings account, please visit our contact page and select the Business & Charity Savings Accounts enquiry form or email us at business@mansfieldbs.co.uk.

A colleague will then respond to any queries that you may have and support you through the application and account set up process, including the Document and Mandate requirements (see above).

In common with other financial organisations we will need evidence of identification and proof of residency. Please see the You and Your Savings Account leaflet for details.

Can I cancel if I change my mind?

If you change your mind about your choice of account, you may cancel it within 14 days of the day the account is opened or the day on which you receive the terms and conditions of the account and other information on paper or electronically, whichever is later.

We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any penalties relating to withdrawals or closure of the account.

Charitable Assignment

All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.

Definitions

1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to each year. AERs on the Monthly Income accounts assume interest is added to the account each month although in practice the option to have interest added in this way is not available.

2. The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.

^Tax free means you won’t pay UK tax on any income or capital gains your ISA makes.

Our savings accounts are exclusively available to UK Residents only.

These account details apply to personal investors only unless stated in the detailed information.

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