Direct Reserve Savings

Direct Reserve is ideal for businesses that prefer to manage their finances online and using our telephone banking service.

Details about the bonus interest

With Direct Reserve, you'll earn more interest as your balance grows.

• Earn 1.10% Gross/1.11% AER (variable) - which includes a 1% Gross p.a. (fixed) until further notice, when you maintain a balance between £0 and £24,999.
• Earn 1.15% Gross/1.16% AER (variable) - which includes a 1% Gross p.a. (fixed) until further notice, when you maintain a balance between £25,000 and £249,999.
• Earn 1.25% Gross/1.26% AER (variable) - which includes a 1% Gross p.a. (fixed) until further notice, when you maintain a balance between £250,000 and £1 million.  

• Bonus interest - when you take out a Direct Reserve Savings Account for the first time - see Interest rates and Bonus interest tabs for further details
• Instant access - transfer funds directly to your business current account
• Bank anytime - online and telephone banking are available around the clock seven days a week
• No minimum or maximum balance - plus no minimum or maximum deposit or withdrawal amounts. Standard internet banking daily transfer restrictions apply to customers transferring to a third party bank
• Interest calculated daily - and paid into your account every month

Direct Reserve Bonus Interest Details for customers opening their first Direct Reserve Account on or after 01 May 2010

Rates Effective from 01 May 2010.

Direct Reserve Interest Rates for Direct Reserve Accounts opened before 6 April 2009

Rates Effective from 19 March 2010.

Interest rates
Gross is the interest rate paid before the deduction of tax.
AER (Annual Equivalent Rate) illustrates what the interest rate would be if paid and compounded each year.
Rates are correct as at date of publication. The bonus rate is fixed, the standard rate of interest is variable.
Interest is calculated daily and paid monthly.

Payment of interest gross or net depends upon individual circumstances.

• Standard and bonus interest is paid monthly, at the end of the month.
• The bonus starts on the last working day of the month after your account was opened, and is paid until further notice. For example, if your account was opened in May 2011, your bonus rate would commence on 30 June 2011.
• The bonus interest of 1% is only payable on the first £1 million in your Direct Reserve account. For amounts in excess of £1 million or upon expiry of the bonus period, interest is accrued at the standard rate.
• Customers are permitted to receive the interest bonus on one Direct Reserve account per customer.
• This offer is only available to customers whose group turnover (in the 12 months preceding account opening) is less than £25 million.
• Customers (other than Trusts) whose bank mandates require more than one signatory to operate the account are eligible save that the Bank must be permitted to accept instructions for online and telephone banking from a single authorised party. Trusts operated by more than a single signatory are not eligible.
• Customers must register for online and telephone banking and must activate the service to use the account. Details will be sent to the customers registered address.
• New bonus rate offered to customers who are opening a Direct Reserve account for the first time.