1 Year Fixed Rate Business, Trust and Charity Bond Issue 20
What is the interest rate?
Where the balance on the account is £10,000 or more, the interest rate will be 1.60% Gross/AER fixed.
Interest is paid annually; we will pay the interest into your account on the anniversary of you opening it.
Interest is always paid as a gross amount.
Can Cambridge & Counties Bank change the interest rate?
The interest rate is fixed for the length of the term.
Once the bond has matured, there are circumstances in which Cambridge & Counties Bank has the right to change the interest rate and these are explained in the Terms & Conditions, section 15.
What would the estimate balance be after 12 months based on a £10,000 deposit?
£10,160 after 12 months.
This figure is based on a £10,000 deposit, and all conditions of the account being met.
This assumes the full funds are cleared in your account on the day your account is opened.
How do I open and manage my account?
You’ll need to make a minimum deposit of £10,000, the most you can deposit is £5m (£7.5m per entity overall with Cambridge & Counties Bank). This is a condition of the account.
The deposit must come from your nominated business current account by cheque or transfer.
It’s easy to apply using our application form which is available on our website, or call us on 0344 225 3939 and we can send you one.
We accept applications from UK based Sole Traders, Partnerships, Limited Companies, Limited Liability Partnerships, Charities, Societies, Clubs, Associations, Trusts and Parish Councils.
All account holders must be aged 18 or over, resident in the UK and only liable to pay tax in the UK.
You can manage your account via our online account access facility, or by post.
To contact us about your account, email [email protected] or call our team on 0344 225 3939 and speak to our UK-based team who will be available to take your calls between 9am-5pm Monday to Friday, excluding Bank Holidays.
Can I withdraw money?
You cannot make withdrawals before the end of the term of the bond.
We will typically contact you 14 days before maturity to remind you and let you know the options available to you. At the end of the term, if we don’t receive any instructions from you, your account will become an Easy Access account and the rate will reduce to a nominal, variable interest rate. You can then transfer funds to your nominated business current account.
We will make this transfer using faster payment, which means the funds will be in your account the following working day.
Of course, you can opt to leave your funds in place or transfer to another of our accounts.
Changed your mind? If you are a micro-enterprise or charity, with an annual income of less than £1m, you can close your account within the first 14 days of the account opening date, without paying any penalty.
Statements are issued annually on the anniversary of the account opening.
There are no transaction charges on your account, however we may charge for additional services such as requesting a copy of a statement (currently £5 per statement).
AER (Annual Equivalent Rate) illustrates what the interest rate would be if the interest was paid and compounded once each year.
We’re a member of the Financial Services Compensation Scheme (FSCS). The FSCS protects the deposits of customers and organisations. Cambridge & Counties Bank does not share a licence with any other institution and therefore eligible parties are entitled to the full amount of cover with us. For more information and to check eligibility please view the FSCS leaflet or visit the FSCS website: www.fscs.org.uk.
The completed application form should be sent with a cheque drawn on your nominated current account (made payable to the name of your organisation) to:
Cambridge & Counties Bank, Savings Account Opening
5B New Walk
You do not need to send any identification documents with your application at this stage as we use an electronic identification process. If we are unable to verify the identity of any of the account parties, we will be in touch to confirm the additional documents we need. Please find our Privacy Notice here.