We're here to help
Telephone icon 01282 440500 *

Business Deposit FAQs

Business owner in a meeting knowing his savings are safe and secure with Marsden Building Society

We've covered a range of frequently asked questions to help you decide if a business deposit account is right for you.

We can open accounts for small-to-medium sized UK-based businesses who are registered at Companies House and have a UK current business banking account. Acceptable companies include Limited Companies, Limited Liability Partnerships and Partnerships. Unfortunately, we’re unable to open accounts for sole-traders and reserve the right to refuse to open an account if you’re engaged in high-risk activities or have links to high-risk countries.

Once you submit your application form for a business deposit account, a member of our Business Deposit Team will carry out checks to verify you, your business and your nominated bank account. If this can’t be done electronically, we’ll contact you and ask for the necessary documents to complete our checks. 

This depends on whether we need to contact you to request additional documentation. Normally, we aim to complete the process and have your account opened in 5 business days. Once the account has been opened we’ll contact you to request your first receipt via faster payment. We'll confirm when we've received the payment from you.

You can pay money into your business savings by faster payment. To send a faster payment you need to quote sort code: 69-94-95 and the last 8 digits of your business deposit account number.

We don’t accept cash or cheques in or out of our business deposit accounts. This account has been designed to be operated remotely.

Payments out of your account are made by next day faster payment. You can request a withdrawal to your nominated bank account over the phone or by filling in a form on our website.

If you have an easy access account with us, there’s no limit on the amount of withdrawals you can make, as long as you have sufficient cleared funds and the minimum opening balance required to keep the account open.

If you have a notice account with us, you’ll be able to make withdrawals after serving the required notice period.

If you have a fixed rate account with us, you won’t be able to make withdrawals until the account matures. Please check the terms and conditions of your account for more information.

The number of account holders needed to authorise a withdrawal is up to you. If you decide to operate the account on “one authority”, it’s important that you have your own internal procedures in place as we can’t be held responsible for any fraudulent withdrawals.

When a withdrawal request is received, we’ll need to make contact to validate the request before the withdrawal is processed. If multiple authorities are required, we’ll need to contact each person, which may mean the withdrawal is delayed if we can’t make contact.

We have different methods of contact, including text and phone call.

Whilst we can do this if we receive a request before 3.00pm, there’s a £25 charge as this payment is sent as a CHAPS payment. We’d therefore encourage the use of next day faster payments.

A statement will be issued to you annually, or you can request one at any time by calling or emailing our Business Deposit Team. 

You can close your account or make changes to your account details by calling or emailing our Business Deposit Team who’ll be able to deal with this for you.

Our Business Deposit Team are available Monday to Friday by calling 01282 525110 or emailing businesscustomers@themarsden.co.uk

If your enquiry is urgent, the quickest way to contact us is by calling.

Yes, you’re covered up to £85,000 by the Financial Services Compensation Scheme. As these funds are held in your company name, they’re separate to any funds you hold personally, which will also be covered up to £85,000.

Our accounts

Our accounts

Business owner smiling in a work meeting after opening a business savings account with Marsden Building Society

View the accounts available

View the accounts currently available and read the terms and conditions of each product.

View accounts
Why the Marsden?

Why the Marsden?

Close up of the interior of a Marsden Building Society office featuring the pink rose from their logo.

Find out more about us

We're a safe and secure home for your money, founded over 160 years ago to build something better for the community.

Find out more
Get in touch

Get in touch

Request A Call Back Marsden Building Society

Speak to our team

If you'd like to speak to our Business Deposit Team, call 01282 525110 or request a call back.

Request a call back