Two Year Business Bond

Two Year Business Bond

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

Rate effective from 4 September 2024.

Interest is calculated each day on the money in your account and is paid at the end of the term.

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 fixed for the term and can't be changed.

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 several 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 £10,000.00 in your account to get the interest rate.
• The maximum amount you can pay into this account is £5,000,000.00.
• You're only allowed to pay money in electronically.
• 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.

No, you can't take money out of this account. This also means you can't close your account within the fixed term.

Before the one year term ends we'll contact you to let you know. Your account will change to the Business Maturity account, which will have a different interest rate. The account number won't change. If you want to switch to a different account, we'll tell you how to do this in the maturity pack that we'll send you.

Our Business Savings Promise provides you with peace of mind by allowing penalty-free access to 50% of your funds should your business run into unexpected difficulties.

We understand that running a business can be tricky and the landscape can quickly change. So, if your business circumstances change for the worse and you need early access to your funds, please contact us straight away and we will review your account(s) and if appropriate can waive any penalties and withdrawal restrictions on 50% of your funds held with us.

Please contact us if you require more information.

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.