Reserve Account

Multi-Currency Business / Ltd Company Bank Account with Instant Access

The Reserve Account is a business banking current account that is suitable for clients of professional firms who have a bank account requirement. Such clients could include self-employed professionals such as contractors, consultants, interim managers, freelancers and locums. It would also be available to clients of professional firms who are sole traders, partnerships, charities, pension managers, trustees, associations, clubs and societies.

We understand that your clients' needs drive their banking requirements. Our versatile Reserve Account offers features such as duplicate statements and 24/7 online access to balances and transactions to support you and your client in the preparation of quarterly and year-end tax returns.

What's more, the business Reserve Account is a multi-currency account available in sterling, US dollar and/or euros1; making it ideal for your clients that receive payments in these currencies as it allows them to move money between Reserve Accounts without incurring any currency conversion charges2 as long as the accounts are linked to each other under the same business/company name. See today's foreign exchange rates for the transfer rates between accounts. The minimum opening deposit is £5,000 (or the US dollar equivalent) per account3.

The Reserve Account permits up to 30 day-to-day debit transactions4 per calendar month without incurring a transaction fee, including transactions on a Cater Allen Visa Debit Card5 linked to the account. Thereafter a charge of £0.75 per debit transaction is applicable. The following non-standard services/transactions such as CHAPs; TTs/SWIFT payments; Sterling Banker’s Drafts; Foreign Currency Drafts and Currency Cheques are not considered ‘day-to-day’ transactions.

There is no annual fee for the Visa Debit Card. A maximum of five cash withdrawals can be made per day or a total value of £2005. There is also a maximum single cash machine withdrawal of £600 per account.

Please see the Reserve Account Factsheet and Non-Personal Terms and Conditions for more information.

Interest rates are variable and no interest is paid on accounts with balances below £100,000. Please refer to the current available interest rates.


1 Euro/dollar Reserve Accounts and/or sterling Reserve Accounts that require more than one signature to authorise transactions will have ‘view only’ access via Cater Allen’s Banking Service.

2 Monies will be converted from one currency to another by applying the prevailing exchange rate on that date. Exchange rates are set daily. Please refer to our website www.caterallen.co.uk for details of these rates.

3 We will not open the account without the correct value of deposit being received and we’ll write to you to request the correct value of deposit if it is not supplied with your application.

4 Day-to-day debit transactions on this account are: cheque withdrawals; cash machine withdrawals; cash withdrawals over-the-counter; card purchases including recurring transactions; Standing Orders, Direct Debits; bill payments and electronic payments.

5 For further information about the contactless Visa Debit Card, please refer to the 'Visa Debit Card Guide' which can be viewed and downloaded at www.caterallen.co.uk. Terms and Conditions apply to all cards.

Source: Moneyfacts 4 Star Rating awarded to the Reserve Account in the Business Current Account category, 2017.

How to apply

It is extremely important that clients fully understand the account, the interest rates and the relevant Terms and Conditions before submitting the application.

If you are not a professional adviser and are looking to apply for an account for a business, trust, charity, pension scheme, wrap, society, club, association or a church body/place of worship, then please call us on 0800 092 3300. Calls may be recorded or monitored.

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.

Checklist

All clients must:

Each application will usually be processed within 5 days of us receiving it as long as the application is completed correctly and accompanied by all required documents.

Please note, application forms posted to Cater Allen which are incorrect or incomplete will be automatically returned. If you need assistance when completing a form we are happy to help; please call us on 0800 092 3300 or contact your relationship manager. Calls may be recorded or monitored.

Literature and Downloads

We have created a handy document collation tool, which will allow you to gather all relevant account information into one single downloadable pack. This application pack can then be emailed directly to you or your client, by completing the simple online send form.