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Reserve Account

A versatile current account made for businesses. Available in euros, dollars and pounds, with no fees to maintain the account.

Why choose a Reserve Account?

  • You'll get interest paid on balances over £500,000.
  • Get up to 30 everyday debit transactions each month.
  • Get a contactless Visa Debit card. A quick and secure way to pay.
  • No charges when transferring between your Euro, Sterling, or US Dollar accounts under the same Customer Number.
  • You don't need an overdraft.

Additional information & interest rates

  • We'll open your new account within 7 days. It'll be quicker if you're an existing customer, opening an account with us in the same name, as long as your circumstances haven't changed.
  • Please make sure all sections of your application are complete, and you've attached the supporting documents listed within the Customer Identification Requirements (pdf) document. If anything is missing, this might cause a delay.
  • You can view your Reserve Account online or manage it over the phone or by post.
  • Everyday debit transactions on this account are: Visa Debit Card transactions, including recurring transactions; cheque withdrawals; cash machine withdrawals; standing orders; Direct Debits; bill payments and electronic payments. After 30 everyday debit transactions a charge of £0.75 per transaction is applicable. For details of other transactions which incur charges, for example CHAPS, please refer to our Banking Tariff.
  • Overdrafts aren't available. If you think you may need an overdraft, this account isn't right for your needs.
  • This account is subject to availability and may be withdrawn from sale at any time without notice.

Reserve Account (GBP) - £ pounds

Fixed Term Deposit Account - & pounds
Balance Gross % p.a. AER % p.a.
£500,000+ 0.05% 0.05%
£0+ 0.00% 0.00%

Rates may vary and are correct as at 25 April 2022.

  • Interest rates are variable and tiered.
  • Interest is calculated daily and credited monthly.
  • No interest is paid on accounts with balances below £500,000.

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

Reserve Account (EUR) - € euro

Fixed Term Deposit Account - & pounds
Balance Gross % p.a. AER % p.a.
€5,000+ 0.00% 0.00%

Rates may vary and are correct as at 25 April 2022.

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

Reserve Account (USD) - $ US Dollars

Fixed Term Deposit Account - & pounds
Balance Gross % p.a. AER % p.a.
$5,000+ 0.00% 0.00%

Rates may vary and are correct as at 25 April 2022.

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

How to apply

If you're a professional adviser and would like to find out more about establishing a relationship with Cater Allen, please contact us at capbcet@caterallen.co.uk.

It's important that you fully understand the account, interest rates and the relevant Terms and Conditions before submitting an application.

Please scroll down to 'Literature downloads' below, where you can download the Account Application Form and Customer Identification Requirements.

Please complete these forms on your device or in writing in BLOCK CAPITALS and black ink, and send with your required identification and any other documents to:

Cater Allen Operations
Sunderland
SR43 4FB

To view the interest rates for this account, click on Interest rates in the 'Additional information & interest rates' section above. To view all of our interest rates go to our Interest rates page.

What you'll need to open an account

Participating providers of UK business bank accounts have agreed to a basic set of information that they will need from you to set up your UK business current account. Find out what you'll need to provide using the simple Business Account Checklist from UK Finance, the UK's leading trade association for financial services. Please view the UK Finance Business Account Opening Guide for more information. This is only a standard checklist so you may have to provide additional information while completing our application form.

Literature downloads

A guide to our complaints procedure (pdf)

File size: 32.0 KB

A guide to your account (pdf)

File size: 808.9 KB

Banking Tariff (pdf)

File size: 59.0 KB

Cater Allen Visa Debit Card Guide (pdf)

File size: 422.0 KB

Change of Details Form

File size: 137.2 KB

FSCS Information Sheet and Exclusions List (pdf)

File size: 1.7 MB

Helping you manage your non-personal account (pdf)

File size: 46.3 KB

International payment request form (pdf)

File size: 58.8 KB

Standing order mandate (pdf)

File size: 201.0 KB

Business account application form

File size: 331.6 KB