Business Savings Accounts FAQs

To qualify for a business savings account, your business or organisation must meet the following criteria:

• Be based in the United Kingdom
• All owners, Directors and partners must live in the UK and be over 18 years of age
• Meet the criteria of having fewer than 250 employees and either a total balance sheet of less than £36.5m and/or a turnover of less than £42.5m

The following business categories and organisations are not eligible to open a Newcastle Building Society business savings account:

• Pension schemes
• Local authorities
• Trusts, charities and foundations including church bodies and places of worship
• Clubs and societies

Our business savings account eligibility criteria also restricts access to entities involved in the following:

• Trading with and/or operating in the below sanctioned countries – Iran, Syria, North Korea, North Sudan, South Sudan or Crimea
• Customers trading with, including key suppliers located in, the following Countries; Syria, North Korea, North Sudan, South Sudan, Crimea and Iran.
• Have an ownership structure of no more than four tiers
• No bearer shares within the ownership structure
• Not to be used as a client deposit account (funds MUST belong to the business)
• Are a ring-fenced institution
• Are a shell bank, unlicensed bank, consumer credit agency or Scottish Limited Partnership
• Money service business activities (including where operating as a secondary business activity)
• Involvement in human trafficking
• Involvement or suspected involvement in money laundering, terrorist financing, WMD proliferation or tax evasion activities

You can apply online at the Business Savings account page on this website.

To comply with our regulatory obligations, an assessment of your business will be carried out.  This may involve checking external databases to verify your information. 

The assessment will include an identity search, which will verify all Directors, partners, proprietors and ultimate beneficial owners (known as Person(s) of Interest).

If our electronic searches can verify all Person(s) of Interest associated with your application, and your business meets our eligibility criteria, an account will be opened. If we require additional information to open your account, we will contact you via the email address you have provided in your application.

The Person(s) of Interest electronic identity searches are carried out through credit agencies in line with UK Money Laundering Regulations, to ensure the information provided in the application is correct.  These searches won’t affect your credit score and won’t be used by lenders to assess credit applications.

In order to perform assessments on your business, for a Limited Company & Limited Liability Partnership, we will verify your company information against the public database held on Companies House.

For more details, please read our Privacy Policy.

No, our electronic searches won’t affect your credit score.

We will conduct electronic identification checks to verify the identity of all Person(s) of Interest. If we are unable to verify these details, we will contact you in order to request further information.

We may also ask for documentation to prove ownership of your linked nominated bank or building society account.

Details about the documents we may ask for as proof can be found on our Documents to prove your identity and address page. 

As we will carry out automated checks on ALL Person(s) of Interest (connected to the application) and the business itself, the outcome of your application may vary.

All Applications

• You will be presented with a nine character reference number once you have completed the application. If you have not received this you may not have fully completed the form online

Automated Application Approval

• If the application passes all automated identity and residency checks, including business verification, you will receive an email containing your new account information and how to fund your account.
  
  A welcome email will be sent soon after the account has been opened, which will contain your User ID required to log into your online account. A welcome letter will also be sent within three to five working days to your correspondence address stated in the application.
  
  Please note all new accounts must be funded within 30 days of application approval (in line with the minimum product deposit T&Cs)

Automated Application Referral

• If we require further information in order to approve your application, we will send an email to the email address provided to request further information. This will be sent within 48 hours of your application
   
• You will also receive an email confirming your application reference with any additional details we may require to open your account

All customers must provide a nominated UK business bank account, which must be in the name of the business you are applying for.

All withdrawals by Faster Payment will be sent to your nominated business bank account.

We may ask you to provide a business bank statement to validate your nominated bank account. 

Your bank statement must:

• show your full business name and business address,
• show your sort code and account number,
• be dated within the last 3 months, 
• show activity during this period,
• not have a zero balance or be a closed account.

A new EU Payments Services Directive (PSD2) was introduced across the financial sector in January 2018.  The main purpose of PSD2 is aimed at providing greater customer protection when transacting online.

Strong Customer Authentication (SCA) supports the implementation of PSD2 by introducing additional security features designed to support both consumers and financial institutions, which will enhance online security when making payments.

SCA supports the EU Payments Services Directive (PSD2)  by providing a second independent source of validation whenever customers are attempting to make online payments, known as two-factor authentication.

The Newcastle Building Society SCA Framework has been designed to issue an authentication code, via letter, for all nominated bank account amendments, including the account open process.

