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Newcastle Online Business Saver (for Limited Companies and Limited Liability Partnerships)
Please note: To provide complete and accurate information in relation to the business structure to comply with money laundering regulations, the person who is applying to open the account needs to be either an owner, partner, designated member or director of the company.
Rate
- Available for Limited Companies and Limited Liability Partnerships
- Suitable for short and long-term business savings needs
- Invest from only £1
- Invest up to: £1,000,000
- Apply Online
Summary information
Account Name
Newcastle Online Business Saver (for Limited Companies and Limited Liability Partnerships)
What is the interest rate?
Monthly interest (variable) 3.54% gross pa /3.60% AER
Interest is paid on: Monthly anniversary of account opening.
Annual interest (variable) 3.60% gross pa /AER
Interest is paid on: Annual anniversary of account opening.
Can Newcastle Building Society change the interest rate?
We can change the rate of interest payable on this account. The account is a variable rate account which means that the rate of interest paid may change throughout the lifetime of the account.
Please refer to Section 3 of the Business Savings General Terms & Conditions which sets out the reasons for which Newcastle Building Society may change the interest and the procedure for doing so.
What would the estimated balance be after 12 months of account opening based on a £1,000 deposit?
Monthly (variable)
£1,036
Annual (variable)
£1,036
Please note: This projection is provided for illustrative purposes only and does not take into account the customer’s individual circumstances. This projection is based on an initial £1,000 deposit and no further deposits or withdrawals are made.
How do I open and manage my account?
Opening your account: Online.
Giving us instructions for your account: Online or by telephone.
To open this account your legal business status must be a:
a) Limited Company, or
b) Limited Liability Partnership
And:
- Your business is classed as a micro, small or medium enterprise (SME).
- Is registered in the UK.
- Employs up to 250 employees
- Total balance sheet does not exceed £36.5m
- Have an annual turnover of up to £42.5m
- The eligibility criteria for Financial Services Compensation Scheme (FSCS) deposit protection, which can be found at Eligibility - Prudential Regulation Authority Eligibility - Prudential Regulation Authority (prarulebook.co.uk). Any deposits which fall outside of this criteria will not be eligible to receive FSCS deposit protection and therefore should not be paid in to this account.
Please note, our Business Saver account is for your short and long term business savings needs, it is not suitable for use as a business current account or the day-to-day transactions of running a business.
Minimum opening deposit: £1
Maximum opening deposit: £1,000,000
Maximum account balance: £1,000,000 (plus any resulting interest)
Minimum account balance: £1
Can I withdraw money?
Withdrawals/transfers can be made penalty free without notice.
Additional Information
Tax status: Interest will be paid gross which means no tax is deducted. It is your responsibility to pay any tax due, based on your individual circumstances.
Opening an account: To provide complete and accurate information in relation to the business structure to comply with money laundering regulations, the person who is applying to open the account needs to be either an owner, partner, designated member or director of the company.