Business interest rates and charges

Our Business Banking interest rates and charges

See Business Credit Card Interest Rates or Business Banking Tariff

Business Lending

Interest rates charged for borrowing facilities are negotiable at the time of application and are normally based at a margin above our Bank Base Rate or Bank of England Base Rate (Official Bank Rate). For further details you can contact our branches where bank staff will provide information on how interest is calculated. There is no charge for this explanation.

If however, we are requested to investigate a specific interest calculation there may be a charge for the time and cost involved in this investigation. Details of any charge, if applicable, will be advised to you at the time the service is requested.

Property Development Facility

3 month BBA Sterling LIBOR Rate (rounded down to three decimal places)

This type of facility is available only for property development lending of a commercial nature in excess of £250,000.

Interest rates charged for these facilities are negotiable at the time of application and are based at a margin over the 3 month BBA Sterling LIBOR Rate (rounded down to three decimal places) on the first business day of the month in which the facility is drawn.

The rate is valid for a 3 month period which runs from the first business day of the month in which the facility was drawn and reset quarterly thereafter.
 

For details of interest rates on Corporate Notice products – please contact your Relationship Manager.

 Offsale Accounts

Business Term Deposits – Available to maturing customers only

Important Information

With the exception of the Business Term Deposits and Business Passbook Account, rates of interest for these accounts are variable. Interest rates for Business Passbook Account are fixed at the rates shown. Interest for Business Term Deposits is fixed at the rate payable on the day the funds are deposited for the fixed term of the deposit. No additional deposits or withdrawals are permitted to our Business Term Deposits during the fixed term of the deposit. All business accounts in this notice have tiered interest.

Credit interest is calculated for all the accounts in this notice on a daily basis. For Business Choice Account, Academy Current Account, Clubs & Associations/Charities, Offset Business Current Account interest will be credited to accounts monthly in arrears. For Business Cash Management, Offset Business Savings Account and Professional Firms Clients Account interest will be credited to accounts at the end of each calendar quarter. For Business Term Deposits interest will be credited to accounts at Maturity, or in the case of the 24 Month Business Term Deposit, annually and at maturity.

Terms and Conditions for these accounts are available on request.

##Gross Rate. Gross interest is interest payable without taking account of the deduction of income tax. For most customers tax will be deducted at the basic rate prevailing at the time of payment (presently 20%).

*AER. The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.

‡Business Choice Account interest rate is 2.5% below Bank of England Base Rate. Due to the present level of Bank of England base rate, credit interest is currently not payable on your bank account.

¬ You may only open an Offset Business Current Account or an Offset Business Savings Account if you also have an Offset Mortgage. Offset Business Current Account interest rate is 2.5% below Bank of England Base Rate. Due to the present level of Bank of England base rate, credit interest is currently not payable on your bank account. Bank of England Base Rate is presently 0.50% and is variable.

** For rates on longer periods for Business Term Deposit please contact your Regional Business Centre or telephone 08457 034567#.

#Calls to this number may be monitored and recorded.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and circumstances of the claim.

Further details of the scheme are available from us on request or from the Financial Services Compensation Scheme www.fscs.org.uk or in writing from the Financial Services Compensation Scheme, 7th Floor , Lloyds Chambers, 1 Portsoken Street, London E1 8BN.

Clydesdale Bank and Yorkshire Bank are trading names of Clydesdale Bank PLC. As both banks are part of the one and same authorised entity the FSCS compensation limit applies to deposits held across both brands.

We are covered by the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and circumstances of the claim.

Further details of the scheme are available from us on request or from the Financial Services Compensation Scheme www.fscs.org.uk or in writing from the Financial Services Compensation Scheme, 7th Floor , Lloyds Chambers, 1 Portsoken Street, London E1 8BN.

Clydesdale Bank and Yorkshire Bank are trading names of Clydesdale Bank PLC. As both banks are part of the one and same authorised entity the FSCS compensation limit applies to deposits held across both brands.