Hinckley & Rugby Building Society has launched a 90-day business deposit account paying 1.25 per cent interest (gross/AER) that’s designed to give businesses a meaningful return in a market dominated by accounts paying less than one per cent.
The 1.25 per cent interest puts the Hinckley & Rugby’s new account in the top four of 90 to 100-day notice products and it is the only building society in the top seven*.
It’s the mutual’s second business savings account and sits alongside the existing 30-day account which pays 0.80 per cent interest (gross/AER). Both rates are variable.
The new account requires 90 days of notice for penalty-free withdrawals. Both accounts are available for companies with a registered or principal trading address in the LE, CV, DE and NG postcodes. The minimum balance is £25,000 and the maximum is £500,000.
Hinckley & Rugby’s savings manager Kerry McDonagh said:
“Our 30-day notice account has been popular with businesses in our heartlands since it launched in January 2012. Now we are pleased to be offering a very competitive interest rate for a 90-day version.
“Local businesses will not only enjoy a competitive return on their deposits, they can also look forward to receiving outstanding customer service from a local building society.”
Details of the accounts are at: hrbs.co.uk/savings/business-accounts
* Moneyfacts search February 1 2018