Business Direct 30


This account type is available to sole traders, partnerships, incorporated organisations, and registered charities. Because of the notice period required in respect of withdrawals, we offer a higher rate than for the instant access account.
 

Summary Box - Key Product Information

What is the interest rate?

  • 0.70% gross, 0.70% AER, where interest applied annually

  • 0.69% gross. 0.70% AER, where interest applied monthly

  • Interest is calculated on a daily basis and will be credited to the account on 31st December annually, or monthly on the last day of the month, depending on which option is taken.

  • Interest can be transferred into another Bath Building Society account, or paid by faster payment into a nominated account if preferred.

Can Bath Building Society change the interest rate?

  • The interest rate is variable, which means we reserve the right to change it to reflect market conditions, to comply with legal or regulatory guidelines or for any reason we deem to be appropriate.

  • 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 General Terms and Conditions leaflet, under Section 7.

What would the estimated balance be after 12 months based on a £2500 deposit?

  • Based on the current rate of interest, if you deposited £2,500 in this account, after 12 months you would have £2,517.50.

  • 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?

  • Accounts are opened by completing a Business savings account application form, available from any Branch, Agency Office, or by contacting our Customer Support Department. Alternatively, this can be downloaded from our website.

  • Personal details are required for all signatories.

  • Identification will be required for all signatories. This is usually obtained through our electronic Equifax search facility. However, in the event that this proves inconclusive then two original or certified forms of identification are needed to prove name and verification of address. Ideally, these will be a passport, driving licence and recent utility bill. All signatories must be over 18 years old.

  • For incorporated businesses, a copy of the Certificate of Incorporation will be required.

  • For charitable organisations a letter from the Charity’s governing body is required stating their intention to open a deposit account with Bath Building Society, advising the names of the signatories and the number required to operate the account.

  • 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 £2,500 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 in the name of the business or charity, or by electronic transfer.

  • Minimum opening balance £2,500. Minimum operating balance £1.

  • Maximum balance £250,000 (for any balances held in excess of this level, an interest rate of 0.00% gross will be paid).

  • A passbook is not issued with this account.

  • It is possible to view all the accounts you hold with Bath Building Society by registering through our website www.bathbuildingsociety.co.uk

Can I withdraw money?

  • You will need to give 30 days notice of your intention to withdraw funds. We will make a charge equivalent to 30 days interest on all withdrawals if 30 days notice is not given. This charge may be taken from the capital investment.

  • All withdrawals 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 should be posted to the Society’s Head Office, alternatively, we will accept instructions from a pre nominated email address.

  • A maximum of 2 withdrawals per calendar month are permitted.

Additional Information

  • This account is a limited issue and can be withdrawn without notice.

  • Applicants are asked to confirm that they have read the FSCS information and exclusion sheets.

  • This is a summary of the key features of the account. You should read both the Savings Accounts and General Terms and Conditions leaflets to ensure you fully understand how your account works.

Version: December 2016

Further Information