Business 7 Day Notice

Business 7 Day Notice

The interest rate paid on the account will be paid as below:

Rate effective from 4 December 2024.

Interest is calculated each day on the money in your account and is paid on 31 December every year.

If your account falls below the minimum balance, the interest rate we'll pay you will reduce to 0.05% Gross p.a/AER*.

The interest rate for this account is variable. This means we can change it at any time. You can find full details in our Savings Terms and Conditions.

This is based on no further money being paid in or taken out of the account and no change to the interest rate.

We need to make some additional checks before we open your new account. These may take a number of weeks for us to complete. Please bear with us during this time - we will contact you if we require further information.

• Our Business Savings accounts are for your short, medium, and long term needs. They aren’t suitable for use as a business current account or the day to day transactions of running a business.
• The business must be a Sole Trader, Partnership, Limited Company, Public Limited Company, or Limited Liability Partnership registered in the UK.
• For Limited Companies, Public Limited Companies and Limited Liability Partnerships, we will ask you to provide proof of identity and address for each director that is a signatory on the account, all persons with a shareholding of 25% or more and all persons authorised to operate the account. If we are unable to identify your business or organisation we will decline your application.
• Signatories must be 18 or over and a UK resident.
• You'll need to provide details of the business's nominated bank account, along with a bank statement dated within the last 3 months. This will be a current account in its name. When you want to take your money out, we'll send it to this current account.
• The money paid into the account belongs to the business only.
• For Partnerships you must provide an original or certified copy of the latest partnership agreement and all partners must be signatories.
• For Limited Companies, PLCs and LLPS you must provide your Company House registration number and have at least one director as a signatory.
• You can open your account online, in branch, by post. If you choose to open your account online, we'll need the business email address and business phone number. We'll also need a mobile and email address for each signatory.
• You need to pay money into your account within 30 days of opening it. If you don't, we'll close the account.
• You'll need to keep a minimum of £5,000.00 in your account to get the interest rate.
• The maximum amount you can pay into this account is £5,000,000.00.
• You can manage the account online, on the mobile app, in branch, by post, by phone, on webchat.
• On an annual basis we will contact you for information to support ongoing due diligence.
• You can deposit up to £10,000.00 in cash, into a branch, twice a month
• You can deposit up to 10 cheques into your account, on one occasion, once per week without charge. Any additional cheques deposited will incur a £3 fee per cheque. This will be taken from the balance of the account.

Yes, you can take money out of your account without penalty by giving us 7 days' notice.

If you need immediate access to your money, you can withdraw your money immediately but you will lose 7 days' worth of interest on the amount taken out. If you close your account within the first 7 days, you will likely take away less than what you initially paid in.

Cash and cheque withdrawals

• You can make two cash or cheque withdrawals per month
• You can withdraw up to £1,000.00 in cash or £5,000.00 with notice given, per withdrawal

This product is a Deposit Account. It doesn’t give you a share of Saffron Building Society or membership rights. You won’t be allowed to attend or vote at our Annual General Meetings and we won’t send you our annual Summary Financial Statement. Please click here for our full Terms and Conditions.

If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax to HM Revenue & Customs (HMRC). For more information visit gov.uk.

* Interest Rate definitions: Gross is the interest rate without the tax deducted. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and added to the balance once each year.

New fraud rules from 7 October 2024 mean that with this product, you're eligibility to claim for fraud has changed. For more information please click here.