Business savings accounts
In this section
On this page you will find answers to our most frequently asked questions:
How do I make deposits or withdrawals?
Can I operate my account online?
Is there a minimum deposit amount?
Is there a minimum withdrawal amount?
How do I withdraw funds from a Notice Account?
Can I save on a regular basis?
How does the pooling facility work?
How will I know the rate of interest I am getting?
Can I change how my interest is paid?
Will I pay bank charges on my account?
When will I receive my statements?
Who can transact on a Plan?
Can I change my Authorised Person?
Can I change my designated account?
How will my savings be taxed?
What happens if I lose or forget my PIN or password?
Are there any other savings accounts available?
What are Standard Life Bank's opening hours?
How do I open a Business Account?
Is there a cancellation period?
How do I get more information?
The Facts
What information do I need to open an account?
Applying for one of our business savings accounts couldn't be easier. Before you call us to apply, make sure you have the following details handy:
- Your full name and date of birth
- Address
- Registered number and registered address (required for limited companies and charities)
- Type of business
- Sector classification (eg Limited, PLC etc)
- Industrial classification (eg pension fund, manufacturing, retail)
- Details of authorised person(s) (full name, date of birth, home address, business telephone number)
- Authorised person that correspondence should be sent to
- Designated bank/building society (including account name, address, account number, sort code)
- Initial deposit amount
- Details of any regular deposits you would like to set up (including the amount, frequency and date)
- What account any interest is to be paid in to
- How often interest should be paid (eg monthly or annually)
- Type of account you would like to open
How do I make deposits or withdrawals?
When you open your business account you will be asked to provide details of your existing bank or building society account. This account will be used for all transactions to and from your Standard Life Bank account and is referred to as your designated external account.
It's simple to withdraw or deposit money. You have two options:
- Telephone banking
When you want to transfer money in or out of your Business Bonus Savings Account, call us Mon-Fri on 08457 55 56 59 (call charges may vary) and we will ask you to confirm random numbers and letters from your PIN and telephone password before dealing with your request.
- Online Servicing
Alternatively you can register for Online Servicing and transact online at a time that suits you (except Bonds). If you already have a 10 Day Notice Account and/or Direct Access Savings Account, you could be earning a higher rate of interest if you bank online.
Read more about Online Servicing.
Deposits and withdrawals will be made using your external business bank account (your designated account) and transactions normally take 3 full working days. If you're making a withdrawal, we'll pay interest right up until the day the money arrives in your designated account.
Remember, withdrawing money from a Notice Account requires you to give us notice of your intention to take money from your account. The amount of notice you have to give will depend on the type of account you have. For example, a 10 Day Notice Account requires 10 clear days' notice to withdraw without penalty. Please note, if you fail to give us notice, you will be charged a penalty.
Can I operate my account online?
Yes, you can view your details, make withdrawals and deposits, and move your money between your Standard Life Bank business savings accounts (except Bonds) online.
Read more about Online Servicing
Is there a minimum deposit amount?
Yes, you must deposit a minimum of £1, except for Bonds and our Business Bonus Account which have a minimum deposit of £1,000 and a maximum of up to £10 million.How do I withdraw funds from a Notice Account?
As the name suggests, withdrawing money from a Notice Account requires you to give us notice of your intention to take money from your account. The amount of notice you have to give will depend on the type of account you have. For example, a 10 Day Notice Account requires 10 clear days' notice to withdraw without penalty. Please note, if you fail to give us notice, you will be charged a penalty equivalent to 10 days' gross interest on the amount withdrawn.Can I save on a regular basis?
Yes. You can arrange for regular payments to be made from your Designated Account into your business savings account on a monthly, quarterly, half yearly or yearly basis. Simply call our operators for further details or set up this facility online. Alternatively, you can make a deposit whenever you wish by calling our operators on 08457 555659. Call charges may vary.How does the pooling facility work?
Pooling allows you take advantage of our interest rates by linking together multiple accounts within the same Standard Life Bank Savings Plan. Interest is paid on each account at the rate which applies to the total balance of all the accounts in the Savings Plan combined.
Within your savings plan you can open up to 99 separately named accounts for different purposes, such as VAT, staff bonuses or supplier payments. Or, if you're holding money for clients (e.g. house purchase funds), you could be earning more interest for them too.
You can only pool accounts together that are of the same type with the same notice period. For example, you cannot mix Direct Access Savings Accounts with 50 Day Notice Accounts.
Interest is paid net on accounts for partnerships, investment clubs, sole traders and professional intermediaries on behalf of their clients. It is paid gross for all other organisations.
Please note, pooling is not available on our Premium Accounts.
How will I know the rate of interest I am getting?
You will receive a leaflet detailing our current rates in your Welcome Pack. Any changes in our rates will be available on the rates section of our website.We will also write to you within 30 days to inform you of any changes. You can, of course, call us at any time and we will let you know what our current rates are.
