Saving & deposit options
- Business Instant Access Reserve
- Treasury Reserve
- Direct Reserve
- Tax Saver
- Treasurer's Account
- Bonus Reserve
- Liquidity Manager Notice Accounts
Clients' Monies
Useful information
Tax Saver
Plan for future tax expenses by saving today
When your business has to find funds to satisfy a tax bill, it can have a serious effect on your cash flow – especially if the sum is larger than you anticipated. We recognise the challenges associated with business tax and have created Tax Saver, a flexible business deposit account, to help you save to meet tax bills.
Tax Saver Account Benefits
- Plan your cash flow – take the stress out of tax bills by setting funds aside regularly
- Instant access 24/7 – enables you to access your funds to pay your tax bills or deal with other business expenses that may arise
- Receive interest of 0.05% gross/AER on balances over £1 – interest is calculated daily and paid quarterly
- Plus earn a quarterly interest bonus – if you make no more than 3 withdrawals per quarter
- No minimum or maximum balance
- No monthly account fees
The account is available to business customers with a group turnover of less than £25 million in the 12 months prior to account opening.
| Amount | Gross Rate % p.a. | AER% | Net Rate % p.a. | New rates effective from |
|---|---|---|---|---|
| Tax Saver: Including standard quarterly interest bonuses | ||||
| £2,000,000 + | 0.55 | 0.55 | 0.44 | 01/07/2009 |
| £250,000 - £1,999,999 | 0.55 | 0.55 | 0.44 | 01/07/2009 |
| £100,000 - £249,999 | 0.55 | 0.55 | 0.44 | 01/07/2009 |
| £25,000 - £99,999 | 0.55 | 0.55 | 0.44 | 01/07/2009 |
| £10,000 - £24,999 | 0.55 | 0.55 | 0.44 | 01/07/2009 |
| £2,000 - £9,999 | 0.55 | 0.55 | 0.44 | 01/07/2009 |
| £0 - £1,999 | 0.55 | 0.55 | 0.44 | 01/07/2009 |
| Tax Saver: Excluding standard quarterly interest bonuses | ||||
| £2,000,000 | 0.05 | 0.05 | 0.04 | 01/07/2009 |
| £250,000 - £1,999,999 | 0.05 | 0.05 | 0.04 | 01/07/2009 |
| £100,000 - £249,999 | 0.05 | 0.05 | 0.04 | 01/07/2009 |
| £25,000 - £99,999 | 0.05 | 0.05 | 0.04 | 01/07/2009 |
| £10,000 - £24,999 | 0.05 | 0.05 | 0.04 | 01/07/2009 |
| £2,000 - £9,999 | 0.05 | 0.05 | 0.04 | 01/07/2009 |
| £0 - £1,999 | 0.05 | 0.05 | 0.04 | 01/07/2009 |
Please note: quarterly interest bonuses are payable when you make no more than three withdrawals per quarter. Please see the table below for bonus rates. | ||||
The bonus rate is fixed, however the standard rate of interest is variable.
Gross rate - is the interest rate paid before the deduction of tax.
Annual Equivalent Rate (AER) - illustrates what the interest rate would be if paid and compounded each year.
Net Rate - is the interest rate paid after deduction of tax.
Interest is calculated daily and applied quarterly.
Interest is subject to variation.
Rates effective from 1July 2009