1. Your account
1.1 The terms in this leaflet apply to any Business Instant Access Account or Business 30 Day Notice Account opened now or in the future.
1.2 Your account will be with the Lloyds TSB bank at which you apply to open your account. The Lloyds TSB banks are :
For simplicity we will refer to “the Bank” or “we/our/us”. “You/your” means the Business.
1.3 Subject to any legal or regulatory requirements which may apply we are authorised to act upon any instruction, agreement or arrangement that is in accordance with this application without enquiring about its purpose, or the circumstances in which it is given, or about the disposition of any proceeds. Therefore if any one authorised signatory is authorised to carry out any transaction or other business with us and to operate any of your accounts, that person will be able for example to withdraw any money in any of your accounts (which may be without the knowledge of the (other) authorised signatories).
1.4 We may amend any of our terms and conditions in order to:
1.5 If the change is to your disadvantage we will give you 30 days’ written notice before we make the change. At any time up to 60 days from the date of the notification you may, without notice switch your account or close it without having to pay any extra charges or interest for doing so. If a change is not to your disadvantage we may make a change immediately and tell you about it in writing within 30 days.
If we have made a major change or a lot of minor changes in any one year, we will give you a copy of the new terms and conditions or a summary of the changes.
1.6 We reserve the right to decline to open an account(s) or to require an account(s) to be closed without giving a reason. This applies even if closure of the account(s) results in a loss of tax benefits, and we will not be liable to compensate you for any loss of tax benefits or any other consequential or indirect losses whatsoever and howsoever arising.
1.7 The account is for surplus business funds only, and must not be used for trading turnover. If the account is used for trading turnover, we:
1.8 The normal maximum balance per account is £5 million.
1.9 We are a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Most deposits, including those made by individuals and small firms, are protected by the scheme. Further details of the scheme are available on request or by visiting www.fscs.org.uk.
2. Business Instant Access Account
For balances above £5 million, we reserve the right to deduct from interest paid
the difference between the top tier Business Instant Access Account rate and the overnight money market rate on any day on which the normal maximum balance is exceeded. For full information on these rates please contact your business team or click on the link to view our Savings rates online.
3. Business 30 Day Notice Account
3.1 30 days’ written notice is required before a withdrawal can be made, although instant withdrawals may be made subject to the loss of 30 days’ interest on the amount withdrawn.
3.2 For balances above £5 million, we reserve the right to deduct from interest paid the difference between the top tier Business 30 Day Notice Account rate and the overnight money market rate on any day on which the normal maximum balance is exceeded. For full information on these rates please contact your business team or click on the link to view our Savings rates online.
4. Interest on money in your Business Instant Access Account(s)/Business 30 Day Notice Account(s)
4.1 Until further notice, interest is calculated on a daily basis on cleared credit balances.
4.2 The gross rate is the annual interest rate, before deduction of income tax (where applicable) at the rate specified by law. Interest at maturity is normally paid after the deduction of income tax at the rate specified by law, unless the account(s) falls within an exempt category, or you qualify to receive gross interest.
4.3 Interest is normally paid at the net rate, but it may be paid at the gross rate if, for tax purposes, the account(s) falls within an exempt category or you qualify to receive gross interest. We reserve the right, at our discretion, to pay interest at the net rate.
4.4 Interest is payable monthly and will be paid on the 10th day of each calendar month or the next working day.
4.5 The rates of interest paid on the account(s) and the balances in relation to which such rates are payable are displayed in our UK branches and online and may be varied at our sole discretion at any time. Click on the link to view our Savings rates. Any such variation will become effective immediately. We will put notices about any rate changes in our branches and in the newspapers we usually use which includes the Daily Telegraph, The Times, Daily Mail, The Sun and Daily Record (Scotland). We will also update our website within 3 working days of the change. Previous rates will be available on the website for at least 30 days. You can contact your business team to check your interest rates and to get details of interest rate changes at any time.
4.6 To help you compare interest rates on all of our deposit accounts more easily, we will send you an annual summary of these products and their current interest rates. We will also tell you the different interest rates which will apply to these accounts during the year and any changes in the Bank of England base rate.
5. Running your account
5.1 You will examine bank statements, confirmations and communications sent to you within a reasonable time after receiving them and will promptly advise us of any apparent mistake or discrepancy. Delay in notification may make correcting the error difficult.
5.2 In certain circumstances we may refuse to accept a payment into the account.
5.3 The account holder is not permitted to overdraw the account. However, if the account does become overdrawn unauthorised borrowing will be charged at the applicable rates and will incur other charges. You can obtain details from us.
6. Termination/closing of accounts
In normal circumstances we will not close any of your accounts without giving you at least 30 days’ notice. Any closure of your account will not release you from any liability in respect of any sums owing to us or from any previous liability or indemnity for any act performed by us in accordance with instructions previously received from you or an authorised signatory.
7. Other terms
7.1 We aim to provide the highest level of customer service possible. However if you experience a problem we would always seek to resolve this as quickly and efficiently as possible. A copy of our complaint procedures can be obtained by requesting a copy of our service guide from your business team or any branch. The complaint procedures are also available online at www.lloydstsb.com/business/contactus.
7.2 Lloyds TSB Bank plc and Lloyds TSB Scotland plc are signatories to the Banking Codes. Copies of the Codes are available in any branch, by request through your business team or online at www.lloydstsb.com/business.
7.3 This application is governed by and construed in accordance with the law of the country in which your accounts with the Bank are held.
7.4 Any notice (other than notification on changes to interest rates referred to in clause 4.5 above) to be given by either party in relation to the account shall be written, sent by facsimile, first class post or otherwise delivered to the other party. The address for any such notice for us will be the branch where the account was held until further notice. The address for any such notice for you will be the address given on the application form for the Business’s current account. Either party may change address for communication by giving 7 days’ notice in writing to the other party.
