Business Saver (7 day notice)

  • Interest rate:

    2.00% Gross/AER variable

  • Manage your money:

    In branch

  • Accessing your money:

    7 days notice

Summary box

Our savings accounts are available to those living in England or Wales. You should read this product information alongside our Savings Terms and Conditions and ID for Customers leaflets. 

What is the interest rate?

Account balance: Interest rate (Gross/AER variable):
£500+

2%
£25,000+ 2%
£50,000+ 2%
£100,000+ 2%
£250,000+ 2%
  • If the balance falls below the minimum opening balance, a variable rate of 1.50% gross/AER will be paid.
  • Rate of interest payable depends on individual circumstances and may be subject to change in the future.
  • Interest is variable and calculated daily and paid annually on 31 October or upon closure. Annual interest can be credited to this account to another Newbury Building Society account (in the name of the company) or paid out via BACs to the company’s nominated bank account.

Can Newbury change the interest rate?

  • Interest rate is variable so can be changed as explained in our Savings Terms and Conditions.
  • We will let you know if the rates go down by letter, email or by secure message through our myaccounts online system.

What would the estimated balance be after 12 months?

Account balance: Estimated balance:
£500+ £1,020.00 (based upon a deposit of £1000)
£25,000+ £25,500.00 (based upon a deposit of £25000)
£50,000+ £51,000.00 (based upon a deposit of £50000)
£100,000+ £102,000.00 (based upon a deposit of £100000)
£250,000+ £255,000.00 (based upon a deposit of £250000)

These estimations are for illustrative purposes only and do not reflect individual circumstances. 

How do I open and manage my account?

  • This account is available to Limited Companies (LTD) or Limited Liability Partnerships (LLP) whose trading address is in England or Wales.
  • This account can be opened and operated in branch. Once opened, the account can be operated online (subject to only one signature being required for withdrawals).
  • The minimum opening and operating balance is £500.
  • The maximum opening and operating balance is £1,500,000.
  • Deposits can only be made be cheque or by electronic transfer (from the company bank account).

Can I withdraw money?

7 day’s notice is required for all withdrawals; there is no option to withdraw early with a penalty. Once notice has been given, withdrawals can be made:

  • By cheque against cleared funds in branch.
  • By electronic payment in branch to your nominated account (up to £50,000).
  • Via the myaccounts online service to your nominated account (up to £50,000).
  • By CHAPS for electronic payments to your nominated account (over £50,000).
  • The minimum withdrawal allowed on the account is £1,000.

Additional information

  • Tax status – From 6 April 2016, HMRC introduced a Personal Savings Allowance for individuals and as a result interest on savings is paid gross of tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. For further information go to www.gov.uk.
  • Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.

  • We will not accept companies in the following sectors: high value goods*, precious metal/stone dealing, gambling, arms dealing/military services, digital currency providers, foreign exchange, money service businesses.
  • We will allow the addition of interest to exceed the maximum balance.
  • Up to four signatories can be added onto the account. We will require identification for all parties on a savings account, please see our ID for customers leaflet for details.
  • We will require personal details of all individual beneficial owners who own or control more than 25% of the entity’s shares or voting rights or who otherwise exercise control over the management of the entity.
  • We require a minimum of one Director or Partner who ultimately has responsibility for authorising the opening of and making of any amendments to the account.
  • You can register with myaccounts our online service to view your accounts online, use secure messaging and request online withdrawals to your nominated bank account (subject to only one signature being required for withdrawals). Online withdrawal and electronic payment requests for sums up to £10,000 made between 9am and 5pm on Business Days (Monday to Friday excluding Bank Holidays), will be processed on the same day. Requests for sums over £10,000 and up to the maximum £50,000 made between 9am and 3pm on Business Days, will be processed the same day. Requests after 3pm will be processed on the next Business Day.
  • Online withdrawal access is not available to accounts with a nominee or executor. These types of accounts can be operated in branch.
  • To operate the account online, withdrawals and closures must be able to be authorised by any one of the signatories, acting on their own, using the myaccounts service. This mandate must be specified within the Resolution of the Board and on the application form.
  • For more information regarding our online service, electronic payment and CHAPS service see our Savings terms and conditions, these can be accessed in branch and online at www.newbury.co.uk.
  • There are no charges for the normal operation of this account. See our Savings Terms and Conditions for more information.
  • As this account is a deposit account (not a share account), when you open it neither you, or any other named party on the account will become members of Newbury Building Society.

*A firm trading in goods (e.g. cars, jewellery and antiques) that accepts cash of £10,000 or more in payment (whether in one go or in several payments that appear linked).