Designated Clients' Account

Our Designated Clients' Account is suitable for any professional practice or other business that is entitled to hold clients' money.

Reasons to choose our Designated Clients' Account

  • Instant access to the funds
  • Deposit £1 to £5m
  • No minimum or maximum withdrawal, as long as you have cleared funds available
  • Separate account for each client
  • Credit Interest is calculated daily and paid monthly or annually
  • Convenience of daily, weekly or monthly statements
  • Normally no transaction charges

Summary boxes

Account name Designated Clients’ Account (Annual Interest)
What is the interest rate? Interest rate 0.05% Gross/AER
You'll earn interest on balances of £1 or more. Interest is calculated each day and paid once a year on the 31st March.
Can TSB change the interest rate?

Yes. We can move the interest rate up and down at any time. Our Terms and Conditions explain when we'll do this.

If we increase the interest rate, we'll make details of the rate change available in branch, and on our website, within 3 days of the changes. If we decrease the interest rate, we'll let you know personally and give you at least 2 months' notice.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on a £1,000 deposit, with no withdrawals made from the account, and variable interest rates remaining the same:

 

Initial deposit £1,000
Interest earned at 0.05% Gross/AER £0.50
Estimated balance after 12 months £1,000.50
This is an example only and doesn't take into account your individual circumstances.
How do I open and manage my account? Ways to open
Over the phone
Who can open You must be:
  • 18 or over; and
  • A UK resident
Open with
  • £1 minimum opening balance
Manage your account
  • In branch
  • Over the phone
  • Online
Can I withdraw money? Withdrawals allowed

Yes, instant access

Notice period None  
Withdrawal charges No withdrawal penalties apply
How to withdraw
 

To a TSB Business Current Account in the business name

Additional information
  • Interest is paid gross (without taking off tax)
  • If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself
  • The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance

Rates and information correct as at 04/09/16.

AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allow you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Gross rate means that credit interest is paid without income tax being deducted.

 

Account name Designated Clients’ Account (Monthly Interest)
What is the interest rate? Interest rate 0.05% Gross/AER
You'll earn interest on balances of £1 or more. Interest is calculated each day and paid monthly.
Can TSB change the interest rate?

Yes. We can move the interest rate up and down at any time. Our Terms and Conditions explain when we'll do this.

If we increase the interest rate, we'll make details of the rate change available in branch, on the phone and on our website, within 3 days of the changes. If we decrease the interest rate, we'll let you know personally and give you at least 2 months' notice.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on a £1,000 deposit, with no withdrawals made from the account, and variable interest rates remaining the same:

 

Initial deposit £1,000
Interest earned at 0.05% Gross/AER £0.50
Estimated balance after 12 months £1,000.50
This is an example only and doesn't take into account your individual circumstances.
How do I open and manage my account? Ways to open
  • Over the phone
     
Who can open You must be:
  • 18 or over; and
  • A UK resident
Open with
  • £1 minimum opening balance
Manage your account
  • In branch
  • Over the phone
  • Online
Can I withdraw money? Withdrawals allowed

Yes, instant access

Notice period None  
Withdrawal charges No withdrawal penalties apply
How to withdraw

To another TSB Business Current Account in the business name

Additional information
  • Interest is paid gross (without taking off tax)
  • If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself
  • The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance

Rates and information correct as at 04/09/16.

AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allow you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Gross rate means that credit interest is paid without income tax being deducted.

Before you apply

To apply for a Designated Clients' Account from TSB you will need to confirm the following:

  • You are a sole trader, partner, or director
  • You are aged 18 or over
  • You require the account for business use
  • Your annual business turnover

Financial Services Compensation Scheme

FSCS
 
 
 
 

Two ways to apply

Apply at a branch

Call us
Lines are open 24 hours a
day, seven days a week.

0345 835 3858 

Useful documents

Please find key documents and further information on our legal page.

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