Tipton & Coseley launch business savings account
For the first time, businesses can save with Tipton & Coseley Building Society following the launch of its Business Savings Account on 1st August 2019.
With no minimum turnover requirements, the new account is ideal for small businesses looking to open a savings account. It’s aimed specifically at sole traders, partnerships, unincorporated businesses and franchisees.
The minimum opening deposit is £10,000 and the account offers an interest rate of 0.75% Gross/AER. Accounts can be opened in any of The Tipton’s four branches, located in Tipton, Coseley Sedgley and Bilston, or through the post.
The Tipton’s Director of Sales and Marketing, Cammy Amaira, says: “We’re excited to be launching a new savings account specifically for small businesses. We can help businesses make their money work harder for them, rather than leaving it in a current account which may pay little or no interest.”
Withdrawals on the account require 30 days’ notice, with no early access available. Withdrawals can only be made by cheque and must be a minimum of £500. The maximum overall holding per account is £100,000.
Find out more information on the new business savings account .
Gross means the contractual rate of interest payable.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.