How does my client make deposits or withdrawals?
Transacting on a business savings account is straightforward. Your client will choose a PIN and password when they open their account, so when they want to transfer money in or out of their business savings account, they can just go online at www.standardlifebank.com. Alternatively, they can call us on 08457 555659 where we will ask your client to confirm selected numbers and letters from their PIN and password and deal with their request immediately.
Remember, if your client has chosen our Premium 10 Day Notice Account and/or Direct Access Savings Account the maximum number of telephone withdrawals per year is three*.
Deposits and withdrawals will be made using your client's external business bank account (their Designated Account) and transactions normally take three full working days. If your client makes a withdrawal, we'll pay interest right up until the day the money arrives in their designated account.
*Excess Telephone Charge applies if your client exceeds this amount.
Can my client operate their account online?
Yes, your client can make withdrawals and deposits and move their money between their Standard Life Bank business savings accounts. They can also view their details whenever they want. All they have to do is log on to www.standardlifebank.com and register for online banking. We'll send them an Internet password (which your client can change on their first use) and User ID number, which they'll need to log on for online banking.
If your client already has a 10 Day Notice Account and/or Direct Access Savings Account, they could be earning a higher rate of interest if they bank online. Call us today and we could switch your clients existing accounts to our new Premium Accounts* and start earning more interest for their business.
*Pooling facility not available and Excess Telephone Charge applies if your client exceeds three telephone withdrawals per year.
Is there a minimum deposit amount?
Yes, the minimum deposit is £1, except for bonds, for which it is £1,000. The maximum deposit for bonds is £1 million and for accounts is £10 million.
Is there a minimum withdrawal amount?
No, your client can withdraw any amount.
How does my client withdraw funds from a Notice Account?
As the name suggests, withdrawing money from a Notice Account requires your client to give us notice of their intention to take money from their account. The amount of notice they have to give will depend on the type of account they have. For example, a 10 Day Notice Account requires 10 clear days' notice to withdraw without penalty. Please note, if your client fails to give us notice, they will be charged a penalty.
Can my client save on a regular basis?
Yes. Your client can arrange for regular payments to be made from their Designated Account into their business savings account on a monthly, quarterly, half yearly or yearly basis. Your client just has to call our operators for further details or they can set up this facility online. Alternatively, they can make a deposit whenever they want by calling our operators on 08457 55 56 59
How does the pooling facility work?
If your client is holding money for clients (e.g. house purchase funds), they could be earning more interest for them too. By pooling up to 99 client accounts within a Savings Plan, each account earns the rate of interest that applies to the total balance of all the accounts*. Your client should note however, that they cannot pool Notice Accounts with Direct Access Savings Accounts. Interest is paid net on accounts for partnerships, investment clubs, sole traders and professional intermediaries on behalf of their clients. It is paid gross for other organisations.
*Pooling is not available on our Premium accounts.
How will my client know what rate of interest they are getting?
Your client will find a leaflet detailing our current rates in their Welcome Pack. Any changes in our rates will be published in the National Press and on our website at www.standardlifebank.com.
We will also write to your client within 30 days to inform them of any changes.
Can my client change how their interest is paid?
Yes. We can change this for your client if they call us. Interest is calculated on a daily basis, but it can be paid monthly or yearly.
Interest payments can be:
Will my client pay bank charges on their account?
If your client has a Notice Account and they don't give the appropriate notice before they make a withdrawal, a charge will apply. If they have a Premium Account, an Excess Telephone Charge will apply if they make more than three telephone withdrawals per year.
There will also be a charge for audit requests, dishonoured cheques and failed direct debits. Full details of our charges are available by clicking on the Tariff of Charges link in the Related Links box.
When will my client receive their statements?
We will send your client statements annually, but they can request one at any time. If they register for online banking, they can also view their statements online. We can issue your client with a current statement whenever they wish but it must be issued to the first Authorised Person at their business address.
Sole Traders and Limited Companies with one Director may choose to operate their accounts with a minimum of one and a maximum of three Authorised Persons. Pension Scheme Trusts may operate their account with a minimum of two and a maximum of six Authorised Persons. For Small Self-Administered Schemes (SSASs) at least one of these Authorised Persons must be a Pensioneer Trustee or a representative of a Pensioneer Trustee Company. All other busineses may choose to operate with a minimum of two and a maximum of three Authorised Persons. Once the Authorised Persons have registered their PIN and passwords and all documentation has been received, they will be able to transact.
Can my client change their Authorised Person?
Yes, if your client wishes to add/remove any Authorised Persons, all they need to do is contact one of our operators who will be happy to help. All new Authorised Persons (with the exception of Pension Scheme Trusts) are required to provide two forms of personal identification. In addition, all Authorised Persons must choose their own PIN and password. Only then can they transact on their account with us.
Can my client change their Designated Account?
Yes. Sole Traders and Sole Directors of Limited Companies operating their account with only one Authorised Person should contact us and we will arrange to send out a new Direct Debit Instruction for completion. For all other businesses, all you are required to do is arrange for two Authorised Persons to contact us and we will again send a new Direct Debit Instruction for completion. In the case of Small Self-Administered Schemes (SSASs) one of these Authorised Persons must be a Pensioneer Trustee or representative of a Pensioneer Trustee Company.
How will my client's savings be taxed?
Interest may be paid gross on business savings accounts held by us for registered or recognised charities, limited companies, clubs, societies, associations or trustees of an Inland Revenue approved occupational pension scheme. For all other accounts, interest will be paid net of lower rate tax. In the case of Fixed Rate Bonds, if your client deposits £50,000 or over, interest is paid gross regardless of tax status.
What happens if my client loses or forgets their PIN or password?
Your client can just pick up the phone and call us - we will arrange for a new PIN and password form to be sent to them to complete and return.
What are Standard Life Bank's opening hours?
Our lines are open:
Mon - Fri : 8am - 6pm
Sat : closed
Sun : closed
Your client can transact online 7am to 11pm, seven days a week.
How do I open a Business Account on behalf of my client?
Just give us a call on 08457 55 56 59 with relevant information outlined below:
Your details:
How do I get more information?
Call us today on 08457 55 56 59 where one of our operators will be able to provide you with the information you require.
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