Our business accounts offer the opportunity to save any surplus funds within your company and earn interest on your money without incurring account fees. Some of our customers find them an ideal option for setting money aside for major expenses such as your VAT and tax bills. Ask our team for details.
The Society is required by the Financial Conduct Authority to provide you with certain key information about this account in the form of a Summary Box. You should read this to enable you to make an informed decision and compare our product with those of other providers. Below, you have the option to download and print or save the full summary box, view elements of it one-by-one, or expand the accordion further down this page and view the full product details in one go.
This might suit you if
- You have surplus funds within your business that you would like to earn interest on
- You want to put cash aside to cover expenses like your VAT and tax bills
- Please note, though, that these accounts are not designed to replace the day-to-day functionality of a business current account
Postal Business Account
1.75%
Variable / Gross*/AER**
Save from £1,000
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*Gross rate – the contractual rate of interest to be paid on a savings account without any deduction being made in respect of potential tax liability. **AER - stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
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Summary Box
Postal Business.
1.75% Gross* / AER** for balances over £1,000.
Balances under £1,000 will attract the lowest rate from the Instant Access Account.
Interest is calculated daily and added annually on 31st December at close of business.
Yes, the interest rate for this account is variable.
Refer to the Postal Business and General Savings Terms & Conditions and the The Framework Contract for Payment Services for full details.
£1,017.50
This figure is for illustration purposes only, and assumes no further deposits, withdrawals or interest rate changes.
Available to UK Residents and UK Tax Residents.
Please contact the Society and request a pack to be sent to you. Complete the application form, relevant declaration(s) and provide necessary identification then forward together with the initial deposit (payable to the account name) to the Society’s office.
The minimum opening deposit is £1,000.
Transactions by cheque via postal savings department. A prepaid envelope will be provided after each transaction. Transactions at the counter are not permitted.
Yes, notice and penalty free withdrawals are permitted. You can normally make a withdrawal on demand for any amount by cheque, subject to adequate cleared balance and written instruction signed by the relevant signatory(ies).
Refer to the Postal Business and General Savings Terms & Conditions and the The Framework Contract for Payment Services for more information on withdrawals.
*Gross rate – the contractual rate of interest to be paid on a savings account without any deduction being made in respect of potential tax liability.
**AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
How to apply
If you wish to open a Postal Business Account, please contact the Society to request an opening pack to be sent to you.
