2ND ISSUE BUSINESS SAVER
Our business accounts are ideal if you are an organisation looking for a higher rate of interest than you would normally find with an easy access account and you don’t need access to your funds in the short term.
The Business Saver account is available to incorporated entities such as LLPs, Limited Companies, Companies Limited by Guarantee, Incorporated Charities and Housing Associations, and is subject to the following restrictions:
- Small businesses that meet at least two of the following requirements:
i. average number of employees must not be more than 50
ii. turnover must not be more than £10.2 million
iii. balance sheet total must not be more than £5.1 million - No corporate / will trust / nominee shareholders
- Company to be tax resident only in the UK
- Company must be registered in the UK
- All members of the partnership, directors and shareholders to be ordinarily resident for tax purposes in the UK.
The Business Saver key features are:
- Save from £1,000 up to £500,000*
- Variable rate account offering a tiered rate of interest which increases with the amount saved
- Add to your savings** by transfer from your organisation’s bank account, by cheque or by cash (up to £2,000 per day at our Epsom branch)
- Withdrawals available after 35 days’ notice without access charge and can be made by transfer to your organisations bank account, by cheque or by cash
- Interest paid annually on 30 June and added to the account, paid to another account with us or to the organisations bank account
*subject to the organisation's total holding with us not exceeding £500,000
** You can add to your savings by transfer from your bank account, by cheque or by cash at our Epsom branch. To send additional savings directly from your bank account the banking details you’ll need can be found on the back of your Savings Account Certificate.
The information provided is a summary of the key features of the account and is not intended to be a substitute for reading the Product Features leaflet and General Conditions for our Savings Accounts booklet.
Summary Box
Account Name |
| 2nd Issue Business Saver |
What is the interest rate? | |
| Rate effective from 31 August 2023 | Gross AER1 |
| £50,000+ | 2.75% |
| £1,000+ | 2.65% |
- Interest rates are dependent on balance amount
- Interest is calculated daily and paid annually on 30 June
Can National Counties Building Society change the interest rate? |
| Yes, the interest rate is variable and may be changed. Please refer to Section 14 of the General Conditions for our Savings Accounts booklet for more information on when we may make changes to the interest rate and how this will be communicated |
What would the estimated balance be after 12 months? | |
| Opening balance | Projected balance (Gross) |
| £50,000 | £51,375.00 |
| £1,000 | £1,026.50 |
- These projections assume that the account is opened with the stated amount with no additions or withdrawals made. Projected balance is at the end of 12 months
- All projections are provided for illustrative purposes only and do not take into account individual circumstances
- Actual interest may depend on the date the account is opened and the date that interest is paid
How do I open and manage my account? |
|
Can I withdraw money? |
Please see the ‘Taking money out’ section of the Product Features leaflet for full information |
Additional information |
| TAX STATUS: Interest is paid gross. Your organisation is responsible for any tax payable to HM Revenue & Customs. Interest is paid on 30 June and available from the following day |
This issue may be withdrawn at any time without prior notice.
1 AER stands for Annual Equivalent Rate and illustrates what the annual rate would be if interest was compounded.
All financial information correct on 18 August 2023.
If you need to tell us about the tax-residency of a Controlling Person, please also complete an additional form.
If you have any further account opening queries please contact our New Savings Account Enquiry Team on 03330 140141.
