Business Deposits from £10,000 to £1m+
Fixed rate accounts
Hodge Bank offers fixed rate, fixed term deposits for any period from one week to twelve months. Rates are taken daily from the London money markets and the Corporate Deposits division can give an instant quote over the telephone for you to compare with your existing provider.
Opening an account is straightforward and it is suggested that this be completed before any funds are transferred. Cleared funds can be sent by CHAPS or via BACS, though cheques are also accepted. Funds can be returned by the same method. For security purposes no payment will be made to a third party and settlement details will be agreed with you in advance.
Variable rate accounts
Some businesses prefer not to tie up their cash for fixed periods at fixed rates. As a result, Hodge Bank offers a choice of two accounts that pay interest at a variable rate, depending upon the balance in the account. These are usually run in conjunction with your current account at your existing bank and transfers are made via CHAPS or BACS. For security purposes, we will not make third party payments and settlement instructions will be agreed in advance.
The Special Business Account is an instant access account paying competitive interest rates, especially for balances in excess of £10,000.
The One-Month Business Account pays higher interest rates, however one month’s notice must be given before funds can be withdrawn.
With each of these accounts, interest is paid quarterly and statements are issued monthly. A tariff of charges is available for one-off services.
100 Day Notice Business Account
We are pleased to be able to offer the above account to new and existing customers. Cash flow for businesses is paramount and not always predictable. In addition SME’s need to maximise their return on spare cash. This account offers tiered interest rates and the benefit of knowing that access to funds can be achieved subject to 100 calendar days written notice of withdrawal.