Clients Deposit Account

SUMMARY BOX

Account Name: Clients Deposit Account

The applicable credit interest rates are as follows:

¹ AER (Annual Equivalent Rate): This is a notional rate which illustrates what the gross rate would be if interest were paid and compounded each year.

Credit interest is calculated on a daily basis and paid monthly.

Can the Bank change the interest rate?

Yes, the Bank can change the 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 – Single deposit, no withdrawals

For the purpose of this calculation it is assumed:

• Initial deposit of £1,000
• No additional deposits
• No withdrawals
• No change to the interest rates during the 12 months
• Interest is paid monthly

Example 2 – Larger deposits

• If you deposit enough, you can earn more.
• Depending on your balance, the interest rate you earn may go down if you make withdrawals.
• Based on you paying in the following deposits on day 1 and making no withdrawals or additional deposits, your estimated balance after 12 months would be as shown in the table below.

But if you make withdrawals, the interest rate you earn goes down

How do I open and manage my account?

Eligibility:

Account eligibility is limited to the following businesses:

• 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, or loss adjusters that are regulated by specific bodies and attest to a number of requirements

Minimum/Maximum balance:

• No minimum balance
• No maximum balance

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 in line with the Client Accounts Additional Conditions. No notice is required.

This account must only be used to hold money on behalf of your clients not to make payments for your own business. You are 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 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 customers are any business customer whose accounts are held with us in the UK, which isn’t a Small Business Banking or a Business Banking Customer.

HSBC Relationship Managed customers get access to a wide network of local experts. This means that no matter where you're based in the country, you'll have a named contact at your local Commercial Banking Centre. We offer a comprehensive range of services tailored to the professionals sector, which means we can provide a wide variety of financial solutions for firms and practices like yours that have very specific business banking needs.

There are a couple of ways to apply:

• If you use Business Internet Banking, you can check your eligibility and apply online. Go to Products & Services > Savings for more details.

• Alternatively, you can register for Business Internet Banking today.

• If you’re not registered for Business Internet Banking and would like talk to someone about this account, please contact your relationship manager or contact us using the ‘Need help’ tab on the right-hand side of this page.