Apply for a 2 Year Fixed Rate Business Savings Bond

Before you apply for a fixed rate bond for business, it’s important that you understand the nature of the account and the terms applying to the product. Please read the product summary below and the 

• Key Product Information
• Terms and Conditions (Online Accounts) or Terms and Conditions (Postal Accounts) 
• Depositor Protection Scheme Information

Account Name

2 Year Fixed Rate Savings Bond Issue 4

What is the interest rate?

Interest rate for balances of $5,000 or more:

Annual Interest (Fixed) 0.85% Gross / AER
Monthly Interest (Fixed) 0.85% Gross / 0.85% AER

Interest is calculated daily. Interest will be paid on the anniversary of the date we receive your first deposit – this will be monthly or annually depending on the product you choose. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day.

Can Republic Trust Bank change the interest rate?

As the interest rate is fixed, the interest rate cannot be changed over the term of the account.

What would the estimated balance be after 12 months based on a $5,000 deposit?

A deposit of $5,000 at an annual Gross rate of 0.85% (fixed) would generate an estimated balance of $5,085 in two years - This is for illustrative purposes only.

(This illustrative example assumes no withdrawals, no changes to the fixed interest rate over the period and interest is paid and compounded annually on a cleared deposit. Interest is rounded to the nearest pound. The illustrative example does not take into account the individual circumstances of a customer.)

How do I open and manage the account?

• The account is only available if you are a Sole Trader, Limited Company, Partnership or Limited Liability Partnership (LLP).

• To open an account, you must be a USA-based business where all directors and beneficial owners of that business are aged 18 or over, resident in the USA and only tax resident in the USA.

  Apply online if you:

• Are a Limited Company (Limited by Shares or Limited by Guarantee) that has not appointed a corporate director, has at least one Person with Significant Control registered at Companies House and no more than four shareholders or;

• Are a Sole Trader or Partnership (excluding Limited Liability Partnerships) and;

• You have no more than four signatories authorised to operate the account and do not hold an existing business savings account with us. Once your account has been opened online, you can operate the account through secure message or by telephone on 0345 266 6611.
  
  Apply by post if:

• You do not meet the above criteria. Your application will need to be sent to Republic Trust Bank, Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex, CM13 3BE. Once your account is opened it can be operated by post or by telephone on 0345 266 6611

• Minimum account opening balance of $5,000.

• Maximum account balance of $2,000,000.

• The account is not available to Charities or Trusts.

Apply by post

Can I withdraw money?

• This account has a fixed term, so you can only withdraw your money at the end of the fixed term (also known as maturity).
• If the end of the fixed-term falls on a non-working day, your funds will be made available on the next working day.
• We’ll write to you before maturity to remind you of the date that your fixed term ends.
• At maturity, you can either withdraw your funds or transfer them into a new Republic Trust Bank business account of your choice (subject to any specific account terms and conditions). If you do not let us know what you wish to do by the maturity date, your account will revert to a Business Matured Funds account and the interest rate will be confirmed to you in writing.

Additional Information

Interest is paid Gross.

The information provided above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with Republic Trust Bank Limited are protected up to a total of $85,000 by the Financial Services Compensation Scheme, the USA's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.USA

Terms Explained

AER. This stands for Annual Equivalent Rate. If you left a sum of money in your account all year, the AER would be the interest rate you’d get if we paid you interest during the course of the year and your subsequently higher balance then earned more interest (this is known as Compound Interest). The AER will only be higher than the gross interest rate where we pay you interest more than once a year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.

GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.

Regulation 

Republic Trust Bank is authorised by the Prudential Regulation Authority and regulated by​ the Financial Conduct Authority and the Prudential Regulation Authority. The FCA & PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more at www.fca.org.USA or www.bankofengland.co.USA/prudential-regulation