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Creating a business savings account

The process of choosing and creating a business savings account is an important step to supporting your business goals. 

To help you get started, we’ve made the process of opening a business savings account as simple as possible. This process may differ depending on the type of account, but generally, you can open your account online, in branch, or by post using these simple steps.

Smiling customer service advisor discussing business savings options with a customer

1. Determine your business savings goals

The first step in opening a business savings account is identifying your business savings goals.

You need to consider:

  • How much you want to save over time
  • The type of account you want
  • How you want to access your savings

We support our customers in identifying and achieving their business savings goals. You can speak to one our specialists in branch or over the phone to discuss your options.

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 2. Choose a business savings account 

We offer a wide range of business savings accounts to support different business needs and goals. Our offerings are:

  • Easy access accounts: These accounts allow you to access your funds at anytime, while still earning interest. They offer the flexibility to deposit and withdrawals freely. Their interest rates are variable, so may be lower than other available options.
  • Notice accounts: Notice accounts require you to give advance notice on any withdrawals. We typically require 30-45 days depending on the account but will usually offer better rates than easy access. 
  • Fixed rate bonds: Fixed term accounts lock your savings for a set period, with a fixed rate. These offer higher interest and are perfect for business owners who don't need to access their savings regularly. 

Find the right product for you

Smiling woman speaking with a customer while holding a business savings application

3. Prepare business information

Before starting your application, whether you complete the form using our online service or in branch, you’ll need to have your business information ready.

You will need to provide details including: 

  • Company registration information (if applicable)
  • Bank or building society account number and sort code in the name of the company
  • Annual turnover (estimated or actual)

If you are unsure on how to find this information, please speak with one of our specialists who will be happy to help.

 4. Submit your application 

Once you have prepared the necessary information, you can apply for one of our business savings accounts online, in branch or by post.

Please note, the online application form must be completed, signed, printed, and either posted to us or returned to your local branch, 

If you have difficulties applying online, please reach out to us by phone or email, or visit us in branch where one of our team members will be happy to help.

Smiling woman checking her business savings account using a mobile phone

5. Wait for a decision

Once you have submitted your application, we will need to review it and confirm your details. 

This may require background checks to verify the information provided by you.

After the decision is completed, we will get in touch with you.

 6. Manage your account

Once your application has been approved, you can start managing your business savings passbook account either online or in branch.

  • Online: Register for our online service to view your balance and monitor account activity. Please note, you will need to visit us in-branch to make deposits or withdrawals.
  • In branch: Visit your local branch to speak directly with one of our specialists. You can make deposits, withdrawals, and manage your account in person.
  • By post: You can also make deposits to your account by sending a cheque to your local branch. Make sure to include your account details to ensure it's processed correctly.

Make an application in branch

If you prefer face-to-face service, you can apply for an account or discuss your options with our business specialist team in branch. 

Our in-branch specialists will help you determine the best solutions to suit your business goals. 

To schedule a face-to-face appointment, simply call, email, drop by your local branch and we'll be happy to assist you. 

Find your local branch
Find your local branch

Send an application by post

To send an application by post, simply fill out our business savings account application form and post it to one of our local branches.

Business Application Form pdf icon

Apply now!

Make an online application or speak with one our specialists to begin the application process. You can get in touch by:

Submitting an enquiry

Fill in our enquiry form and a specialist will get back in touch with you as soon as possible.

Submit an enquiry

Phone

Speak to one of our business savings specialists for assistance with opening an account.

Call us

Email

Email us about your business enquiry and our specialist team will get back to you as soon as possible.

Email us
Frequently asked questions

What are the benefits of saving money as a business?

There are many benefits as to why you should save money as a business. 

By building up your business savings, you can:

  • Plan ahead for improvements to your business, like products, equipment or office space. 
  • Keep a cash reserve in case unexpected costs arise.
  • Cover quieter periods if the business's sales start to dip.
  • Fund training and development for your team to enhance business performance.

How much should I pay into my account?

How much you should pay into your business savings account will depend on the type of account you have, your business goals and how much you plan to put aside.

Here are our minimum and maximum deposit amounts:

  • Easy access accounts: minimum deposit of £250

  • Notice and fixed term accounts: minimum deposit of £1,000

  • All accounts: maximum deposit of £1,000,000

We recommend depositing an amount that works comfortably with your day-to-day and monthly cashflow. 

What type of businesses can open a business savings account?

We accept applications for business savings accounts from sole traders, partnerships, and limited companies of all sizes and structures.

If you’d like to discuss which product is best suited to your business, you can speak with one of our specialists by phone, email, or through our online enquiry form.

What do you need to open a business savings account?

To open your business savings account, you will need to prepare the following information your application: 

You will need to provide details including: 

  • Company registration information (if applicable)
  • Bank or building society account number and sort code in the name of the company
  • Annual turnover (estimated or actual)

If you are unsure on how to find this information, please speak with one of our specialists who will be happy to help.

Which business savings account is best for me?

Choosing the best business savings account for you will be dependent on your business savings goals.

If you want to earn interest while keeping your funds accessible, then an easy access account could be the perfect fit for your business suitable.

Or, if your business’s plan is to lock money away and earn more interest, a notice or fixed-term account could be the better choice. 

Explore our business savings accounts. If you're unsure what to choose, our business savings specialist team can talk you through your options and help match the right account to your goals.

You can get in touch by phone, email or by submitting an enquiry through our online form.