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Newcastle Business 60 Day Notice 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 and up to: £1,000,000
- Apply Online
Summary information
Account Name
Newcastle Business 60 Day Notice Saver (for Limited Companies and Limited Liability Partnerships)
What is the interest rate?
Gross interest is the contractual rate of interest, without the deduction of tax. AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year. It is your responsibility to pay any tax due, based on your individual circumstances.
Monthly interest (variable)
3.25% gross pa /3.30% AER
Interest is paid on: Monthly anniversary of account opening.
Annual interest (variable)
3.30% 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)
£1,033
Annual (variable)
£1,033
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: You can open your account online. For existing online customers, please log into your Newcastle Building Society Business account to apply.
Giving us instructions for your account: Online or by telephone.
To open this account your legal business status must be a:
- Limited Company; or
- Limited Liability Partnership.
And your business must:
- Be classed as a micro, small or medium enterprise (SME);
- Be registered in the UK;
- Employ up to 250 employees;
- Have a total balance sheet that does not exceed £36.5m; and
- Have an annual turnover of up to £42.5m.
Please note the eligibility criteria for Financial Services Compensation Scheme (FSCS) deposit protection, which can be found at 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
Minimum Account Balance: £1
Maximum Account Balance: £1,000,000 (plus any resulting interest)
Can I withdraw money?
Withdrawals/transfers can be made subject to you providing us with 60 days’ notice. You cannot make a withdrawal, transfer or close your account with less than 60 calendar days’ notice. Withdrawals subject to loss of interest will not be permitted.
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.
Reimbursement of Authorised Push Payment (APP) fraud
From 7th October 2024, new regulations strengthen protection for customers who suffer financial losses due to Authorised Push Payment (APP) Fraud. If you make a payment on or after 7th October 2024, as result of APP fraud, you may be eligible for a refund. Further information about your reimbursement rights is available on our website at https://www.newcastle.co.uk/authorised-push-payments.