Business Money Market Accounts

What is the interest rate?

We pay credit interest at a fixed interest rate and the rate is set when you open your account. We calculate interest based on your available balance each day

• For fixed deposits of less than 6 months - interest is paid when the deposit matures
• For fixed deposits between 6 & 12 months - interest can be paid when the deposit matures or monthly on the same day of the month that you opened the account
• For fixed deposits of more than 12 months - interest can be paid monthly on the same day of the month that you opened the account or annually on the anniversary of the day you opened your account

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 or renewals will be priced at the prevailing interest rate.

What would the estimated balance be after 12 months based on a £50,000 deposit?

For the purpose of this calculation, it is assumed:

• Agreed negotiated credit interest: 0.10% (for indication purposes only)
• Initial deposit of £50,000
• No additional deposits
• No withdrawals
• No change to the interest rate during the 12 months

How do I open and manage my account?

Eligibility:

You need a sterling business account (current or savings) before you can open this account.

How to open the account:

Open by phone

Minimum/Maximum balance:

• Minimum deposit
  

  £50,000 for fixed deposits of seven days to three months
  £5,000 for fixed deposits of more than three months to five years

• No maximum balance limit

How to manage the account:

Once opened you can manage your account by phone, post, Business Telephone Banking or through your usual HSBC contact. If you are a HSBC Kinetic customer you will not be able to see your Business Money Market Accounts in your HSBC Kinetic app.

Can I withdraw money?

You can’t withdraw part only, but you can withdraw the full amount of the deposit before it matures if less than £50,000 for a charge of £100.

You can’t withdraw any of the deposit before it matures if you’ve invested £50,000 or more.

When your fixed deposit matures:

• We can transfer all or part of the money into a sterling business current or business instant access savings account with us, or
• Reinvest all or part of the money in a new fixed deposit on the prevailing interest rate and term

If you haven't given us any instructions about what to do, we'll renew it for the same length of time and amount, at the prevailing interest rate and terms.

Additional Information

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.

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