Business Notice Accounts
Business Notice Accounts at a glance
◉ Save from $50,000 to $5 million per account
◉ Interest is calculated daily and paid twice a year
◉ Add to your deposit at any time up to the maximum balance of $5 million
◉ One account per depositor permitted
◉ Available to registered companies, institutions and registered charities
◉ Local authorities, trusts, individual and pension deposits (SIPP/SSAS) are not eligible
◉ A minimum balance of $50,000 must be maintained at all times
How does the BNA work?
Our Business Notice Account is based on a standard notice account, offering 12 months notice. On the day we receive instruction telling us that you would like to withdraw funds from the Business Notice Account, the relevant sum will be transferred out of the Business Notice Account and placed on a 12 month fixed term deposit account at the prevailing deposit rate for a 12 month fixed term time period (a period which is equal to the Business Notice Account notice period). See the rates table above. The remaining balance will continue to receive interest at the Business Notice Account rate, providing the balance remains at, or above $50,000.
◉ The interest rate is fixed for the term of the account. No early access is permitted.
◉ Interest rates paid on the fixed term deposits (for funds placed on notice) are reviewed weekly on a Monday.
◉ Managed rate refers to a rate that we can change at any time. Such changes may be made without notice
if the change is favourable to you. However, we must give you at least 2 months written notice of any
reduction in rate.
