Client 100


This 100-day notice deposit arrangement is available to sole traders, partnerships and incorporated organisations, Suitable for the deposit of client money only.

 

Summary Box - Key Product Information

What is the interest rate of each account?

  • £0-£250,000                              0.70% AER

  • £250,000 and above                0.00% AER

  • Interest is calculated on a daily basis and will be credited to the account either on the last working day of the month or 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.

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 General Terms and Conditions leaflet, under Section 7.

What would the estimated balance be after 12 months based on a £1000 deposit?

  • Based on the current rate of interest, if you deposited £1000 in this account, after 12 months you would have £1007.

  • 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 savings 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 and identification are required for all signatories and persons with significant control. This is usually obtained through our electronic Equifax search facility. However, if 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 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 each 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 by electronic transfer.

  • Minimum operating balance £1 for each account.

  • Maximum balance £500,000 for each individual account.

  • The total aggregate value of all client accounts held with the Society must not exceed £5,000,000.

  • 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.

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

How do I deposit money

  • Payments into this account can be made by electronic transfer to

Sort Code: 62-30-45

Account Number: 00000000

Reference Number: Your Client Account Number

  • Alternatively, you can pay in funds through any of our branches or agencies.

How do 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.

  • A maximum of 2 per calendar month per account are permitted

  • 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.

  • Online transactions can only be made by the nominated users specified on the account application form. The Society cannot carry out transactions on your behalf.

  • 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.

Additional Information

  • This account is a savings account and must not be used for multiple monthly transactions like a current account. It isn’t a Payment Account for the purposes of the Payment Services Regulations 2017.

  • The Society reserves the right to restrict the availability of new individual accounts at any time.

  • You are expected to confirm that your client(s) have read and understood 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: September 2019

Further Information