Illustration of lady in office

Business Deposits

Hodge Bank offers a range of deposit facilities designed for businesses, pension funds, trusts, partnerships and individuals.

The Bank aims to provide a personal yet highly competitive service, giving corporate depositors the ability to manage their cashflow whilst maximising the interest received.

If your business has surplus funds from time to time, your pension fund holds cash balances or you personally have funds to invest, we have an account to suit.

So whether it’s for your business, for yourself or for any other fund you control, it’s quick and easy to earn more interest.

fscs logo

Protecting your money

Your eligible deposits with Hodge Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme.

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.

Special Business Account

An instant access account paying competitive interest rates, especially for balances in excess of £10,000.

Access

Immediate

Interest paid

Quarterly

Amount
Gross*
AER†
Amount £50,000+
Gross* £50,000+
AER† 0.10%
Amount £10,000+
Gross* £10,000+
AER† 0.10%
Amount £5,000+
Gross* £5,000+
AER† 0.10%
Amount Amount
Gross* Amount
AER† 0.10%
Amount Below £1,000
Gross* Below £1,000
AER† 0.10%

Rates applicable from 8th May 2018

One-Month Business Account

Pays higher interest rates, however one month’s notice must be given before funds can be withdrawn.

Access

1 month notice

Interest paid

Quarterly

Amount
Gross*
AER†
Amount £50,000+
Gross* £50,000+
AER† 0.25%
Amount £10,000+
Gross* £10,000+
AER† 0.25%
Amount £5,000+
Gross* £5,000+
AER† 0.25%
Amount £1,000+
Gross* £1,000+
AER† 0.25%
Amount Below £1,000
Gross* Below £1,000
AER† 0.25%

Rates applicable from 8th May 2018

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.

Access

100 days

Interest paid

n/a

Amount
Gross*
AER†
Amount £50,000+
Gross* £50,000+
AER† 1.00%
Amount £10,000+
Gross* £10,000+
AER† 1.00%
Amount £5,000+
Gross* £5,000+
AER† 1.00%
Amount £1,000+
Gross* £1,000+
AER† 1.00%
Amount Below £1,000
Gross* Below £1,000
AER† 1.00%

Rates applicable from 8th May 2018

Glossary of Terms

*Gross
Is the contractual rate of interest payable before the deducation of income tax at the rate specified by law. The payment can be made annually or monthly.

†AER
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded each year.

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a Bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000.00. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000.00 each (making a total of £170,000.00). The £85,000.00 limit relates to the combined amount in all eligible depositor’s accounts with the Bank, including their share of any joint account, and not each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call our Customer Services Team on +447367183247, refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000.00. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000.00 each (making a total of £170,000.00). The £85,000.00 limit relates to the combined amount in all eligible depositor’s accounts with the Bank, including their share of any joint account, and not each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call our Customer Services Team on +447367183247, refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.

FAQs

Yes, our website and application form is fully compatible with mobile and tablet devices.
Every basic rate taxpayer in the UK has a Personal Savings Allowance of £1,000. This means the first £1,000 of savings interest earned in a year is tax free. If you are a higher rate taxpayer (40%) then your allowance is £500.