Currency Client Account

SUMMARY BOX

Account Name: CLIENT CURRENCY 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.

Credit interest is calculated on a daily basis and paid twice yearly in June and December.

Can the Bank change the interest rate?

Yes, the Bank can change interest rates at any time in line with the 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 Banking and Business Banking customers: We’ll let you know at least two months before we make the change.
• Corporate Business Customers: We’ll make the change immediately, 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 USD1,000.
• 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 a Currency Client Account.

Account eligibility is limited to the following businesses:

• General Insurance, Credit and Financial Institutions which have permission to hold client money from the FCA (Financial Conduct Authority)
• Auditors, insolvency practitioners, external accountants, tax advisers, notaries, conveyancers or independent legal professionals that are regulated by a designated professional body
• Real estate businesses, estate agents, property managers, lettings agents, chartered surveyors and loss adjusters that are regulated by specific bodies and attest to a number of requirements
• Local authorities; ; County Councils, Unitary Authorities in Shire Areas, London Boroughs and Metropolitan Boroughs

How to open the account:

Open in branch

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 required.

This account must only be used to hold money on behalf of your clients, not to make payments for your own business.

You're responsible for carrying out due diligence on your clients that might be necessary to comply with all relevant laws and regulations.

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 would not 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 customers are any business customer whose accounts are held with us in the UK, which is not a Small Business Banking or a Business Banking Customer.