B&C Launches Flexible 1.20% 90 Day Business Savings Account in Response to Market Demand
London, 2 October 2017: In response to client demand, B&C (the “Bank”) has today launched a new savings account for business customers seeking competitive interest rates and flexible terms.
The 90 Day Business Notice Account* is available to limited companies, partnerships, pension funds, trusts charities and clubs seeking simple, clear terms which are free of gimmicks. There is no limit on the number of withdrawals allowed per year. Customers can speak directly with the Bank’s own staff during banking hours.
According to the Office of National Statistics, UK non-financial companies already hold £655bn of currency and bank deposits and two thirds believe they will have a cash surplus next year (ICAEW survey 2017).
Information supplied by independent savings advice site, Savings Champion, indicates that the average interest rate paid on business 90 day notice accounts is 0.51% (as at 28/09/2017).
The key features of the new 90 Day Business Notice Account are:
- Interest rate 1.20% (Variable)
- Minimum Balance £1,000
- Number of withdrawals Unlimited (capital and interest)
- Number of deposits Unlimited
- Rate reduction notice 2 months
- Interest paid Annually
- FSCS protected** Yes (subject to eligibility)
- UK Regulated bank Yes
- Application Postal (free telephone helpline)
The 90 Day Business Notice Account sits alongside our existing business accounts including the Euro 90 day Deposit Account paying 0.40% for those businesses wishing to hold funds in Euros.
Commenting on the launch Edouard Bridel, Head of Business Development, of B&C said:
“This new business savings account aims to support the many relatively small organisations seeking competitive rates without sales gimmicks. We have launched this account in response to requests from clients that we enter this new market segment, keeping our support team available via the telephone and providing FSCS protection. The product joins our growing range of accounts available to retail and business customers.”
* All accounts are subject to applicable terms and conditions and money laundering checks.
** Eligible deposits protected up to £85,000 by the Financial Services Compensation Scheme.