Account name
Business Notice Savings Account
What is the interest rate?
The variable rate below applies from 1 June 2022.
- £10,000 plus - 1.00% gross / AER
Interest is calculated daily and paid annually on 31 December.
When you're ready to open your account simply download and complete an application form.
Can Tipton & Coseley Building Society change the interest rate?
We may change the interest rate at any time. Further details can be found in section 7 of our Terms and Conditions for Savings Accounts, and Appendix A of the Terms and Conditions for Business Accounts.
When you're ready to open your account simple download and complete an application form.
What would the estimated balance be after 12 months based on a £10,000 deposit?
The balance after 12 months on an initial deposit of £10,000 with an interest rate of 1.00% gross / AER (variable) would be £10,100.00
This estimation is an illustration only and assumes:
- the account is opened on 1 January;
- there are no additional deposits or withdrawals made;
- interest is paid back into the account;
- there is no change to the interest rate; and
- interest is paid gross on 31 December.
When you're ready to open your account simply download and complete an application form.
How do I open and manage my account?
The account is available for sole traders, partnerships, limited companies, franchisees and unincorporated businesses only.
Before an account is opened, we will need to verify the identity of the business, its directors and all signatories.
You can open your account in a branch (by appointment only) or by post, and must be opened by cheque, or electronic transfer from the business account.
Only one account can be opened per business.
The minimum opening deposit is £10,000. You must have at least £10,000 in the account to keep it open. Withdrawals taking the balance below £10,000 are only allowed on closure of your account.
For opening deposits made by electronic payments, you must send your initial deposit within 10 working days, or the account will be automatically closed.
Deposits can be made through the post by cheque, at any of our branch offices by cheque, by electronic transfer, or standing order. You can add to the balance of your account at any time. If you are opening your account by electronic transfer, funds must be received within 7 days of opening.
The maximum overall holding per account is £100,000.
When you're ready to open your account simply download and complete an application form.
Can I withdraw money?
Withdrawals require 30 days' notice. No early access is available.
Withdrawals can only be made by cheque and must be a minimum of £500. No cash withdrawals or internal transfers are allowed.
When you're ready to open your account simply download and complete an application form.
Additional information
Interest is paid without tax deducted.
The receipt of interest gross by a company will not prevent that interest from being liable to corporation tax. For information regarding tax, or how to make a self-assessment tax return, please contact HMRC.
Tax treatment and rate of interest payable may change in the future.
If you decide within 14 days of opening your account that it isn't right for you, you can have your money back without charge. We'll arrange to close the account and return your money or transfer it to another one of our savings accounts.
Issued date: 1 June 2022
When you're ready to open your account simply download and complete an application form.
