Business Account 12 Month Fixed Term Deposit

Summary Box

Key Product Information

What is the interest rate?

• Bath Building Society offers a choice of 6 or 12 month Fixed Term Deposit.
• 12 months 0.35% AER.
• If you are a business with potential balances over £100,000 please contact us.
• If you are a Charity, a local business or have strong ethical or environmental credentials, please contact us to discuss rates.
• Interest is calculated on a daily basis and will be capitalised on maturity. Interest will be compounded to the account.

Can Bath Building Society change the interest rate?

• The interest rate is fixed throughout the term of the investment and cannot be varied during that period.

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 £1,000 into this account you would have £1,003.50.This figure is for illustrative purposes only.

How do I open and manage my account?

• Available for UK residents only, applicants must be aged 18 and over.
• Accounts are opened by downloading a Business Savings account 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 Equifax search facility. 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 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 £1.00.
• Maximum balance £1,500,000.
• Any balances in excess of £250,000 should be discussed and agreed with Bath Building Society before they are deposited.
• No passbook or statements are produced on this account.
• You can manage all the accounts you hold with Bath Building Society by registering with Bath Online.

Can I withdraw money?

• Withdrawals are not permitted.
• You can however close the account and withdraw the whole balance during the fixed term, subject to a 90-day interest penalty.
• If there is insufficient accrued or paid interest to cover any interest penalty, then the difference will be taken from the money in the account.
• In order to close the account a payment will be made direct to the designated UK bank account, which has been set up in the same name as the Bath Building Society Account by next day faster payment.
• Signed requests to close your account should be posted to the Society’s Head Office, alternatively, we will accept instructions from a pre-nominated email address.