1 Year Fixed Rate Business Bond

The interest rate is fixed at 4.25% gross*/AER** for one year from the date the bond is opened.

At the end of the fixed rate term, your account will automatically become an Easy Access Business Deposit account or the nearest equivalent available at that time. You can find the current rate payable on this account by visiting our Interest Rate History page (hrbs.co.uk/interest-rate-history/)

Interest will be paid on 1 December each year.

The interest rate is fixed and cannot be changed during the one year term.

Based on an initial deposit of £1,000.00, with interest added annually, the estimated balance would be £1,042.50 at the expiry of the one year fixed rate term.

These figures are provided for illustrative purposes only and assume that no further deposits or withdrawals are made and there is no change in the interest rate. They do not take into account your individual circumstances.

Available to UK registered Private Limited Companies, Sole Traders, Partnerships and Unincorporated Associations (excluding Clubs, Societies and Trusts).

This account can be opened by post or at any of our branches and agencies. You can also manage your account by telephone. Complete the application form and the declarations and consents. Take the completed documents, your deposit and the required identification to one of our branches or agencies, or post them to us at the address in this document.

At least one Director must be a signatory, with a maximum of four signatories to the account. For partnerships, all Partners must be signatories to the account.

The minimum deposit required to open this account is £1,000 and the maximum deposit is £500,000. The opening deposit must be by a cheque drawn on the company’s bank account and payable to your company name, or by electronic funds transfer from the company’s bank account. Cash deposits are not allowed to be paid into the account.

Please note, the minimum deposit must be credited to your account within 5 working days of the account being opened. If you fail to do so, you will be required to restart the application process.

The overall maximum holding by any one business in respect of all savings accounts with the Society is £500,000.

Please note that you cannot add to your initial deposit or withdraw your money until the end of the fixed rate term.

Withdrawals are not permitted until the end of the fixed rate term.

At the end of the fixed rate term you may withdraw your funds or, if you take no action, your account will automatically become an Easy Access Business Deposit account.

The Easy Access Business Deposit account allows further deposits and withdrawals to be made without notice or penalty.

The minimum balance of the Easy Access Business Deposit account is £500.00 and the maximum balance is £300,000.

Subject to the conditions set out above, money can be paid out against a cheque from the start of the sixth business day following the day of deposit. Business day means a day other than a Saturday, Sunday or Bank Holiday. Funds are available for immediate withdrawal for all other types of deposit.

We will write to you before the end of the one year term to advise you that your account is about to mature. Unless we receive alternative instructions from you, after one year, your 1 Year Fixed Rate Business Bond will automatically revert to an Easy Access Business Deposit account.

* Gross rate – the annual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability.

** AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once a year.