Our 35 Day Notice Account is a business savings account that gives you a shorter notice period than our 95 Day Notice Account.
With this account you may deposit a lump sum or make regular deposits via your current account. To avoid loss of interest you must provide us with 35 days' notice when taking money out of the account. You may make withdrawals without giving notice but you will be charged 35 days' interest on the amount you withdraw.
If you would like an account where you can withdraw immediately without giving notice see our Business Select Instant Access instead.
The information provided below is a summary of the key features of our 35 Day Notice account and is not to be a substitute for reading its terms and conditions.
What is the interest rate?
*gross **AER variable
Interest is calculated daily and will be paid into your account on 5 April and 5 October. Where these dates fall on a non-Business Day^^, interest will be paid on the preceding Business Day^^.
Yes- the interest rate is variable, which means it can go up or down.
When we increase our interest rates- the new interest rate will apply immediately and we will tell you about the change within 30 days of applying it by displaying information on our website or by branch notices, national press advertisements, statement messages or inserts, or by writing to you (this can include email), or by any combination of these methods.
When we decrease our interest rates- we will tell you by personal notice at least two months before we make the change. Personal notice means by post or email.
For full details of the circumstances in which we may change interest rates, please refer to our Terms & Conditions.
|Initial deposit value||Balance after 12 months||Interest after 12 months|
We have worked this out assuming:
Please note: this example is intended to illustrate the interest that would be earned after 12 months. The balance shown does not take account of the fact that interest is paid on 5 April and 5 October, rather than 12 months after opening.
To be eligible for this account, you and any other signatories to the account must:
If you are a Limited Company the following criteria also applies:
Your application is subject to status and based on an assessment of your financial circumstances.
If you are eligible to apply for one of our business savings accounts please read the important documents below and save copies of them for future reference.
You can apply for an account by completing an application form in one of the following ways:
No minimum or maximum account balance restrictions apply.
You can pay money in by:
You can contact us by telephone to discuss this account.
Yes- but you must give 35 days’ notice to withdraw from the account.
However, you can make a withdrawal without giving us the required 35 days' notice but you'll be charged the value of 35 days' interest on the amount you withdraw (using the accounts interest rate).
This charge will be taken from:
Any interest you've earned but haven't yet been paid;
If you haven't earned enough interest to cover the charge, the outstanding sum will be taken from your remaining deposit(s); or
If the unpaid interest and your remaining deposit(s) do not cover the charge, the Bank may recover the funds by other means (i.e. by exercising its right of set off).
You can make withdrawals through telephone banking to your linked Co-operative Bank business current account.
We will pay interest without deducting tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs. If you are not sure whether you will have to pay tax, we recommend that you contact your local tax office or HM Revenue & Customs or visit www.gov.uk/apply-tax-free-interest-on-savings
Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.
The Co-operative Bank reserves the right to decline or accept any application and/or deposit.
*Gross- The gross rate of interest is the interest rate payable before any tax is deducted.
**AER- Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
^^Business Day- any day other than Saturday, Sunday or a bank holiday or public holiday in England and Wales.
Please fill in the relevant application form for your business entity.
These forms should not be used to make changes to the information that the Bank holds about your business or any key account parties. The signatories and signing authority for the new account will be the same as the existing arrangements for your Business Current Account.
Please make sure you read this important information before you apply for this product to ensure that it meets your needs. The useful documents below will provide you with all the details you need to make your decision.
Your eligible deposits held by a UK establishment of The Co-operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
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