The following interest rate is available to Business Customers of Bank of China (UK) Limited and the interest rate on the Instant Access Savings account Deposit is variable.
Whilst the below provides information for Instant Access Savings Account, it is not intended to be a substitute for reading the terms and conditions and the Summary Box that apply to the account.
British Pound Sterling (GBP)
| £Minimum opening value |
Rate(AER/Gross) |
| £50 |
1.70% |
Important Information
Annual Equivalent Rate (AER) is a compounded interest where you earn interest on the interest you have already earned.
Interest is calculated daily, and is payable on maturity. We will not deduct any tax from the interest we pay you. You will need to pay any taxes you owe to HM Revenue & Customs (HMRC). For more information please visit HMRC’s website www.hmrc.gov.uk. The tax information provided is based on our understanding of current HMRC practice, which may change.
The Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Please note that some corporate entities are excluded from the Scheme. For further information about the compensation provided by the FSCS and what is excluded from cover, please refer to the FSCS website at: www.fscs.org.uk. You can also obtain information about FSCS in our branches.
The product is available in branch and online. Please click the Summary Box for more details of the product.
Frequently Asked Questions
Can Bank of China (UK) Limited change the interest rates?
Yes, the interest rate is reviewed on a regular basis and the new rate will be applied to your account immediately after the change. We may change the rate up or down on your instant access savings account. There are a few reasons for this, such as a change in the Bank of England base rate. We will give you 2 months’ notice if the rates are going down. You can find out more detail on the reasons for an interest rate change in section 4 of the Terms and conditions.
How do I open and manage my account?
If you do not have an Instant Access Savings Account and want to open one, you need to contact your branch Relationship Manager, and they will be able to assist you. If you already have an Instant Access Savings Account, you can manage your funds and access your account either in branch or by using our online banking service.
How do I deposit money into my Business Instant Access Savings Account?
You Can deposit money into the Business Instant Access Savings Account by transfer from a current account under your name. For more details and assistance, please contact your branch relationship manager.
Is there a minimum deposit required?
The minimum deposit required is GBP 50.
Can I withdraw money?
Yes, you can withdraw your money at any time without incurring any fees or charges.
Is there an account management fee associated with this account?
No, there are no account management fees or other charges associated with this account.
