Business Savings Account Terms and Conditions update
We are updating our Business Savings Terms & Conditions with effect from 01 October 2025.
These changes are being made ahead of our upcoming system changes.
Business Savings Account Terms and Conditions
Here’s a summary of what’s changing
| What’s changing? | What do the changes mean? |
| Checking your identity | We’ve clarified that we’ll use electronic ID checks where possible. |
| Online access | We’ve updated wording to reflect who can access our online portal and what it can be used for, and we’ve clarified how it could be accessed. |
| Joint accounts | We’ve made it clear how online access could impact joint accounts, what to do in the case of dispute between account holders and how we’ll communicate with joint account holders. |
| Personal details | To ensure that we’re able to protect your account and fulfil our legal and regulatory obligations, we’ve expanded the list of personal details that you need to keep up to date and clarified the potential impact on your account if these aren’t kept up to date. |
| Interest | We’ve updated wording to reflect where you can access your account and transaction record using a passbook or our online portal. |
| Withdrawals | We’ve provided a more detailed breakdown of maximum withdrawal limits by Faster Payment based on account type. |
| When payments go wrong | We’ve clarified the process for when payments go wrong, including what you should do if you notice any unauthorised activity, and provided details of when you may or may not be eligible for a refund. |
As a reminder, we made the following change to the terms and conditions in April 2025 to give additional protection should you fall victim to a scam:
| What changed? | What do the changes mean? |
| If you fall victim a scam | A new section was introduced detailing how you are protected if you fall victim to a scam, what’s covered, the process for reimbursement and when you won’t be eligible. |
Frequently asked questions
Do we need to confirm I am happy with the changes?
No, unless we hear from you before then, we’ll take it that you’re happy to accept the changes.
I have a fixed rate account, can I close my account because of these changes?
No, fixed rate accounts will remain unaffected by the changes until the fixed term ends, so you won’t be able to close your account before then.
I have a notice account, can I close my account because of these changes?
No, you won’t be able to close your account without giving the standard notice period applicable to your account.
I have an easy access savings account, can I close my account because of these changes?
If the changes aren’t suitable for you, you have the option to close the account before they take effect.
Please note that we are also making changes to our personal account savings terms and conditions – you can find out more about what’s changing here.
