Business Fixed Deposit Account

Business Fixed Deposit Account Inner Page Slide

Business Fixed Deposit Account

Rates
Terms & conditions

Rates

Fixed deposit rates for GBP deposits from 29.11.2023

Business Fixed deposits (GBP) For Balance (£ 10,000 - £ 250,000 )

Period	Gross rate maturity/annual interest	AER
1-<3 Months	0.10%	0.10%
3-<6 Months	0.10%	0.10%
6-<12 Months	1.00%	1.00%
One Year	5.00%	5.00%
Two Years	5.00%	5.00%
Three Years	4.15%	4.15%
Five Years	4.25%	4.25%
Business fixed deposit loyalty rate: +0.50%* Only for renewal of fixed deposits. Only for fixed deposits in GBP.

Fixed deposit rates for USD deposits, effective from 10.10.2022

Period	Gross rate maturity/annual interest	AER
1-<3 Months	0.10%	0.10%
3-<6 Months	0.10%	0.10%
6-<12 Months	3.10%	3.10%
One Year	4.00%	4.00%
Two Years	4.10%	4.10%
Three Years	4.10%	4.10%
Five Years	0.00%	0.00%

Fixed deposit rates for EUR deposits are withdrawn from 17th August 2020

* The Annual Equivalent Rate (AER) illustrates the interest rate if it were paid and compounded once each year.

Terms & conditions

Business Fixed Deposit Terms and Conditions.

Business Fixed Deposit

Account name

Business Fixed Deposit

Interest rates

For current interest rates visit:
www.sbiuk.com/personal/interest-rates

Tax status

All the interest we pay you, on or after April 6, 2016 will be without any tax deducted ie paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.

What would the estimated balance be on the date the fixed deposit matures based on a £10,000 deposit?

On a deposit of £10,000, the estimated balance would be:

Term	Initial Deposit	Estimated Balance
1 Year	£10,000	£10,500
2 Years	£10,000	£11,025
3 Years	£10,000	£11,297
5 Years	£10,000	£12,313

This is based on:

Interest calculated and compounded annually.
£10,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made until the end of the term.
The amount of the deposit at the end of the term.

Conditions for bonus payable

There is no bonus available on this account.

Withdrawal arrangements

Withdrawals and closures are not permitted during the term of the Business deposit. Funds must remain in the account until maturity

Access

In branch, post or online.

Business Fixed Deposit is available only for micro-enterprises, which are incorporated in the European Economic Area (EEA). A Micro-enterprise is a business that employs fewer than 10 persons and has a turnover or annual balance sheet that does not exceed €2mn
The minimum amount you may place in a Business+ Fixed Deposit is £10,000 or $50,000. The maximum amount that can be invested in this deposit is £10,000,000 and in equivalent currencies.
All deposits must be in Sterling or US Dollars.
The period of the deposit is between 1 year and 5 years
Withdrawals and closures are not permitted during the term of the Business deposit. Funds must remain in the account until maturity**.
If you do not have a Business Savings / Current Account with us, you need to open one to avail the Business Fixed Deposit.
New customers must send the amount of deposit by a CHAPS/Faster payment/Cheque from their business bank account held with another bank or financial institution. Customers who hold an account with us can send instructions to transfer funds from their account with us to their Business Fixed Deposit. The deposit will be paid back to the account of the company with the institution from where the funds were received.
You cannot add additional amounts to your Business Fixed Deposit. However, you can open more than one Business Fixed Deposit, subject to availability of the scheme.
Interest can be paid out on an Annual / Maturity basis. If you have chosen the Annual Interest option, the interest will be paid out to the business account, while in the Maturity Interest option the interest will be paid at the end of the term of the deposit.
The interest rate is fixed for the entire period of the deposit.
This Deposit scheme is available for a limited period and may be withdrawn at any time at the discretion of the Bank.
In exceptional situations, an early withdrawal request may be considered in line with the bank's internal policy. This policy is subject to change and the bank will confirm the current terms for early withdrawals at the time of your request. Early withdrawal requests are accepted at the bank's discretion and are subject to a penalty and may result in no interest being paid. In the event of death or bankruptcy, the capital value and accrued interest. Please refer to our General Terms and Conditions for more details.
Please ask at the branch for the application form and information regarding documents required for the account.
Please click here for information on our General Terms and Conditions** of Service.