Business deposit (issue 2)
The Marsden business deposit account is specifically designed for our business customers. Requiring 7 days' notice of withdrawal, easy access to the funds invested by the post and telephone.
Interest rates - Business deposit (issue 2) - (from 04 June 2010)
ANNUAL RATES INCLUDING 0.25% BONUS
| Balance | Gross | AER | Net |
|---|---|---|---|
| £25,000+ | 1.50% | 1.38% | 1.20% |
| £5,000+ | 1.25% | 1.13% | 1.00% |
ANNUAL RATES EXCLUDING 0.25% BONUS
| Balance | Gross | AER | Net |
|---|---|---|---|
| £25,000+ | 1.25% | 1.25% | 1.00% |
| £5,000+ | 1.00% | 1.00% | 0.80% |
| Key features | |
|---|---|
| Interest rates: | See above, rates are variable. If the balance falls below £5,000 a rate of 0.10% gross/AER variable applies |
| Tax status: | Interest normally paid net after deduction of income tax or gross subject to certification |
| Conditions for bonus payment: | A fixed bonus of 0.25% for 6 months from the date account opened |
| Withdrawal arrangements: | 7 days' notice. Cheque or electronic transfer |
| Access: | Via the post or telephone. Not available in branch |
| Minimum opening balance: | £5,000 |
| Maximum investment: | £100,000 |
| Eligibility: | Sole traders, partnerships, limited companies, pension funds, trusts and housing associations. |
| Interest payment: | Paid annually on 31 March |
| Record of investment: | No passbook will be issued. On opening the account you will receive a statement recording your first transaction. Further statements issued on 30 June and 31 December |
| Payment account: (Payment Services Regulations 2009) |
No Please refer to 'Payment Transactions and Services leaflet' |
To view the business deposit terms & conditions, please click here
To view the general savings account terms & conditions, please click here
Gross means the contractual rate of interest payable not taking account of the deduction of income tax at the appropriate rate.
Net rates are illustrative only and allow for deduction from gross rate of income tax at the specified rate i.e. assuming rate of income tax at 20%.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Tax Free is the contractual rate of interest payable where interest is exempt from income tax.
