Deposit Solutions for Innovation Businesses

What is the interest rate?
3.70% Gross/AER*

The interest is calculated daily using the cleared balance of the account and paid annually on 31st October, and at the point of closing your account.

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

Can United Trust Bank change the interest rate?
Yes. The interest rate is variable and can therefore move up and down. Please see clause A4.3 – A4.5 (inclusive) of our Terms and Conditions for further information.

What would the estimated balance be after 12 months? The following projections are based on an initial deposit of £5,000.00:
£5,185.00 .

This assumes the interest rate does not change and assumes that no withdrawals or deposits are made during the first year.

The projections provided are for illustrative purposes only and do not take into account individual circumstances.

How do I open and manage my account?
To open an account:
– Your business must be either a limited company, sole trader, education provider, club, society, credit union or pension fund.
– You can open our Business accounts by either post, via an application form, or via online our website, www.utbank.co.uk.
– The minimum balance is £5,000.00 per account.
– The maximum balance is £5m per account.
– A Nominated Bank Account must be provided when applying for an account. This must be a transactional UK Bank account, and must be in the name of the business.
– You have 14 days after submitting your application to fund your account, which needs to be sent from your Nominated Account either electronically or a cheque. If it is not funded within the 14 days we will close the account.

To manage the account:
– You can communicate and manage your account via our online banking, email, post or telephone.

Can I withdraw money?
Yes, to access your funds you must provide UTB with 30 days notice for a withdrawal.

Notice can be given by email or using the contact form on our website. Please state the name of the business, account number, amount of withdrawal and confirmation of the nominated bank account.

Additional information
– Rates correct at the time of issue. Offers can be withdrawn at any time.
– Opening the account is subject to our Terms and Conditions.
– Interest is paid Gross i.e. without the deduction of tax.
– Tax treatment depends on individual circumstances and could change in the future.

Need some help with our Business accounts?
Here you can find answers to our most common questions. If you still cannot find what you are looking for, please use the contact us form within our ‘How can we help’ section.

Please take time to read and understand our Terms and Conditions before applying for any of our accounts.

What is the interest rate?
– 3.50% Gross/AER*

The interest is calculated daily using the cleared balance of the account and paid annually on 31st October, and at the point of closing your account.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Can United Trust Bank change the interest rate?
Yes. The interest rate is variable and can therefore move up and down. Please see clause A4.3 – A4.5 (inclusive) of our Terms and Conditions for further information.

What would the estimated balance be after 12 months based on a £5,000 deposit?
£5,175.00.

This assumes the interest rate does not change and assumes that no withdrawals or deposits are made during the first year.

The projections provided are for illustrative purposes only and do not take into account individual circumstances.

How do I open and manage my account?
To open an account:
– Your business must be either a Limited company, Sole trader, Education provider, Club, Society, Credit union or Pension fund.
– You can open our Business accounts by either post, via an application form, or online via our website, www.utbank.co.uk.
– The minimum balance is £5,000.00 per account.
– The maximum balance is £3,000,000.00 per account.
– A Nominated Bank Account must be provided when applying for an account. This must be a transactional UK Bank account, and must be in the name of your business.
– You have 14 days after submitting your application to fund your account, which needs to be sent from your Nominated Account either electronically or a cheque. If it is not funded within the 14 days we will close the account.

To manage the account:
– You can communicate and manage your account via online banking, email, post or telephone.

Can I withdraw money?
Yes. Funds will be sent to your Nominated Bank Account upon withdrawal request.

How to make a withdrawal:
Once your account is open, you can make unlimited additional deposits from and withdrawals to your Nominated Bank Account, subject to the account maximum and minimum balance requirement for your account being met.

A withdrawal request can be made via Online Banking, by email, in writing or using the contact us form on our website.

Please confirm your name, account number, amount of withdrawal and confirmation of your nominated bank account.

If you make a withdrawal request using online banking before 5:00 PM, the funds should reach your Nominated Bank Account on the same business day. If the request is made after 5:00 PM, it will be processed the next business day.

The request must follow the signing rules and be received before 5:00 PM to be processed on the same day.

If you send a withdrawal request by post or email before 2:00 PM, the funds should reach your Nominated Bank Account on the same business day. If the request is made after 2:00 PM, it will be processed the next business day.

Please note: If your withdrawal request has not been approved by all required signatories by 8:00 PM, it will be cancelled. You will need to submit a new withdrawal request and ensure it is approved by 8:00 PM on the next working day.

For more details, please refer to Sections E1.6 – E1.7 of the Terms and Conditions.

Additional information
– Rates correct at the time of issue. Offers can be withdrawn at any time.
– Opening the account is subject to our Terms and Conditions.
– Interest is paid Gross i.e. without the deduction of tax.
– Tax treatment depends on individual circumstances and could change in the future.

Need some help with our Business accounts?
Here you can find answers to our most common questions. If you still cannot find what you are looking for, please use the contact us form within our ‘How can we help’ section.

Please take time to read and understand our Terms and Conditions before applying for any of our accounts.

What is the interest rate?:
4.55% Gross/AER*

The interest is calculated daily using the cleared balance of the account and paid on maturity.

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

Can United Trust Bank change the interest rate?
No. The interest rate is fixed for the term of the bond.

What would the estimated balance be after 12 months based on a £5,000 deposit?
£5,227.50.

The projection provided is for illustrative purposes only and does not take into account individual circumstances.

How do I open and manage my account?
To open an account:
– Your business must be either a Limited company, Sole trader, Education provider, Club, Society, Credit union or Pension fund.
– You can open our Business accounts by either post, via an application form, or online via our website, www.utbank.co.uk.
– The minimum balance is £5,000.00 per account.
– The maximum balance is £5m per account.
– A Nominated Bank Account must be provided when applying for an account. This must be a transactional UK Bank account, and must be in the name of the business.
– You have 14 days after submitting your application to fund your account, which needs to be sent from your Nominated Account either electronically or a cheque. If it is not funded within the 14 days we will close the account.

To manage the account:
– You can communicate and manage your account via our online banking, email, post or telephone.

Can I withdraw money?
No. Withdrawals, transfers or closures are not permitted before the maturity date.

We will contact you approximately 14 days before your account matures detailing your options and enabling you to give us your maturity instructions.

At the end of the fixed term of your account, in the absence of instructions being received from you, your funds will be reinvested into an easy access account with an interest rate at the Bank’s prevailing rate for such accounts (this will be notified to you).

Please see section E of our Terms and Conditions for additional information about our easy access account.

Additional information
– Rates correct at the time of issue. Offers can be withdrawn at any time.
– Opening the account is subject to our Terms and Conditions.
– Interest is paid Gross i.e. without the deduction of tax.
– Tax treatment depends on individual circumstances and could change in the future.

Need some help with our Business accounts?
Here you can find answers to our most common questions. If you still cannot find what you are looking for, please use the contact us form within our ‘How can we help’ section.

Please take time to read and understand our Terms and Conditions before applying for any of our accounts.