The 35 Day Business Savings Account (Issue 5)

35 Day Business Savings Account

• Where the balance on the account is £10,000 or more the interest will be 0.70% AER variable gross. AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.
• Interest is calculated daily and is paid into your account either monthly or annually, depending on the option you select at account opening.

Yes, this is a variable interest rate and we may change this rate at any time by providing you with at least 14 calendar days’ notice plus the 35 days’ notice on your account.

• Based on the interest rate of 0.70%, an account with £10,000 invested will have a balance of £10,070 after a year.
• This is for illustrative purposes only and does not take into account individual circumstances.
• This projection is based on receiving £10,000 on the day of the account opening which remains invested for 12 months.

• This product is available to UK-based businesses (i.e. limited companies, partnerships, LLPs and sole traders), charities, associations, clubs and societies.
• The maximum account balance is £1 million per single account.
• Each customer can hold a maximum of £2 million across all savings accounts held with Redwood Bank.
• You can apply for an account online or by post and open it by making a first payment of at least £10,000. The account will start operating and earning interest on the working day we receive funds.
• You can appoint up to 4 authorised users.
• All payments need to be made into and from your nominated account.
• You can manage your account in writing, over the phone or online using secure login details, which are unique to you. If you’d prefer not to have online access, please let us know.
• You can close your account by letting us know in writing any time in the first 14 calendar days from account opening. After this date, you must provide the specified notice period of 35 days if you wish to close your account.

• Yes, to make a withdrawal or closure you must give us at least 35 days’ notice in advance, and requests must be received by 4pm on a working day. Requests after this time will be processed the following working day.
• Withdrawal requests received by this time will be paid into your nominated account on the next working day following the last day of your notice period. For example, if we receive a withdrawal at 4pm on 1 June this will be paid to your nominated account on 6 July (based on the assumption that the 6 July is a working day).

• Statements are available on request.
• All interest on UK savings accounts will be paid without the deduction of tax.
• You can make unlimited withdrawals and of any amount as long as the minimum balance of £10,000 is maintained.
• You have the option to change your mind within 14 days of account opening. Let us know within this period and we will cancel your account without penalty or notice.
• To close your account at any time you must give us at least 35 days’ notice in advance, received by 4pm on a working day.
• The minimum account balance is £10,000. Once this is met you can make as many payments into your account (of any value) as you like by electronic payment or cheque up to the account limit of £1 million.
• Withdrawals can only be made by giving at least 35 days’ notice.
• Your financial position must allow you to cover any cash flow during the 35 day notice period.