Hampshire Trust Bank launches market leading variable rate business savings account to support SMEs
– Variable rate 120 day business notice account launched on same day as variable rate 100 day notice account for personal customers
A diverse range of SMEs from charities to councils and small financial institutions to schools can take advantage of Hampshire Trust Bank’s new variable rate 120 day business notice account, which offers a market-leading rate of 1.6% AER.
The account is available to all types of UK organisations, which is not always the case in the business savings market. Those looking to take advantage are required to invest a minimum of £5,000, with a maximum investment of £250,000.
At the same time, Hampshire Trust Bank has launched a new variable rate 100 day notice account for personal customers, which offers 1.81% AER. A minimum investment of £1,000 is required.
Stuart Hulme, director of savings at Hampshire Trust Bank, said: “We expect a strong demand for our new business and personal savings accounts. Our new market-leading variable rate 120 day business notice account is available to all types of businesses from limited companies through to charities and trusts, which is not always the case in the rest of the business savings market. As an SME specialist challenger bank we are committed to supporting businesses of all shapes and sizes. We take the same consistently competitive approach in personal savings and regularly review our rates to ensure our customers, whether they be SMEs or individuals, are getting a good rate of return on their capital.”
Hampshire Trust Bank now offers five savings accounts to business customers – the new 120-day notice account, a 100-day notice account and three bonds. Recent Hampshire Trust Bank research found that small businesses have £230,000 on average in their current accounts.
Stuart added: “We know that many of the UK’s SMEs keep money in their cash accounts for day-to-day cashflow management, but for those with cash sitting in current accounts for longer periods, a business savings account can deliver a return on investment that can help their business grow. Our market-leading 120 day business notice exemplifies the Hampshire Trust Bank approach – we offer very competitive rates of interest consistently and provide straightforward products to our business and personal customers.”