Business Notice Accounts

Flexibility is key to running your business smoothly and that’s exactly what we’re offering with our business savings notice accounts.

Take a look at our Business Notice Accounts

100 Day Notice Account  (0.70%)

Account Name

100 Day Notice Account

What is the interest rate?

0.70 %Gross*/AER* – Annual
0.70%Gross*/AER* – Monthly

Interest is calculated daily.  Annual interest is annually. Monthly interest is paid on the last working day of the month.

Can Hodge Bank change the interest rate?

Yes. If we change the interest rate, we will write to you giving you at least 100 days’ notice prior to the date of the interest rate change.

Based on £1,000 initial deposit, what would the estimated balance after 12 months?

£1,007.00 This illustrative example assumes one initial deposit of £1,000, with no further additions with interest paid annually and added to the account. This projection is provided for illustrative purposes only & does not take into account the individual circumstances of a customer.

Can I withdraw money?

Yes. 100 days notice is required.

 

 

How do I open and manage my account?

You can open your account by post.

Accounts opened by post can be managed by post and by telephone.

The minimum deposit for a Notice Account is £1,000.

For deposits made by cheque, interest is calculated from the second banking day on which the cheque is credited to the account. Cheques are cleared in 2 banking days using the Image Clearing System. This system allows banks to clear a digital image of the cheque rather than the original paper cheque.

All your directors and significant owners of your business must be aged 18 or older, resident in the UK and only tax resident in the UK.

The maximum amount that may be held by you with us across all products may not in aggregate exceed £1,000,000 but we may waive this limit at our absolute discretion.

Additional information

When you open an account, you have 10 working days to transfer any funds in to that account.  If, after 10 days, no funds have been received or the funds held in the account do not meet the minimum balance, then we will close the account and return any money held in the account.

We will pay interest without tax deducted.

Glossary of Terms

*Gross
Is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The payment can be made annually or monthly.

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

No Notice Business Deposit Account  (0.10%)

Account Name

No Notice Business Deposit Account

What is the interest rate?

0.10% Gross*/AER** – Annual

Interest is calculated daily.  Annual interest is annually. Monthly interest is paid on the last working day of the month.

 

Can Hodge Bank change the interest rate?

Yes, the interest rate can change with no notice.

Based on £1,000 initial deposit, what would the estimated balance after 12 months?

1,001.00
This illustrative example assumes one initial deposit of £1,000, with no further additions with interest paid annually and added to the account. This projection is provided for illustrative purposes only & does not take into account the individual circumstances of a customer.

How do I open and manage my account?

You can open your account by post.

Accounts opened by post can be managed by post and by telephone.

The minimum deposit for a Notice Account is £1,000.

For deposits made by cheque, interest is calculated from the second banking day on which the cheque is credited to the account. Cheques are cleared in 2 banking days using the Image Clearing System. This system allows banks to clear a digital image of the cheque rather than the original paper cheque.

All your directors and significant owners of your business must be aged 18 or older, resident in the UK and only tax resident in the UK.

The maximum amount that may be held by you with us across all products may not in aggregate exceed £1,000,000 but we may waive this limit at our absolute discretion.

Can I withdraw money?

Yes. Notice is not required.

Additional information

When you open an account, you have 10 working days to transfer any funds in to that account.  If, after 10 days, no funds have been received or the funds held in the account do not meet the minimum balance, then we will close the account and return any money held in the account.

We will pay interest without tax deducted.

1 Month Notice Business Deposit Account  (0.20%)

Account Name

1 Month Notice Business Deposit Account

What is the interest rate?

0.20% Gross*/AER** – Annual
0.20% Gross*/AER** – Monthly

Interest is calculated daily.  Annual interest is annually. Monthly interest is paid on the last working day of the month.

Can Hodge Bank change the interest rate?

Yes. If we change the interest rate, we will write to you giving you at least 1 month notice prior to the date of the interest rate change.

Based on £1,000 initial deposit, what would the estimated balance after 12 months?

1,002.00 This illustrative example assumes one initial deposit of £1,000, with no further additions with interest paid annually and added to the account. This projection is provided for illustrative purposes only & does not take into account the individual circumstances of a customer.

How do I open and manage my account?

You can open your account by post.

Accounts opened by post can be managed by post and by telephone.

The minimum deposit for a Notice Account is £1,000.

For deposits made by cheque, interest is calculated from the second banking day on which the cheque is credited to the account. Cheques are cleared in 2 banking days using the Image Clearing System. This system allows banks to clear a digital image of the cheque rather than the original paper cheque.

All your directors and significant owners of your business must be aged 18 or older, resident in the UK and only tax resident in the UK.

The maximum amount that may be held by you with us across all products may not in aggregate exceed £1,000,000 but we may waive this limit at our absolute discretion.

Can I withdraw money?

Yes, one month notice is required.

Additional information

When you open an account, you have 10 working days to transfer any funds in to that account. If, after 10 days, no funds have been received or the funds held in the account do not meet the minimum balance, then we will close the account and return any money held in the account.

We will pay interest without tax deducted.

Glossary of Terms

*Gross
Is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The payment can be made annually or monthly.

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

What is a business notice account?

 

A business notice account is a type of savings account. Much like easy access accounts, you can withdraw funds any time you want, the difference being you have to give your bank prior notice before doing so. With this product, the rate is variable. Your bank will typically give you notice before changing the interest rate applied to your account, so make sure you don’t dismiss any communication coming from them.

Keep in mind that no notice accounts are also available for immediate access to funds. Although the interest rate you’ll be earning tends to be lower, you’re guaranteed a straight line to your money when you need it. 

In terms of both ease of access and earned rate of interest, business notice accounts sit in the middle, between fixed-rate bonds and easy access accounts. So, you’re getting the best of both worlds. However, there’s nothing stopping you from investing in a combination of different savings deposits. It can often be the best way to go – you’ll easily take care of unpredictable spending by tapping into your business notice account or easy access account, while keeping money growing long term at a good rate with fixed rate bonds. 

Who can open a business notice account?

 

Our business notice accounts are available for businesses and commercial enterprises that want to earn interest by placing their money in a savings account and can afford to wait a set notice period before withdrawing the funds. With a minimum deposit of £1,000, any company with surplus cash can start taking advantage of our business notice accounts.

What are the benefits of business notice account?

 

Flexibility 

Operating in the always-changing business environment means both extra costs and opportunities can appear out of nowhere. Having funds ready to be accessed after a short notice period gives you the flexibility your business needs. 

Various notice periods to choose from 

Some businesses can wait 100 days before making any withdrawals, others see their plans change at a faster pace and one-month notice accounts are better suited to their needs. No matter the situation you’re in, with business notice accounts you can choose the notice period you’re most comfortable with.  

FCSCS protection 

When you choose our business notice accounts, you can have peace of mind knowing that your cash (up to £85,000) will be protected by the Financial Services Compensation Scheme (FCSC). 

Protecting your money

Your eligible deposits with Hodge Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme.

Find out more