Savings Accounts for business in the UK. Earn interest from your surplus cash.

Business Savings Accounts

Your business can bank on us
Save for your tax bill, new equipment or a rainy day with our business savings account.

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

Complete your business savings application on-line

Getting ahead in business is often about thinking outside the norm. That’s what we like to do, too. We bank differently. With our online business savings account you can save between £5,000 and £500,000 and choose exactly when your account matures. Right down to the day. Because we know businesses aren’t all the same. They’re not identikit corporations but living, breathing things.
 

Who we love to help

We’ve taken our experience in personal savings and brought it to business. Perfect for SMEs, entrepreneurs, sole traders and contactors, our business savings account puts you in control of your money – and your company.
Savings shouldn’t be complicated, so why do other banks make it so difficult? We take care of the tricky stuff so you don’t have to, giving you simple, easy-to-use banking products that allow you to get on with things. Like running a business.

Masthaven reserves the right to decline applications from certain sectors including, but not exclusively:

  • Gambling firms, arms trading companies and those involved with weapons proliferation
  • Payday lenders and for-profit debt management firms
  • Firms looking to place their client’s money

At this time, we are also unable to accept applications from charities and trusts

If you’re not sure if our business savings account is right for you, do give us a call on 03305552020*
* All calls are recorded for training and monitoring purposes

How much would you like to save?
£

You can save £5,000 - £500,000

How long would you like to save for?
Choose a popular term
1Year1.80% AER
2Years1.90% AER
3Years2.00% AER
5Years2.35% AER
The account term commences from the date of account opening.
 
Set your own term

Use the slider or calendar to select your savings maturity date

3 months
Select product to see interest rate and indicative return
Interest rate

% (% AER)

Indicative return

Your chosen product

Apply now

Account name:

Gross interest rate:

Interest paid:

Maturity date:

How is interest calculated?

Interest is calculated daily and paid annually on the anniversary of funds being received into your account and on maturity. Interest can be added to your Fixed Rate account or paid into your nominated bank or building society account.


Can Masthaven Bank change the interest rate?

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


Can I withdraw money?

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

Within a reasonable period of time before the maturity date of the account, we will provide you with the options available to you through the online account manager.
We can return funds to the business 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 the nominated account because, for instance, it has been closed, your account will automatically become a Masthaven Bank Instant Savings Account.


What would the estimated balance be after 12 months

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:

  • interest is paid annually 
  • You made a single deposit when you opened the account.

How do I open and manage my account?

You can apply to open an account if:

  • You are a sole trader
  • ​You are a limited company
  • You’re aged 18 or over
  • You’re 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 £500,000 into it. Once we have confirmed with you that your account has been opened, you will have a period of 7 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.

Terms and Conditions

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


Other important information

  • 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 7 calendar days from application.
  • There is an account balance minimum of £5,000 on your account and a maximum of £500,000. You may have up to 4 accounts with us at any one time. However, there is a maximum total balance of £1,000,000 that you can have deposited across all of your accounts with us at any one time

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.


Download

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, 11 Soho Street, London, W1D 3AD
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 fund5
• Public authority, other than a small local authority.

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

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

Frequently asked questions

All FAQs

ABOUT MASTHAVEN

LENDING SINCE 2004

We bring years of experience in short term lending to our new bank. We’re award winning and we build lasting relationships.

UK BASED

Home for Masthaven is London, where you’ll find our friendly helplines and expert teams.

FSCS PROTECTED

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

HUMAN AND OPEN

We’re only as good as the people we employ. They’re an exceptional team and we trust them to make decisions.