Business

Savings

Flexible business banking for the UK’s underserved SMEs.

All eligible deposits with us are protected up to £85,000 by the Financial Services Compensation Scheme

Create Your Business Account

We’ve brought our expertise in retail banking to the world of business with an innovative savings account crafted for UK entrepreneurs and SMEs, whether you’re looking to save to grow or just need to set some cash aside.

Just so you know, there are a few companies and organisations we don’t accept applications from, including but not limited to gambling firms, arms and weapons companies, payday lenders, for-profit debt management and businesses looking to place their client’s money. We’re also currently unable to accept applications from charities and trusts.

We accept applications from holding companies but this is limited to holding companies with a maximum of one subsidiary.
 
How much would you like to save?
£

You can save £5,000 - £85,000

6 months
0.80% AER
The account term commences from the date of account application

Interest Rate

%(% AER)

Indicative Return

Your product summary:

Account Name

Interest Rate

(% AER)

Indicative Return

Interest Paid

Maturity Date

Interest is calculated daily and is paid:

Annual interest accounts: Interest is calculated daily and paid annually on the anniversary of application date and/or on maturity (If duration of term is less than 12 months). Interest can be added to your selected savings product or paid into your nominated bank account.

No, the interest rate is fixed for the duration of your fixed rate account.

No. To enjoy the fixed rate you cannot take money out before the end of the fixed term of your chosen product.

Within a reasonable period of time before the maturity date of your account, we will provide you with the options available to you through the online account manager.

We can return funds to your nominated bank account or help you to invest in other products with Masthaven Bank. If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds to your nominated account because, for instance, it has been closed, your account will automatically become a Masthaven Bank instant savings account.

Initial deposit at account opening Balance after 12 months Interest earned
£1,000    
£10,000    
£50,000    

We've based the above examples on your selected interest rate and assume the following:

  • You made a single deposit when you opened the account.

You can apply to open an account if:

  • You are a sole trader.
  • You are a limited company.
  • You are aged 18 or over.
  • You are a UK resident and a UK or EU citizen.
  • You have a business email address and mobile number.
  • To open an account you must put at least £5,000 and up to a maximum balance of £85,000 into it. Once we have confirmed with you that your account has been opened, you will have a period of 14 calendar days, including the day we open your account, to fund your account.
  • We will credit the deposit to your account on the same day that we receive the funds from you. You can transfer funds by electronic transfer but not by cheque.

To view the terms and conditions of our savings products click here.

  • We reserve the right to withdraw any of our savings products at any time without notice.
  • This product is not a ‘Qualifying Time Deposit’ (QTD) as defined by HMRC.
  • When we pay you the interest you’ve earned, we won’t take the tax off. It is your responsibility to ensure you pay any tax you are liable for to HMRC.
  • All deposits you make into your account must be from the nominated bank account you provide when you open your account.
  • You can make additional payments in to the account up to 14 calendar days from application.
  • There is an account balance minimum of £5,000 on your account and a maximum of £85,000. You may have as many savings accounts with us as you wish, provided the total of all accounts is no more than £85,000.

Annual Equivalent Rate (AER)
This is a notional rate that shows you how much the interest rate would be if the interest was paid and compounded once a year. It’s designed to make it easier for you to compare different financial products.

Gross Rate
This is the interest rate you are paid without any deduction of income tax.

The information provided is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Apply now

In order to apply for your chosen product you will need to read, download and tick the confirmation boxes for the following notices:

1. Financial Services Compensation Scheme (FSCS) Information Sheet
2. Privacy Notice

Financial Services Compensation Scheme (FSCS) Information Sheet

Basic information about the protection of your eligible deposits

Eligible deposits in Masthaven Bank Limited are protected by: The Financial Services Compensation Scheme (‘FSCS’) 1
Limit of Protection: £85,000 per depositor per bank 2 The following trading names are part of your bank: Masthaven Bank Limited
If you have more eligible deposits at the same bank: All your eligible deposits at the same bank are ‘aggregated’ and the total is subject to the limit of £85,000 2
If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately 3
Reimbursement period in case of bank failure: 20 working days 4
Currency of reimbursement: Pound sterling (GBP, £)
To contact Masthaven Bank Limited for enquiries relating to your account: Masthaven Bank Limited Call: 03305552020 Email: [email protected] Write: Masthaven Bank Limited, Savings, 15-18 Rathbone Place, London, W1T 1HU
To contact the FSCS for further information on compensation: Financial Services Compensation Scheme 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU Tel: 0800 678 1100 or 020 7741 4100 Email: [email protected]
More information: http://www.fscs.org.uk
 

Additional Information

1 Scheme responsible for the protection of your eligible deposit
Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.

2 General limit of protection
If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum £85,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.

In some cases eligible deposits which are categorised as ‘temporary high balances’ are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:
(a) certain transactions relating to the depositor’s current or prospective only or main residence or dwelling;
(b) a death, or the depositor’s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity;
(c) the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.

More information can be obtained under http://www.fscs.org.uk

3 Limit of protection for joint accounts
In case of joint accounts, the limit of £85,000 applies to each depositor.

However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.

4 Reimbursement
The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email: [email protected] It will repay your eligible deposits (up to £85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply.

Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses or operating costs (in the case of a depositor which is not an individual or a large company) within 5 working days of a request. Again there are specific exceptions to this obligation.

If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained at http://www.fscs.org.uk

Other important information

In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account.

 

FSCS Exclusion List

A deposit is excluded from protection if:

(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following:
• Credit institution
• Financial institution
• Investment firm
• Insurance undertaking
• Reinsurance undertaking
• Collective investment undertaking
• Pension or retirement fund*
• Public authority, other than a small local authority.

For further information about exclusions, refer to the FSCS website at www.fscs.org.uk

* Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.


 
Download PDF

Frequently Asked Questions

All signatories and shareholders must be individuals who permanently reside in the UK for tax purposes at the time of making the application.

No, you can’t take any money out until the end of your term. Call us if you've any questions about this or send us a secure message.

Just call our business savings specialists on 0330 555 2020 or send us a secure message.

We use various electronic databases to verify the business as well as all the individuals involved. In some cases where we are unable to do this we may ask you to send some documentation to us. If this happens, you'll find all the information on our ID Verification document.

You can email scanned certified copies to [email protected] or you can post them to us at Masthaven Bank, 15-18 Rathbone Place, London W1T 1HU.

You may have as many savings accounts with us as you wish, provided you remain within the product deposit limits.

We currently offer a fixed rate business saving account for sole traders and limited companies.

Yes, we accept applications from holding companies. However, this is limited to holding companies with a maximum of one subsidiary company.

Seemed very efficient and easy to deal with. Was kept informed at each stage of the application. Website clear and responsive.
Mrs Jennings —Business Savings Customer
Feefo badge

About our business savings

AWARD
WINNING

We were named the UK's Most Innovative Digital Retail Bank for 2018 and 2019 (CFI). And we're 2019's Savings Account Provider of the Year (MoneyAge).

EASY
TO APPLY

We know you’re busy, so we’ve made our business accounts really easy to set up and simple to run. Giving you more time to run your business.

FSCS
PROTECTED

Your deposits with us are protected up to £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.

REASSURINGLY
HUMAN

Based in our London home our Savings Specialists are there to help you step by step. They don’t use scripts and they won’t rush you.