Best Business

United Trust Bank Business Banking

About United Trust Bank

Editorial Team
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United Trust Bank, or UTB, are an award-winning online bank, based in London. The bank started its life as Eagil Trust Co. in 1955, as a specialist lender to SMEs tackling the post-war housing shortage, before pivoting to United Trust Bank, and offering savings, in 1994.

See our full United Trust Bank business savings review of rates, fees and how they compare against other savings banks.

United Trust Bank pros & cons

Pros of UTB

  • Base rate tracker account, currently at 5.25% AER
  • Choice of 12 accounts with various terms
  • Low minimum deposit, £5k for all accounts
  • Independent bank that doesn't share its licence
  • Fully regulated & protected by the FSCS

Cons of UTB

  • No instant access accounts
  • No mobile banking app
  • No branches

United Trust Bank business savings

United Trust Bank offer two types of business savings accounts: notice accounts and fixed rate bonds.

All of the accounts have a minimum opening requirement of £5,000 and the maximum you can save is £1,000,000 per account.

You will have 14 days to fund your account from a nominated business current account, by cheque or electronically. If an account is not funded after 14 days it will be closed.

Notice accounts

The notice accounts offered by United Trust Bank have variable rates from 3.75% to 5.00% AER for 40 to 200 day terms.

They also have a 180 day notice account that tracks the Bank of England's Base Rate. Meaning you'll get a return of 5.25% AER, their highest interest rate and the current Base Rate.

Withdrawals are permitted with United Trust Bank's notice and tracker accounts.

To make withdrawals you will need to give the necessary notice by email, or form on their website, stating your name, savings account details, nominated account details and the amount you would like to take out.

Here's a summary of United Trust Banks business notice accounts:

Account nameBusiness 40 Day NoticeBusiness 100 Day NoticeBusiness 200 Day NoticeBusiness 180d Notice Base Rate Tracker
Interest rate (AER)3.75%4.30%5.00%5.25%
Minimum deposit£5,000£5,000£5,000£5,000
Maximum balance£1,000,000£1,000,000£1,000,000£1,000,000

Fixed term bonds

With United Trust Bank fixed accounts you get the choice of terms starting from as little as three months, or you can save for longer with Five year bonds.

Giving you competitive interest rates from 4.30% to 4.95% AER, respectively, that are fixed.

No withdrawals, transfers or closers are allowed before account maturity (the end of the term).

Here's a summary of United Trust Banks fixed business accounts:

Account nameBusiness 3 Month BondBusiness 6 Month BondBusiness 1 Year BondBusiness 15 Month Bond
Interest rate (AER)4.30%4.35%4.90%4.90%
Minimum deposit£5,000£5,000£5,000£5,000
Maximum balance£1,000,000£1,000,000£1,000,000£1,000,000

Eligibility

To be eligible for a United Trust Bank savings account your business must:

  • Be a sole trader, limited company, charity, education provider, pension fund, club, trust, credit union, or society
  • Be registered in the UK
  • Have all associated persons of significant be UK residents and over 18
  • Deposit a minimum of £5,000, applies to all accounts
  • Not deposit more than £1,000,000, applies to all accounts
  • Provide a nominated bank account in the same name, that can make and receive electronic payments

Opening an account

Here's how to open a United Trust Bank business account:

  1. Head over to their website to get started & choose an account
  2. Complete their application - UTB will confirm your eligibility
  3. Verify your ID - with photo ID such as a passport or photocard driving licence
  4. Once approved you can start saving

United Trust Bank reviews

United Trust Bank score an excellent 4.6 stars on Trustpilot, from over 1,200 reviews, with 79% rating them 5 stars.

Information correct as of 8th August 2023.