Can I change how my interest is paid?
Yes. Again, just phone us and we'll sort it out. Interest is calculated on a daily basis, but it can be paid monthly or yearly on our Direct Access and Notice Accounts.Interest payments can be:
- added to your account
- transferred to another account in your Plan
- transferred to your designated account
- transferred from your Notice Account to another account of your choice without penalty
Will I pay bank charges on my account?
If you have a Notice Account and you don't give the appropriate notice before you make a withdrawal, a charge will apply. If you have a Premium Account, an Excess Telephone Charge will apply if you make more than three telephone withdrawals per year, currently £50.There will also be a charge for audit requests, dishonoured cheques and failed direct debits.
See our tariff of charges for further information.
When will I receive my statements?
We will send you statements annually, but you can request one at any time. If you register for Online Servicing you can also view your statements online. We can issue you with a current statement whenever you wish but it must be issued to the first Authorised Person at your business address.Who can transact on a Plan?
Sole Traders and Limited Companies with one Director may choose to operate their accounts with a minimum of one and a maximum of three Authorised Persons.
Pension Scheme Trusts may operate their account with a minimum of two and a maximum of six Authorised Persons.
All other businesses may choose to operate with a minimum of two and a maximum of three Authorised Persons.
Once the Authorised Persons have registered their telephone PIN and passwords and all documentation has been received, they will be able to transact.
Can I change my Authorised Person?
Yes, if you wish to add/remove any Authorised Person, all you need to do is contact one of our operators who will be happy to help. All new Authorised Persons (with the exception of Pension Scheme Trusts) are required to provide two forms of personal identification.
In addition, all Authorised Persons must choose their own telephone PIN and password. Only then can they transact on their account with us.
Can I change my designated account?
Yes, Sole Traders and Sole Directors of Limited Companies operating their account with only one Authorised Person should contact us and we will arrange to send out a new Direct Debit Instruction for completion. For all other businesses, all you are required to do is arrange for two Authorised Persons to contact us and we will again send a new Direct Debit Instruction for completion.How will my savings be taxed?
Interest may be paid gross on business savings accounts held by us for registered or recognised charities, limited companies, clubs, societies, associations or trustees of an Inland Revenue approved occupational pension scheme. For all other accounts, interest will be paid net of lower rate tax. In the case of Fixed Rate Bonds if you deposit £50,000 or over interest is paid gross regardless of tax status.What happens if I lose or forget my PIN or password?
Just pick up the phone and call us - we will arrange for a new PIN and password form to be sent to you to complete and return.
If you have lost or forgotten your internet User ID and password, just give us a call on 0845 609 0256.
Are there any other savings accounts available?
Yes. Standard Life Bank is also able to offer personal savings accounts. For further information, have a look at our personal savings product information.What are Standard Life Bank's opening hours?
- Monday to Sunday 5am-2am.
How do I open a Business Account?
Opening a business account is remarkably quick and simple. All you have to do is ring us on 08457 55 56 59 (call charges may vary) Monday to Friday 8am to 6pm.
We will take details and issue a Welcome Pack directly to your business address, for the attention of the first authorised person.
A telephone PIN and password letter will be issued to each Authorised Person at their home address. You then complete the necessary documents in the Welcome Pack and return them to us along with the information requested.
We will issue an opening balance statement direct to the business address upon receipt of your initial deposit.
Is there a cancellation period?
An account can be changed or closed, without penalty, up to 14 days after you have received your Terms and Conditions. Funds must be cleared before this can be arranged. This is called the "cancellation period".How do I get more information?
If you still have a query about a Standard Life Bank business account, just phone us on 08457 555659, where one of our operators will be happy to help you. We are open Monday to Friday 8am-6pm. Call charges may vary.The Facts
- Gross means the rate of interest paid without the deduction of tax, if applicable.
- AER means the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
- Net means the gross rate minus tax at the current rate.
- Business account holders must be resident (and in the case of a limited company, incorporated) in the UK at the time of opening an account.
- For 10 Day Notice accounts for business savers, we will charge a penalty equal to 10 days' gross interest on the amount withdrawn if you do not give us 10 clear days' notice of withdrawal.
- An Excess Telephone Charge of £50 will be charged if you make more than three withdrawals by telephone in any year on a Premium Account.
- Withdrawals sent by electronic transfer via your external account will normally take 3 working days. In exceptional cases we may permit same day withdrawals but we will charge a fee for this, currently £28.
- For Bonds, Standard Life Bank reserves the right to decline the Bond application if funds are not received within 14 days of the initial telephone call.
- No withdrawals will be allowed during the term of the Bond, apart from interest which must be transferred out of the Bond on payment.
- Minimum deposit £1, except for Bonds, for which it is £1,000.
- For all accounts, you can choose whether interest is to be paid monthly or yearly.
