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Notice Deposits

Earn higher returns on surplus funds

To apply you must be; a non personal customer, hold a minimum deposit of 25,000 (per currency) and hold a Business Treasury Cash Management Account.

The longer you save, the more you earn

A Notice Deposit allows you to earn higher returns on your funds without committing to a long term deposit.

  • Choose from 35, 60 or 90 day notice period
  • Available in GBP, EUR and USD
  • Minimum deposit 25,000 (per currency)

Interest is calculated daily and paid on the last business day of each quarter in March, June, September and December, or at account closure.

Notice Deposit interest rates

Rates effective from 21st December 2022 and are subject to variation.
Minimum deposit 25,000 (per currency). Interest is calculated daily and paid on the last business day of each quarter in March, June, September and December, or at account closure.

Definitions

  • AER stands for Annual Equivalent Rate and illustrates the interest rates as if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
  • Gross Rate means the interest rate you are paid before the deduction of tax. 
  • Notice Deposit Interest rate is the rate customers receive on their Notice Deposit during the life of the deposit.
  • p.a. is per annum (per year).
  • Step Down Rate is the rate received on withdrawal of funds.

Can the interest rate change?

Yes, the interest rates on Notice Deposits are variable and can change during the deposit period.

  • If rates go down, we'll advise you of the change subject to the relevant notice period i.e. 35, 60 or 90 days.
  • If rates go up, we’ll give you notice either before the change happens or as soon as possible afterwards.

Fixed Term Deposit interest rates do not change for the term of the deposit.

You can view, download or save a copy of the Non-Personal Terms and Conditions here.

How does Notice Deposit work?

You can manage your deposit using eQ online banking, in branch, in writing or by telephone.

The deposit operates on a notice basis. Interest is paid at the applicable rate until a minimum 35, 60 or 90 days notice of withdrawal is instructed, depending on the relevant notice period.

Once notice has been provided, the amount withdrawn is placed on a Fixed Term Deposit.

The Fixed Term Deposit interest rate is calculated using the Notice Deposit Headline rate for 35 days along with the introduction of a fixed margin of -0.20%, known as the Step Down Rate. For 60 and 90 day Notice Deposit products, the prevailing Headline rate is used for the remainder of the notice period i.e.

  • 35 Day Notice Deposit
    The Step Down Rate applies for the full 35 day notice period
  • 60 Day Notice Deposit
    The Primary Notice Rate applies for 25 days of the notice period and the Step Down Rate applies for 35 days
  • 90 Day Notice Deposit
    The Primary Notice Rate applies for 55 days of the notice period and the Step Down Rate applies for 35 days

Upon maturity of the Fixed Term Deposit the balance plus any earned interest will be credited to your Business Treasury Cash Management account. If you don't have a Business Treasury Cash Management account, you'll need to open one when applying for a Notice Deposit.

Please speak to your relationship director for further details.

More about Cash Management solutions

Can I withdraw money?

Yes, withdrawals are allowed however are subject to the relevant minimum withdrawal notice period i.e. 35, 60 or 90 days. Early withdrawals are not permitted.

The notice period is effective from the date of receipt of the instruction to withdraw. If we receive your instruction after 12pm or on a non business day, notice will commence on the next working day. We can receive your instruction through eQ, by post or by directly contacting the Money Market team.

Depending on the notice period, once notice of withdrawal is provided, funds will be available after 35, 60 or 90 days.

Is there a minimum and a maximum deposit and withdrawal amount?

  • There is a 25,000 (per currency) minimum deposit requirement to open and maintain a Notice Deposit account
  • There is a £250 million (or currency equivalent) maximum deposit per customer
  • The minimum deposit and withdrawal amount is 25,000 (per currency) however this is not applicable to online transactions made through eQ

How to apply

Please answer a few initial questions so we can connect you with the most appropriate team to help you apply.

Are you a new or existing customer?

Talk to us about becoming a customer

Our expertise spans the alternative investment funds industry and we have developed strong relationships and partnerships with fund managers, asset managers, fund administrators and other corporate service providers.

To get started please get in touch with a key contact in one of our Institutional Banking locations.

Do you have a relationship director?

Contact your relationship director

You should have a direct number or email address for your relationship director. You can discuss applying for an additional account and they can help with the application and arrange to get the appropriate signatures.

Lines are open from 9am - 5pm

Contact our dedicated service team

Please email our dedicated service team, where a member of the team will put you in touch with your relationship director.