Abbey Business
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Our charges & interest

Interest rates

Interest rates for Business Bank Account 
If you require up to date rates or further information on the Business Bank Account please call 0845 6070 666.

Tier Gross rate p.a. /AER* Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a.

£100,000 plus

2.05%

1.64%

2.03%

1.62%

£50,000 up to £99,999

1.50%

1.20%

1.49%

1.19%

£1 up to £49,999

0.10%

0.08%

0.10%

0.08%
Rates effective from 31st October 2008. Rates may vary, please visit this website regularly to check for changes.

To view our previous rates for our Business Bank Account please click here

Interest rates for Business Reserve Account 
If you require up to date rates or further information on the Business Reserve Account please call 0845 6070 666.

Tier Gross rate p.a. /AER* Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a.

£3,000,000 plus

3.14%

2.51%

3.10%

2.48%

£1,000,000 up to £2,999,999

3.05%

2.44%

3.01%

2.41%

£500,000 up to £999,999

3.00%

2.40%

2.96%

2.37%

£250,000 up to £499,999

2.32%

1.86%

2.30%

1.84%

£100,000 up to £249,999

1.91%

1.53%

1.89%

1.51%

£10,000 up to £99,999

1.51%

1.21%

1.50%

1.20%

£1 up to £9,999

0.76%

0.61%

0.76%

0.61%
Rates effective from 7th November 2008. Rates may vary, please visit this website regularly to check for changes.

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. The Gross rate of interest is the rate of interest payable before the deduction of income tax. You may be able to receive interest gross, otherwise interest will be paid net of income tax at the prescribed rate. Interest is payable monthly. We will notify you within 30 days of any change to our interest rates.

To view our previous rates for our Business Reserve Account please click here

Interest rates for time deposits 
Because of the nature of this market, the rates below have to be indicative only. For firm quotes, including amounts higher than £4,000,000 and periods less than 1 month, please call us on 0845 6000 636.

Period required Amount deposited
£50,000 - £249,999
Gross		 Amount deposited
£50,000 - £249,999
AER*		 Amount deposited
£250,000 - £4,000,000
Gross		 Amount deposited
£250,000 - £4,000,000
AER*
The rates shown above are indicative and may vary. For the most up to date time deposit rates please call 0845 6000 636
The gross rate of interest is the rate of interest payable before the deduction of income tax.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Charges

Free day to day banking forever 
This tariff offers businesses operating within specified transaction limits, free day to day banking forever. Charges apply for transactions that exceed the specified free limits and for non-standard services listed below. The following table details the transactions you can make free of charge each month and the charges you will incur if you exceed the limits specified.

Transaction No. of free transactions
(per month)		 Charge for
exceeding
free limit

Cheques deposited

100

50p per item

Cash deposited1

£3,000

50p per £100

BACS credited

No limit

Free forever

Cash and cheque withdrawals

100

50p per item

Debit card payments

No limit

Free forever

Direct debits, standing orders and bill payments

No limit

Free forever

Transfers between linked Abbey business accounts

No limit

Free forever
All charges are effective from 24th March 2005 and are exempt from VAT.
Charges for exceeding the limits for free banking are 50p per item and 50p per £100 cash deposited.
*Should government legislation impose taxation changes, we reserve the right to recover any costs associated with such legislation.
1 Cash deposits made at cash machines located at Abbey branches. Only banknotes can be deposited.
Subject to the relevant changes to the law, regulation or the imposition of any tax in connection with bank charges. Fixed charges apply for transactions that exceed the specific free limits. Details of monthly transaction limits are available upon request from Abbey business. All charges are effective from 1st January 2004 and are exempt from VAT.

Non-standard service charges 
The following charges are applicable to the Abbey Business Bank Account and Reserve Account.

Description Charge

Advance Overdraft interest rate 2

5.9% above base rate

Advance Overdraft annual commitment fee

1% of facility,
minimum £50 p.a.

Instant Overdraft interest rate 3

29.9% APR

Instant Overdraft monthly fee 3

£15.00

Charge for each debit transaction paid whilst in your Instant Overdraft 4

£30.00

Please note: An Instant Overdraft fee and interest may be incurred solely as a result of charges being debited in the previous month.

Unpaid cheque/direct debit/standing order/bill payment 3

£32.00

Special presentations - per cheque 4

£12.00

Unpaid cheque fee 4

£35.00

Photocopy of cheque 4

£4.00

CHAPS payment (UK) 4

£20.00

CHAPS payment (International) 4

£25.00

Telegraphic Transfer 4

£20.00

International Telegraphic Transfer (foreign currency) 4

£25.00

International Telegraphic Transfer (foreign sterling) 4

£20.00

Bankers Draft 4

£10.00

Foreign drafts 4

£10.00

Audit replies 4

£25.00 plus VAT

Status replies 4

£10.00

Stopped cheques 4

£10.00

Use of Visa card within Europe & rest of the world 4

2.75% of the value

Deed of guarantee and indemnity 4

1.5% p.a (min £100)
2 Not available on Business Reserve Account.
3 These charges and all transaction charges will be notified to you at least 14 days before they are debited to your account.
4 These charges will be applied at the time they are incurred.
Advance Overdrafts are only available on bank accounts opened since 2 January 2002.
All overdraft interest rates are variable. The Abbey Business Bank account and Reserve Account are subject to status and are not available to persons under the age of 18.

We may vary existing charges or introduce new charges. If this happens, we will let you know at least 30 days in advance.

Cash machine usage

Abbeylink or link network cash machine charge

No charge

PLUS cash withdrawal handling charge 5

1.5% of the value (min £1.50)

Cash withdrawal handling charge from Cirrus badged machines 6

£1 + 1.5% of the value

Visa cash withdrawal handling charge7

1.5% of the value (min £1.50)

5 By Electron card holders from cash machines displaying the PLUS symbol, but which are not part of the Abbeylink or Link cash machine networks.
6 By 24 hour card holders from cash machines displaying the Cirrus symbol but which are not part of the Abbeylink or Link networks.
7 By Debit Card holders from banks, organisations or cash machines displaying the VISA symbols but which are not part of the Abbeylink or Link cash machine networks.

 


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By the way ... By the way ...
Prime Minister Gordon Brown agrees with us about giving small businesses a fair deal for business banking.

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