Save ethically while earning
You will help those in need of financial support across the South West. Read our Social Impact Report to see how savers are helping borrowers access affordable credit.
Benefits
- Competitive 2.0% AER / 1.98% gross (i)
- Instant access – no notice required
- Deposit from £1 to £85,000
- Your savings are protected by the Financial Services Compensation Scheme (FSCS)
Things to consider
- Interest is calculated daily and added monthly
- The interest rate may change (although we’ll give you notice if it goes down)
- This account may not be right for you if your business intends to make regular withdrawals (ii)
- This account is only available to businesses that are legally separate from their owners, such as limited companies and registered charities. It is not available to personal customers, or sole traders
(i) AER (Annual Equivalent Rate) is the interest rate if interest were paid once a year, including previous interest payments.
Gross is the gross interest paid before the deduction of tax.
Interest is calculated daily and added to the account balance calendar monthly.
The interest rate is not fixed and can go up or down.
Interest is paid gross, and it is the responsibility of the business to pay any tax owed to HM Revenue & Customs (HMRC).
(ii) Withdrawals are limited to 1 in any two month period, and 4 in a calendar year.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The total interest at the end of 12 months would be £20.00 at the rate of 2.00% AER.
This means that the balance after 12 months would be £1,020.00.
This assumes that you opened the account on the 1st day of the month and didn’t add or take out any money and there is no change to the interest rate over the year.
How to Apply
There are two simple ways you can apply!
(1) Download an application form here. Print it out, fill it out and send it to us using our ‘postage paid’ address.
OR
(2) Request an application form here and we will post it to you with a prepaid envelope for you to return the completed form
Once we have received your application, we will be in touch to finalise your Business Saver account.
How to switch to a Business Saver as an existing corporate member
If you are an existing corporate member, and you believe this account is right for you, you are welcome to switch to the Business Saver. Keep in mind, we only accept switch requests if you are not making any changes to your account, including changes to your authorised signatories. If you wish to make any changes to your account during this switch that are different to the current details we hold (including changes to your signatories, address, etc.), please follow the ‘How to Apply’ steps above.
If you want to switch to the Business Saver account, then you will need to complete the Balance Switch Request Form. Your full balance will be switched and your existing account will be closed.
Please be aware that the Business Saver account is subject to a fair-use policy which might be different to your existing GWCU account. The policy means no more than four withdrawals a year, and no more than one every two months. Find more details in the Business Saver terms and conditions.
(1) Download the Balance Switch Request form here. Print out and complete the form, and send it to us using our ‘postage paid’ address.
OR
(2) Request a Balance Switch form here and we will post it to you with a prepaid envelope for you to return the completed form
Once we have received your application, we will be in touch to finalise your Business Saver account.
Please read the Business Saver terms and conditions before completing the application form.
