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Frequently Asked Questions for Business Savings accounts

Opening an account

Can I open an account?

We can open business savings accounts for:

  • Sole traders - trading in the UK
  • Limited companies/PLCs/LLPs - incorporated in the UK
  • Partnerships
  • Charities - registered in the UK
  • Clubs and associations
  • Small local authorities/PCCs/councils
  • Schools
  • Religious organisations
  • Small financial institutions
  • Credit unions
  • Trusts

I am not a customer. How do I open an account?

You can open an account by downloading and printing an application form from our website to apply by post. Alternatively, you can call us on 020 7862 6220020 7862 6220 during business hours and ask us to send you an application form in the post.

I am already a customer. How do I open an additional account?

To open an additional account simply call us on 020 7862 6220020 7862 6220 during business hours and we will do this for you over the phone. Alternatively, you can send us a written instruction by downloading and printing an additional account form and sending it to us by post.

How quickly will you open my account?

We will usually open your account within two business days of receiving your application and we will write to you confirming your new account details and any further information we require.

What checks do you do before I can open an account?

We will need to verify some details about your organisation. The requirements vary depending on the type of organisation. Read what verification documents we may require.

We are required by law to verify the address and identity of any person mandated to operate the account and certain other individuals in your organisation.

If we ask you to send documents to us we will still open your account and you will be able to pay money into it. However, you will not be able to withdraw money until we receive the documents we require. If you do not send us the documents within 30 days we will close your account and return any money deposited to you.

What is a nominated account?

When you apply we will ask you to give us a nominated account, which must be a current account your organisation holds with a UK bank.

We will check the nominated account details you give us and occasionally we may need you to provide evidence that you are the account holder, such as a copy of a bank statement showing the account number, sort code and your organisation’s name.

All payments you make into your savings account must be made from your nominated account. If we receive an electronic payment from a different account we will return it to that account. If we receive a cheque from a different account we will return it to you uncashed.

We will make all withdrawals by electronic payment to your nominated account.

How do I pay money into my account?

You can pay money into your account by sending an electronic payment (Faster Payment, BACS or CHAPS) to your Hampshire Trust Bank sort code and account number, which you’ll be notified of once we have opened your account.

You can also pay money into your account by cheque. You should make the cheque payable to yourself and send it to us at our freepost address: Freepost RTXE-RYYB-AYZY, Hampshire Trust Bank, Savings, PO Box 74003, London EC2P 2QR.

If you are opening a notice account you can send as many payments as often as you like.

If you are opening a bond you have 14 days from us opening it to send us your full investment. We allow this period because some banks restrict the value and number of Faster Payments you can send in one day. You will start to earn interest on each payment as soon as we receive it. At the end of 14 days we will write to you to confirm your full investment and the total interest you will earn.

Is there a limit to the amount I can invest?

To open an account you must be prepared to invest at least £5,000. You may invest up to £750,000 in a single account and up to £1,000,000 in total with us.

Is my money protected under the Financial Services Compensation Scheme?

Most deposits are protected by the Financial Services Compensation Scheme. Read more information on our FSCS page.

When will I start to earn interest on my money?

If you send us money electronically, such as by Faster Payments, BACS or CHAPS, you will start to earn interest on the day we receive if provided this is before 1pm. If we receive it after 1pm you will start to earn interest from the next working day.

If you send us money by cheque you will start to earn interest on the second working day after we receive it.

If I change my mind, can I cancel my account after it has been opened?

Yes, you can cancel any account with us within the first 14 days after the opening date. This is the date on your account opening confirmation letter. You can do this by calling us on 020 7862 6220020 7862 6220 during business hours or writing to us.

If you have already paid money into your account we will return this to you, along with any interest you have earned, when you tell us you would like to cancel it.

Please note that it is not possible to close an account and withdraw the funds deposited outside of the first 14 days after the opening date without complying with the terms of the account. It is important that you understand what these terms are before opening the account.

 


 

Managing your account

How can I operate my account?

You can operate your account by post using written instructions signed in accordance with the account mandate.

How many signatories are permitted on our mandate?

You can have up to four people on your mandate. The signing options are any one signatory, any two signatories or any four signatories.

How can I find out my balance?

You can call 020 7862 6220020 7862 6220 and we can tell you your balance over the phone.

We will send you an annual statement by post on the anniversary of account opening.

How can I find the interest rate on my account?

You can call 020 7862 6220020 7862 6220 and we can tell you your balance over the phone.

Your current interest rate, and any changes during the year, will also be shown on your annual statement, which we will send to you by post.

How do I withdraw money from my notice account?

To make a withdrawal you must give us a written instruction signed in accordance with the account mandate.

You can make a partial withdrawal or ask us to close your account and return all of your money.

We cannot accept instructions by email.

How do I withdraw money from my bond?

You cannot withdraw money from your bond before the end of the term.

What happens when my bond matures?

We will write to you approximately a month before your bond matures to ask for your instructions, at which time you can tell us to return your funds to you at maturity, reinvest them in a new bond or a combination of the two. If you do not give us an instruction before your bond matures we will open an easy access account for you and transfer your funds into it.

You must give us your maturity instruction in writing, signed in accordance with the mandate.

©2015 Hampshire Trust Bank Plc is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. Our FRN number is 204601. We are a company registered in England and Wales, registration number 01311315. Registered office: 55 Bishopsgate, London EC2N 3AS. Hampshire Trust Bank, HTB and Hampshire Trust Bank shutter icon are registered trademarks of Hampshire Trust Bank Plc.