Ulster Bank business savings accounts can be divided into two separate categories. They are:
Instant Access Accounts
These accounts are generally favoured by customers who require as much flexibility and freedom to access their money as it possible, although it should be remembered that instant access accounts often have comparatively lower interest rates compared with many fixed rate accounts (more information on these accounts can be found below).
Fixed Term Accounts
Fixed term business savings account deals often provide customers with relatively high interest rates, but usually come with penalties or waiting periods for customers who wish to access their money at short notice (more information on these accounts can be found below).
Instant Access Account Details:
Bonus Access accounts require a deposit of £1 and pay interest on a quarterly basis, bonus interest is also granted to those who make no more than 1 withdrawal per quarter.
- A Liquidity Manager account requires no minimum deposit and pays interest monthly
- A Solicitors Reserve account has interest calculated on a daily basis, and is paid in October in NI and quarterly in ROI, required minimum balance of £1,000 (€5000 in ROI).
Business Reserve accounts (NI) require a balance of £1000, with interest paid in October.
Special Interest Bearing accounts (SIBA) require a minimum deposit of £5000, with variable interest rates depending on the customer deposit (note, rates are liked to the Bank of England’s Base rate in NI and Euribor in ROI).
Liquidity Select accounts have their interest rates tracked according to the Bank of England (NI) and Euribor (ROI) respectively, requiring a minimum deposit of £50,000 (€250,000 ROI).
Fixed Term Account Details:
Money Desk Deposits require a minimum deposit of £2,500 for more than a 6 month period, or £10,000 for a lesser period, providing a fixed rate of interest with no upper limit on deposits. (money cannot be withdrawn or deposited during the period).
Money Market accounts allow customers to place deposits for a period between 1 night to 1 year, minimum deposits must be at least £1,000,000 or €1,000,000.
Ulster Bank is a subsidiary of the Royal Bank of Scotland Group and operates within Northern Ireland and the Republic of Ireland. If for any reason these account types are not suitable, instead of Ulster Bank, business savings accounts comparisons should be found from other providers.