Business 100

Summary Box

Key Product Information

What is the interest rate?

• £0 – £250,000 0.50% AER.
• £250,000+ 0.00% AER.
• From July 01, 2022
• £0 – £250,000 0.65% AER.
• £250,000+ 0.00% AER.
• Interest is calculated on a daily basis and will be credited to the account on the 31st December annually.
• Interest can be transferred into another Bath Building Society account or paid by faster payment into a nominated account if preferred.
• *AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Can Bath Building Society change the interest rate?

• The interest rate is variable, which means we may change it to respond to changes in the Bank of England base rate or changes in law, to meet relevant regulatory requirements, or to respond to changes to codes of practice or changes in our costs.
• We will give you 30 days’ notice in writing before any reduction to the rate is applied.
• Full details of the reasons why we may change your interest rate can be found in the Terms and Conditions brochure.

What would the estimated balance be after 12 months based on a £1,000 deposit?

• Based on the current rate of interest, if you deposited £1000 in this account, after 12 months you would have £1005.
• This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only.

How do I open and manage my account?

• To open an account, simply download an application form (below). Also available from any Branch or Agency, or by contacting our customer service team.
• Identification will be required for all signatories. This is usually obtained through our electronic identity verification service. However, if this proves inconclusive, here’s some popular ways to verify your ID.
• For incorporated businesses, a copy of the Certificate of Incorporation will be required.
• For partnerships where there are more partners than named signatories on the account, a letter will be required, signed on behalf of the firm, advising the names of the signatories, and the number required to operate the account. This letter must be signed by a partner who is NOT one of the named signatories.
• An initial deposit of at least £1 is required to open the account, payable in the name of the account title. This and future deposits can be paid by cheque from a UK bank or building society in the name of the business or by electronic transfer.
• Minimum operating balance £1.
• Maximum balance £1,500,000.
• A passbook is available on request and will be required if you would like to carry out transactions in any of our Branches or Agencies.
• You can also manage all the accounts you hold with Bath Building Society by registering through Bath Online.

Can I withdraw money?

• You will need to give 100 days’ notice of your intention to withdraw funds. We will make a charge equivalent to 100 days’ interest on all withdrawals if 100 days’ notice is not given. This charge may be taken from the capital investment.
• Withdrawals can be made direct to a designated UK bank account by next day faster payment.
• Withdrawals by cheque can also be requested in any of our Branches and Agencies.
• Signed requests should be posted to the Society’s Head Office. Alternatively, we will accept instructions from a prenominated email address.
• A maximum of 2 withdrawals per calendar month are permitted.

Additional information

• Applicants are asked to confirm that they have read the FSCS Information and Exclusions sheet.
• This is a summary of the key features of the account. You should read the Welcome to your Bath Building Society Account brochure to ensure you fully understand how your account works.
• This is a Savings account and should be operated as such. We reserve the right to close your account if it is used solely for the receipt and then withdrawal of funds received from a third party.
• We reserve the right to close an account where a customer behaves inappropriately when using our services. For example, where a customer has used abusive language.