Reserve Account

A versatile current account for businesses, available in pounds, euros and US dollars with no annual or monthly account fee.

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  • Permits 30 day-to-day transactions per calendar month without incurring a transaction fee.
  • No annual or monthly account fees.
  • Open an account in three to five days, with no appointment needed.
  • A contactless Visa Debit Card is available in pounds, euros or US dollars – a quick and secure method of buying goods and services at home and abroad.
  • Move money between pounds, euros and US dollar accounts with no conversion charges where the accounts are under the same customer number.
  • Minimum opening balance of £5,000, or the equivalent in euros or US dollars, with interest paid on balances in pounds above £100,000.

Eligibility

Available to companies, sole traders, partnerships, and self-employed professionals operating through limited company structures such as contractors, consultants, interim managers, freelancers and locums.

Also available to associations, clubs and societies.

Apply via your accountant or financial adviser.

Please note that we will not open the account without the correct value of deposit being received and will write to you to request the correct value of deposit if it is not supplied with your application.

Account holders must be 18 or older.

All Cater Allen current accounts are subject to status.

This account is subject to availability and may be withdrawn from sale at any time without notice.

More information

  • The account can be managed online, by phone or by post.
  • Day-to-day 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 day-to-day 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.

Interest rates

Rates may vary and are correct as at 31 August 2018. Interest rates are variable and tiered. If interest is payable, it’s calculated daily and credited quarterly.

Reserve Account (GBP) - £ pounds

Balance Gross % p.a. AER % p.a.
£500,000+ 0.15% 0.15%
£100,000+ 0.10% 0.10%
£5,000+ 0.00% 0.00%

Reserve Account for Pensions (GBP) - £ pounds

Balance Gross % p.a. AER % p.a.
£500,000+ 0.50% 0.50%
£100,000+ 0.40% 0.40%
£0+ 0.25% 0.25%

Reserve Account for Trusts - £ pounds

Balance Gross % p.a. AER % p.a.
£500,000+ 0.50% 0.50%
£100,000+ 0.40% 0.40%
£5,000+ 0.25% 0.25%

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

Balance Gross % p.a. AER % p.a.
$5,000+ 0.00% 0.00%

Reserve Account (EUR) - € euro

Balance Gross % p.a. AER % p.a.
€5,000+ 0.00% 0.00%

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

    Please contact your financial adviser or intermediary if you wish to apply for an account with Cater Allen. If you don't have a financial adviser or intermediary, please contact us on 0800 032 7095 to discuss your options.

    Step 2:Please contact your financial adviser or intermediary:

    Please contact your financial adviser or intermediary to discuss opening the account and completing an application form.

    If you don't have a financial adviser of intermediary, please contact us on 0800 032 7095 to discuss your options.

    Once your financial adviser or intermediary has sent in your application, it will usually be processed within 5 days of us receiving it, as long as the application form is completed correctly and accompanied by all required documents. Application forms we receive which are incorrect or incomplete will be automatically returned.

    Step 3:Business Account Checklist

    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.

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    Source: Moneyfacts 4 Star Rating awarded to the Reserve Account in the Business Current Account category, 2018.

    Why choose Cater Allen?

    We have over 200 years of experience working in the UK, aiming to deliver a high level of customer service whenever you need help.

    About us