• 1.00% AER variable on GBP accounts for balances above £10,000
  • 1.00% AER variable on USD accounts for balances above $10,000
  • No annual fee*
  • Convenient and instant access to your funds.

*Requires a minimum monthly average balance.

Rates applicable from 8th July 2019

Balance Amount Gross rate AER*
£0 - £9,999.99 0.00% 0.00%
£10,000- £5,000,000 1.00% 1.00%
£5,000,000+ 0.00% 0.00%

Balance Amount Gross rate AER*
$0 - $9,999.99 0.00% 0.00%
$10,000 - $8,000,000 1.00% 1.00%
$8,000,000+ 0.00% 0.00%

Terms & conditions Business Savings Account

Business Savings Account
Account name Business Savings Account
Interest rates For current interest rates visit:
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
What would the estimated balance be after 12 months based on a £10,000 deposit? On a deposit of £10,000, estimated balance would be £10,100.

This is based on:
  • Interest calculated daily and compounded monthly.
  • £10,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
  • The interest rate as detailed on www.sbiuk.com/personal/interest-rates and doesn't take into account any changes in the rate of interest over the 12 month period
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalty for withdrawal.
Access In branch, post or online.

  1. Available only for micro-enterprise, which are incorporated in the European Economic Area (EEA). A Micro-enterprise is a business that employs fewer than 10 persons and has a turnover or annual balance sheet that does not exceed €2mn

  2. All businesses are required to provide satisfactory account opening documents. Please check www.sbiuk.com for further details on the list of documents required.

  3. Annual fee will be waived subject to minimum monthly average balance requirement of £10,000 for GBP accounts and $100,000 for USD accounts.

  4. For GBP Business Savings Account, if the minimum balance of £10,000 is maintained, you can make up to 25 free transactions each month, after which standard charges apply. Free transactions include depositing cheques, standing orders and transferring funds transfers faster payments.

  5. Interest is paid on the last working day of the month. If you place an outward transfer on a non-working day or withdraw funds from your account, after interest has been credited for the month, the system will adjust any overpaid interest to your account to reflect the change in balance at the end of the next month.

  6. The monthly minimum balance is based on the previous month’s average balance, by totalling the daily balance in the previous month and dividing this by the number of days in the previous month.

  7. Interest will not be paid on balances below £10,000 or above the maximum balance of £5 million for all GBP accounts and below $10,000 or above the maximum balance of $8 million for all USD accounts.

  8. Account can be managed in the branch, by post or by using the online banking facility provided with the account.

  9. We review the accounts on regular basis, and if the eligibility criteria are not met, we may ask to change the account type by serving notice in accordance with the General T&Cs.

  10. Please refer to our General Terms & Conditions and Tariff of Charges * for further information.

> Apply now – download an application form

*Terms and conditions apply

**Subject to a minimum monthly average balance requirement.

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