To verify the SCA code, log in to your online account where you will be presented with guidance on how to verify your nominated business bank account.

All SCA codes are valid for 28 days and must be actioned prior to any debts being permitted from the account.

As soon as your business savings account is open and ready for your first deposit, you can fund your account by using your nominated business bank account.

If your account cannot be opened automatically and requires further information, we will write you to confirm your account details when they are available.

As you're making an electronic transfer from your nominated business bank account, you'll need to quote the following details:

Faster Payments / BACS (Bankers Automated Clearing Service)

• Beneficiary: Your full business name
• Sort code: 23-59-54
• Account number: 00000008
• Reference: Your Newcastle Building Society account number. Your Newcastle Building Society account number. Your account number is a 13-digit account number which can be found in your welcome letter or by logging into your account online. Please ensure that your account number is entered exactly as shown including any uppercase letters.

We participate in the Confirmation of Payee (CoP) scheme. The CoP scheme is designed to reduce fraud and prevent payments from being sent to the wrong accounts, by requiring name checks to be carried out between bank or building society accounts.

When you set up a new nominated linked account, we will ask the account provider to check that the name on the nominated linked account matches your business name. If the information does not match, we will ask you for proof that the proposed nominated linked account is in your business name before you can add it.

Visit our Confirmation of Payee page for further information.

For further information on Confirmation of Payee please visit UK Finance or Pay UK.

You can invest from a deposit of £1 up to £1million.

All accounts have to be funded within 30 days.  If the account is not funded within this time scale, the account will be closed automatically. 

A customer has the 'Right to Cancel' within 14 days of the date of which the account has been funded. 

The written/verbal request from the Account Holder (Company) MUST be received by Newcastle Building Society within 14 days of account opening.

After 14 days complex product accounts are subject to 'Breakage Costs' as per the Terms and Conditions specific to the account.

Yes, you may hold more than one account.

Only in the following two scenarios:

• Internal accounts held in the same business name via the same User login
• Back to your nominated business bank account

1. Go to our business savings account online login page
2. Enter your User ID and the password you chose on your application
3. Follow the instructions to proceed

No, the Newcastle Building Society business savings account does not have any charges. 

All accounts are available online. To view a statement you will have to log in to your online account and select the statement option.

If you wish to amend either the business name or business address, you will need to complete an amendment form and sent this in to us, along with relevant supporting documentation.

You can access all amendment forms by logging in to your online account. 

Please send your amendment form to:

RUCA-KYCL-CRSE
Newcastle Building Society Business Savings
PO Box 931
Wallsend
NE28 5EP

Alternatively, please give us a call on 0345 609 9292 and a member of our team will be happy to help. Lines are open between 9am – 5pm, Monday to Friday.

In order to amend your nominated business bank account, you will need to log into your online savings account. 

Once logged in, you will need to download, print and complete the Change of Nominated Business Bank Account form and send it to us at:

RUCA – KYCL - CRSE
Newcastle Building Society Business Savings
PO Box 931
WALLSEND
NE28 5EP

Please note that, along with this form, you must also send a statement of your new business bank account to validate your nominated bank account.

Your bank statement must:

• show your full business name and business address,
• show your sort code and account number,
• be dated within the last 3 months, 
• show activity during this period,
• not have a zero balance or be a closed account.

The bank details must match those in the amendment form, otherwise your request will not be processed.  

To add a Director/UBO/Partner/Designated Member to your business savings account, log in to your online account, download, print and complete the Business Amendment form.

Once completed, send the form, along with the relevant identification for the new person who is being added, to us at:

RUCA – KYCL - CRSE
Newcastle Building Society Business Savings
PO Box 931
WALLSEND
NE28 5EP

To remove a Director/UBO/Partner/Designated Member from an online Newcastle Building Society business savings account, log in to your online account, download, print and complete the Business Amendment form.  

If possible, the person who is being removed should sign the form along with a person who will be remaining on the account. Once completed, send the form to us at: 

RUCA – KYCL - CRSE
Newcastle Building Society Business Savings
PO Box 931
WALLSEND
NE28 5EP

Please note that in some instances, such as the removal of a Director from a company, where Companies House clearly shows that the person has been removed from the company, their signature will not be required.

If you wish to speak to a member of staff regarding your online business savings account, please call us on 0345 609 9292. Lines are open between 9am – 5pm Monday to Friday.

