To open an account:
•You can open our Business accounts either by post, via an application form, or online on our website, www.utbank.co.uk.
• The minimum deposit is £5,000.00 per account.
• The maximum deposit is £1 million per account.
• A Nominated Bank Account must be provided when applying for an account. The Nominated Bank
Account must be a transactional UK Bank account where electronic payments can be made and received. The Nominated Account must be in the name of the Business.
• You have 14 days after submitting your application to fund your account. Funds need to be sent from your Nominated Account and can be made either electronically or by cheque. If it is not funded at the end of 14 days we will close the account.
What happens at maturity?
• We will contact you approximately 14 days before your account matures detailing your options and enabling you to give us your maturity instructions.
• You can ask us to repay your funds or reinvest some or all of it into one or more new accounts.
• If you ask us to repay your money we will do this by sending an electronic payment to your Nominated Account.
• If we do not receive an instruction from you we will reinvest your funds into a seven day instant access account at the banks’ prevailing rate for such accounts. Following a maximum of four, seven day renewals, we will make a full repayment electronically to your Nominated Account.