Business Investment Account
Our Business Investment Account is an instant access savings account so you can earn interest until you need to make a withdrawal, and then simply transfer what you need to your main business account.
Account overview
- Earn interest on surplus cash while still having access at short notice
- Minimum balance £1, no maximum balance
- Interest is calculated daily and applied quarterly to your account
- When you need to make a withdrawal simply transfer what you need to your main business account. No notice period or penalties for withdrawal
- When you need to access your funds you can do so 24 hours a day, seven days a week using our online District
- There is no cash machine card available with this account
District and 24 Hour Telephone Banking may be temporarily unavailable when we are carrying out routine maintenance.
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Prices and conditions
Interest rates
Rates correct as at 1 April 2020
| Business Investment Account | Gross Interest rate*% | AER** % |
|---|---|---|
| Under £1,000 | 0.01 | 0.01 |
| £1,000 to £1,999 | 0.01 | 0.01 |
| £2,000 to £9,999 | 0.01 | 0.01 |
| £10,000 to £24,999 | 0.01 | 0.01 |
| £25,000 to £49,999 | 0.01 | 0.01 |
| £50,000 to £249,999 | 0.01 | 0.01 |
| £250,000 and over | 0.01 | 0.01 |
If you have a Danske Enterprise or Danske Enterprise Plus account, you can receive an extra 0.25% on the standard gross interest rates shown above. For example, the following rates would apply:
| Amount | Gross interest rate / AER |
|---|---|
| Under £1,000 | 0.26% |
We set the credit interest rate which is variable. If you are a micro enterprise or a charity with annual income of less than £1m (one million pounds Sterling) we will give you two months written notice of any reductions to the credit interest rate otherwise the period of notice may be less than two months but will be at least 30 days. If we increase the credit interest rate on your account we will make the change immediately.
Interest is calculated on a daily basis on cleared balances and applied to the Business Investment account on the last calendar day of the quarter.
*Interest is paid 'gross'. This means that we do not deduct tax from interest we pay. Depending on your personal circumstances, you may have to pay tax on your interest. If you are a sole trader or a partnership (where all the partners are individuals), this will depend on your total taxable income, interest that you receive and your Personal Savings Allowance.
**AER stands for ‘Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded (paid on the total balance including previous interest) once each year.
You will be sent a statement at least every 6 months.