Alternatively, you can email us at sme.support@newcastle.co.uk

If you are experiencing issues when attempting to log in to your online business savings account, please call us on 0345 609 9292. Our lines are open between 9am – 5pm, Monday to Friday.

To change your User ID, log into your online account, select Change Details and then Change your Username.

Alternatively, you can contact us on call us on 0345 609 9292 to request a User ID change. Lines are open between 9am – 5pm Monday to Friday.

Your User ID will be provided via an email once your online business savings account has been opened.

If you have lost this information, please contact us on 0345 609 9292. Our lines are open between 9am – 5pm, Monday to Friday.

To close your account, we require written confirmation to be sent to us at the following address:

RUCA – KYCL - CRSE
Newcastle Building Society Business Savings
PO Box 931
Wallsend
NE28 5EP 

Please note, the letter must be signed by the Authorised User (individual who applied for the account), and the closing balance will be sent to the nominated business bank account.

Alternatively, the Authorised User can log into their online account and close the account by using the Close Account function.

Financial regulators require financial institutions to perform ongoing due diligence on a periodic basis throughout the lifecycle of an account.

Newcastle Building Society conduct Periodic Reviews to ensure that existing customer information is accurate and up to date.

Only in the following two scenarios:

• Internal accounts held in the same business name via the same User login
• Back to your nominated business bank account

You will receive an email to confirm that your deposit has been allocated to your account.

Your initial deposit must be made within 30 days of the date your account was opened.

Failure to fund your account within the 30 days will result in your account being closed.

You can fund your account by using your nominated business bank account.

As you're making an electronic transfer from your nominated business bank account, you'll need to quote the following details:

Faster Payments / BACS (Bankers Automated Clearing Service)

• Beneficiary: Your full business name
• Sort code: 23-59-54
• Account number:  00000008
• Reference: Your Newcastle Building Society account number

All withdrawals must be made by a transfer to your nominated business account, which must match the account held on file.

No. Although you can credit your online business savings account prior to authenticating your nominated business bank account, in order to make a withdrawal, you must input the SCA authentication code while logged in to your online account.

When transferring funds from your business savings account to your nominated business bank account, all payments will be made the same day.

Yes, all payments made from your business savings account to your nominated business bank account will be transferred via a faster payment.

Please note, you are unable to make 3rd party faster payments.

No. The account has been designed for business savings only, and is not intended for day to day business purposes.  

The funds will be transferred back to the originating bank account.

The funds will be transferred back to the originating bank account.

If the funds are received before 2pm, they will be transferred back to your nominated business bank account the same day.  

If the funds are received after 2pm, they will be returned to your nominated business bank account the following day.

Our online accounts are a safe and convenient way to manage your finances online and these details refer to all products that can be viewed or managed online.

We take every step we can to protect your money but it is important that you take precautions to safeguard your account. To find out more simply click here.

It is important that only you know your account password. Please contact us by telephone to reset your password.

Our number is 0345 609 9292 and lines are open between 9am – 5pm, Monday to Friday.

We take security seriously at Newcastle Building Society, but there are a number of precautions that you also need to take, to minimise the risk of unauthorised access to your account and data, as we have no control over the environment in which you access our services. 

Please note that the Society cannot be held liable for unauthorised use of your User ID/Password information, so it is important that you take precautions to ensure that this information is known only to you.

Please click here for more information.

Please contact us directly via telephone to discuss your concerns.

Our number is 0345 609 9292 and lines are open between 9am – 5pm Monday to Friday.

Please contact us directly via telephone. Our number is 0345 609 9292 and lines are open between 9am – 5pm, Monday to Friday.

• Sole Trader – The account will be closed with the proceeds going to the executor/beneficiary of the Will
• Partnership – For a two party partnership the account will be closed. Where there are more than 2 individuals connected to a partnership account, the deceased will be removed and the account will remain open for the remaining Partners
• LTD/LLP – When there is more than one individual connected to the account, the deceased will be removed. If the deceased is a sole Director, the account will be closed

To notify us of a death, please call us on 0345 609 9292, our lines are open between 9am – 5pm, Monday to Friday.

Once we have been notified of a death, a pack containing instructions and document requirements will be issued.

If you open a new Business Savings account or you have existing account(s) these Business Savings account(s) will be covered by the Financial Services Compensation Scheme (FSCS) providing you meet the eligibility criteria.

Find out more about the FSCS scheme.

You can find this information on this website, by visiting our Interest Rates page.