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Apply for a Easy Access Business Account

Your money, when you need it

At Shawbrook our Easy Access Business Account really is easy. You can make withdrawals any time (subject to a minimum withdrawal amount) without giving us notice, you can add funds whenever you like (up to the account maximum balance), and you manage your account online. Interest is paid annually or monthly - it’s your choice.

Easy Access Business Account Issue 1
AER
1.05%
Gross
1.05% Annually
1.04% Monthly

 

Before you apply for an easy access account for businesses, it’s important that you understand the nature of the account and the terms applying to the product. Please read the product summary below and the 

Account Name

Easy Access Business Account - Issue 1

 

What is the interest rate?

Interest rate for balances of £1,000 or more:

Annual Interest (Variable) 1.05% Gross / AER
Monthly Interest (Variable) 1.04% Gross / 1.04% AER

Interest rate where the balance falls below the minimum account opening balance;

0.05% Gross/AER (Variable)

Interest is calculated daily. Your interest will be paid on the anniversary of the date of receipt of your first deposit – this will be either monthly or annually depending on the product you choose. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day.

 

Can Shawbrook Bank change the interest rate?

The Interest rate is variable and may be altered in accordance with the account Terms and Conditions.

 

What would the estimated balance be after 12 months based on a £1,000 deposit?

A deposit of £1,000 at an annual Gross rate of 1.05% (variable) would generate an estimated balance of £1,011 in one year - This is for illustrative purposes only.

(This illustrative example assumes no withdrawals, no changes to the variable interest rate over the period and interest is paid annually on a cleared deposit. Interest is rounded to the nearest pound. The illustrative example does not take into account the individual circumstances of a customer.)

 

How do I open and manage the account?

  • The account is only available if you are a Sole Trader, Limited Company, Partnership or Limited Liability Partnership (LLP).
  • To open an account, you must be a UK-based business where all directors and beneficial owners of that business are aged 18 or over, resident in the UK and only tax resident in the UK.

  • Only 1 Easy Access account is permitted per business.

    Apply online if you:

  • Are a Limited Company (Limited by Shares or Limited by Guarantee) that has not appointed a corporate director, has at least one Person with Significant Control registered at Companies House and no more than four shareholders or;

  • Are a Sole Trader or Partnership (excluding Limited Liability Partnerships) and;

  • You have no more than four signatories authorised to operate the account and do not hold an existing business savings account with us. Once your account has been opened online, you can operate the account through secure message or by telephone on 0345 266 6611.

    Apply by post if:

  • You do not meet the above criteria. Your application will need to be sent to Shawbrook Bank, Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex, CM13 3BE. Once your account is opened it can be operated by post or by telephone on 0345 266 6611

  • Minimum account opening balance of £1,000.

  • Maximum account balance of £1,000,000.

  • The account is not available to Charities or Trusts.

Apply by post

 

Can I withdraw money?

  • No limitation on the number of withdrawals. No notice of withdrawal required.
  • Withdrawals and deposits can be made at any time to and from your nominated account only.
  • The minimum account withdrawal amount is £500. (Where a withdrawal request is received prior to 2:30pm on a working day, your funds should be received into your nominated account on the next working day.)

 

Additional Information

  • Interest is paid Gross

 

The information provided above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account. 

 

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.uk

 

Terms Explained

AER. This stands for Annual Equivalent Rate. If you left a sum of money in your account all year, the AER would be the interest rate you’d get if we paid you interest during the course of the year and your subsequently higher balance then earned more interest (this is known as Compound Interest). The AER will only be higher than the gross interest rate where we pay you interest more than once a year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.

GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.

 

Regulation 

Shawbrook is authorised by the Prudential Regulation Authority and regulated by​ the Financial Conduct Authority and the Prudential Regulation Authority. The FCA & PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more at www.fca.org.uk or www.bankofengland.co.uk/prudential-regulation

Business Easy Access Account

Savings that work as hard as you do

You never know what’s around the corner, it’s good to have some of your business savings easily available should you need it? With our Business Easy Access Savings Account, you get consistently competitive rates alongside total flexibility. Withdraw cash or add to your savings whenever you like.

Like everything we do at Shawbrook, it’s clear, simple and gimmick-free.

Easy Access Business Account Issue 1 Summary PDF
AER
1.05%
Gross
1.05% Annually
1.04% Monthly
Min Balance
£1,000
Max Balance
£1,000,000
Terms explained

AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.

GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.

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