International Business Accounts

SUMMARY BOX

International Instant Access Savings Account

The applicable credit interest rates are as follows:

If your credit interest rate for a currency goes below zero, we may charge you a negative interest rate.

Can the Bank change the interest rate?

Yes, the Bank can change the rates at any time in line with your Business Banking Terms and Conditions.

Favourable changes

We’ll make the change immediately and tell you about it once the change has been made.

Unfavourable changes

• Small Business/Business Banking Customers – We’ll let you know at least two months before we make the change
• Corporate Banking Customers and Customers in Channel Islands/Isle of Man – We'll make the change immediately, whether favourable or not, and tell you about it once the change has been made

What would the estimated balance be after 12 months based on a range of deposits?

Example 1: USD

For the purpose of this calculation, it is assumed:

• Initial deposit of $1,000
• No additional deposits and/or withdrawals are made during the 12 months.
• No change to the interest rate during the 12 months.
• Interest is paid semi-annually

Example 2: CAD

For the purpose of this calculation it is assumed:

• Initial deposit of CAD1,000,000.
• No additional deposits and/or withdrawals are made during the 12 months.
• No change to the interest rate during the 12 months.
• Interest is paid semi-annually.

Example 3: NOK

For the purpose of this calculation it is assumed:

• Initial deposit of NOK5,000,000.
• No additional deposits and/or withdrawals are made during the 12 months.
• No change to the interest rate during the 12 months.
• Interest is paid semi-annually.

Eligibility:

If you do not have a Relationship Manager, you will need a Sterling Business Account (current or savings) before you can open an international instant access savings account.

How to open the account:

Call us today on 03457 60 60 60 to book an appointment to discuss this, appointments can be conducted over the phone or in branch. A Business Specialist will be able to discuss this further.

Or if you prefer to speak to someone in branch this can also be arranged, an appointment can be made by calling 03457 60 60 60.

Lines are open Monday to Friday, 8am to 8pm and Saturday, 8am to 2pm (subject to change over certain periods).

Minimum/Maximum balance:

• No minimum deposit
• No maximum balance limit

How to manage the account:

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

Yes, you can make as many withdrawals as you like. No notice is required.

You will be charged an annual fee for the account. For details on fees and charges please refer to the Business Price List on our website HSBC Business Banking, in our branches or by calling 03457 60 60 60.

Definitions:

• AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year.
• Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
• Small Business Banking customers are typically small enterprises (including not-for-profits) with borrowing needs of up to £100k. Their everyday transactional banking products and needs wouldn’t require the support of a Relationship Manager. (Government lending schemes are subject to different limits.)
• Business Banking customers are typically small and medium sized enterprises (including not-for-profits) with product needs that require support through a dedicated Relationship Manager, who work alongside our specialist teams. Our Relationship Managers can provide transactional banking and funding solutions of over £100k (both domestically and internationally).
• Corporate Banking Customer means any business customer whose accounts are held with us in the UK, which isn’t a Small Business Banking or a Business Banking Customer.

What is the interest rate?

We'll pay credit interest on the deposit at a fixed rate on the maturity date - these are specified in the acknowledgment we send you. We’ll calculate your credit interest daily on your cleared balance and pay it into your deposit when it matures.

Can the Bank change the interest rate?

No, once the deposit has been placed the rate will remain fixed for the duration of the deposit and subsequent reinvestments will be priced at the prevailing interest rate.

What would the estimated balance be after 12 months based on a $10,000 deposit?

For the purpose of this calculation it is assumed:

• Agreed negotiated credit interest: 0.20% (for indication purposes only)
• Initial deposit of $10,000
• No additional deposits
• No withdrawals
• No change to the interest rate during the 12 months

Eligibility:

You need a sterling business account (current or instant access savings account) and a International business account (current or savings) in the same currency as the term deposit before you can open this deposit (and must hold such account for as long as you have this deposit).

How to open the account:

Book an appointment at one of your local branches by calling Business Telephone Banking, on 03457 606 060, or by booking directly with the branch.

Minimum/Maximum balance:

• Minimum deposit limit:

• No maximum balance limit (but once opened, you can't add more money to it)

How to manage the account:

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

• You can withdraw the full amount of the deposit before it matures, as long as it’s less than £50,000 (or currency equivalent)
• You can’t withdraw part of the money from a deposit
• You can’t withdraw a deposit for £50,000 or more (or currency equivalent) before it matures
• We charge a minimum fee of US$260 or EUR220 (or the US dollar equivalent) for early withdrawals (subject to change for new and renewed deposits, but not for any deposits you already have)

When your fixed deposit matures:

• You can move all or some of the money to another account in the same name and currency; or
• Renew the deposit

If you haven't given us any instructions about what to do at least 2 working days before maturity, we'll renew it for the same length of time, at the then current interest rate.

Definitions:

• AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year.
• Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
• Small Business Banking customers are typically small enterprises (including not-for-profits) with borrowing needs of up to £100k. Their everyday transactional banking products and needs wouldn’t require the support of a Relationship Manager. (Government lending schemes are subject to different limits.)
• Business Banking customers are typically small and medium sized enterprises (including not-for-profits) with product needs that require support through a dedicated Relationship Manager, who work alongside our specialist teams. Our Relationship Managers can provide transactional banking and funding solutions of over £100k (both domestically and internationally).
• Corporate Banking Customer means any business customer whose accounts are held with us in the UK, which isn’t a Small Business Banking or a Business Banking Customer.