Business Easy Access savings
Our Business Easy Access savings account is quick and simple to open, gives you a great rate of interest and next working day access to your money.
Interest Rate (AER*)
3.87%
Variable
Interest paid
Daily
Gross monthly interest**
3.80%
Minimum opening balance
£1,000
Before you apply, please ensure you have read the Key Product Information and understand the Savings Terms for this account.
* 'AER’ stands for ’Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded once each year.
**'Gross’ is the rate of interest without tax deducted.
Is a Business Easy Access savings account right for your business?
Want to save between £1,000 and £120,000†
Need next working day access to your funds
Are looking for a competitive variable interest rate
Authorised persons can be added to manage the account
Want a savings account with no monthly account fee
FSCS protection - eligible deposits protected up to £120,000.
What you should know
14 day cooling off period from account opening
No interest will be earned if your balance falls below £1,000.
Interest is calculated daily and paid daily
Available to UK based limited companies only
Add funds whenever you like, subject to the maximum balance limit
Stay in control of your business savings with secure online banking
View and manage your account anytime
Send and receive secure messages about your account
Transfer funds using your nominated business accounts for added security
Set up personalised alerts and notifications to help you stay informed
† A maximum combined balance of £120,000 applies across all Business Savings Easy Access Accounts you hold with us.
Key Product Information
AER% (variable)
Gross% (variable)
3.87%
3.80%
- The interest rate is variable, which means the rate can go up or down.
- All interest is calculated daily and is paid gross.
- Interest is added to your savings balance monthly in arrears on the first day of each month and compounds monthly which means you’ll be earning interest on interest.
- 'AER’ stands for 'Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded once each year.
- 'Gross’ is the rate of interest without tax deducted.
- A 'year’ is 365 days or 366 days in a leap year.
- Yes. The interest rate is variable. We have the right to change the interest rate on your Business Easy Access account for the reasons set out in the section of our Business Savings Terms titled 'Changing interest rates’.
- If we increase the interest rate, we’ll apply the increase to your savings account immediately and notify you afterwards.
- If we decrease the interest rate, we’ll give you at least 14 days’ notice before the lower rate is applied to your account (unless you’ve not had your account for 14 days, in which case we’ll tell you before the lower rate is applied to your account and you’ll get less than 14 days’ notice).
These examples are provided for illustrative purposes only and don’t take into account your individual circumstances or deposit amounts. They assume that you pay the full deposit amount on the day your account is opened, and that the variable rate does not change over the following 12 months.
Initial deposit amount
Estimated balance after 12 months
Interest earned
£1,000
£1,039
£39
£10,000
£10,387
£387
£20,000
£20,774
£774
This is the amount of money you’ll have in your savings account after 12 months, if your balance is £1,000, £10,000 or £20,000 from the first day onwards, if no further deposits are made or withdrawn and your interest is added to your balance.
- You (and all directors, shareholders, Person(s) with Significant Control and any other Authorised Persons) must meet all of the eligibility criteria set out during the account opening process and provide us with all information we request in the Application Form and Mandate.
- The minimum balance is £1,000.
- There is a maximum balance of £120,000 across all Business Easy Access savings accounts held with us.
- We’re only offering business savings accounts to UK based limited companies. This means you cannot hold the savings account for personal reasons or jointly with someone else.
- You can open and manage your business savings account online at www.chetwoodbank.co.uk.
- You can get in touch with us at www.chetwoodbank.co.uk/help.
- You can take money out of your account at any time by logging into your online account.
- A withdrawal request must be authorised by the minimum number of Authorised Persons (as set out in the Mandate).
- We’ll pay your money by electronic payment by the end of the next working day.
- We’ll only pay withdrawals into your Nominated Business Account or another account you hold with us.
- There are no charges for withdrawals.
- Interest will be paid gross (without deducting tax). You must declare interest as part of your company tax return.
- Visit www.gov.uk/file-your-company-accounts-and-tax-return for more information.
- If you need this document in another format, please get in touch.
- The Business Savings Terms give you more detail about how the product works, so you can decide if it’s right for you.
- Please note that the rates we offer can change at any time in accordance with the Business Savings Terms.
These are the extra terms that apply to your chosen account alongside our Business Savings Terms.
If the Business Savings Terms and the Key Product Information ever disagree, the Key Product Information will apply.
Paying money into your account
The minimum balance is £1,000.
There is a maximum balance of £120,000 across all Business Easy Access savings accounts held with us.
You can add to your savings at any time by paying money into your account (making a deposit). There is no maximum number of deposits you make into your Business Easy Access savings account.
You can only make electronic payments into your savings account from your Nominated Business Account or another account you hold with us.
Taking money out of your account
You can take money out of your account at any time by logging into your online account. If you make a request, we’ll pay your withdrawal by electronic payment by the end of the next working day.
You can only make one withdrawal request per day.
Cancelling your account
If you change your mind, you can cancel your account within 14 days of opening it. If you want to cancel, log in to your online account and send us a secure message before the end of the 14-day cancellation period. If you cancel your account, we’ll pay all money in the account to your Nominated Business Account within 30 calendar days from the date you tell us you wish to cancel. We’ll also pay any interest you earned on the account up until it was closed.
Closing your account
You can close your account at any time. You do not need to give us notice. To close your account log in to your online account where you can request to close it, or you can get in touch. Your request must be authorised by the minimum number of Authorised Persons. If you make a request to close your account, we’ll pay all money in your account, by electronic payment, to your Nominated Business Account, by the end of the next working day.
How we calculate and pay interest
Interest is the money we pay you for saving with us. We calculate interest daily on the balance in your account at the end of each day based on a 365-day year.
You’ll start to earn interest on the day we receive your money, provided we receive it by 5pm on a working day. If the money is paid in on a non-working day, or outside of normal working hours, we’ll receive it on the next working day.
Interest is calculated daily and added to your savings balance daily. Interest compounds daily, which means you’ll earn interest on your interest.
Changing the interest rate
The interest rate on this account is variable which means we can change it. The interest may increase or decrease. Check the 'Changing interest rates’ section of your Business Savings Terms for more information about when and how we can change your interest rate.
Ready to open a Business Easy Access savings account?
Why choose Chetwood Bank for your Business savings?
Your business works hard, so your savings should too. At Chetwood Bank, we offer straightforward savings accounts with competitive rates, helping businesses make the most of their funds while keeping things simple.
Easy to get help
Explore our fast answers, or if you need account specific help, use the secure messaging service to contact our support team.
Everything online
Set up your account online and manage your business savings securely online.
FSCS protection
We’re a UK bank and our savings accounts are FSCS protected up to £120,000. For a full exclusions list of customers who may not be covered, please see further information.
Fast answers to some common questions
To open a Business Savings account, your business must:
- Be registered with Companies House
- Be based and operating solely in the UK
- Not be a charity, trust, club, society, sole trader, limited liability partnership (LLP), or dormant company
A Nominated Business Account is the UK business current account you provided when opening your Business Savings account. It must be in your business name and be able to send and receive electronic payments.
Once you've opened your savings account, we'll email you instructions on how to make your deposit. You can also find your payment instructions in Online Banking by selecting View details from your account summary on the homepage. All deposits need to be made from your Nominated Business Account.
When making your deposit, you must use the payment reference exactly as we provide it. This helps us match your payment to your savings account. If you use a different or incorrect reference, your deposit will be returned.
You can request one withdrawal from your Business Savings Easy Access account each day. There is no minimum withdrawal amount, but you cannot withdraw more than the available balance in your account.
To make a withdrawal or close your account, log in to Online Banking, go to Manage Money, and follow the on-screen instructions.
Authorised Persons who need to approve the withdrawal or closure request will receive a notification of the request before it can be processed. The request must be approved by the minimum number of Authorised Persons specified in your Mandate before it can be processed.
Once required approvals have been received, funds will be sent as requested. Payments into your Nominated Business Account will arrive on the next working day.
If the information we retrieve from Companies House is incorrect, you'll need to contact Companies House directly as we can't amend the information they hold.