Business reserve account
A multi-currency instant access savings account that puts your business' surplus funds to work.
Eligibility criteria: Our business savings accounts are available to Coutts Commercial clients who hold a Coutts Business Current Account.
apply for a BUSINESS Reserve account
A Business Reserve Account could be helpful for when you need instant access to your funds but want to earn interest.
SWEEP AND SAVE WITH INTEREST
Open a Business Reserve Account and you’ll have the option to ‘sweep’ surplus funds from your Business Current Account automatically daily, weekly or monthly – adding them to your Business Reserve Account.
Once held in your Business Reserve Account, your money earns interest and our tiered rates mean you may earn a higher rate the more you hold in reserve. Interest rates vary depending on the currency of your account.
SUPPORTING YOUR business SPENDING
Your Business Reserve Account could also help make sure your Business Current Account is always topped up. If you drop below a selected level, you can set up an automatic transfer that will take the cash from your Business Reserve Account to bring your Business Current Account back up to where you need it.
why choose a Business Reserve account?
- An account for your business' everyday needs, earn quarterly interest whilst retaining instant access to savings.
- Offers banded interest rates which increase based on the balance of savings. Available in GBP, EUR and USD. Interest rates vary depending on the currency of account.
- Our sweeps feature is available to use for a regular and automated transfer of funds between your business' Reserve and Current accounts.
How it works
Complete this form, contact your commercial banker or call Coutts businessline to get started. You'll also need a Coutts Business Current Account.
Choose which currency you'd like to open your account in and set up your sweeps.
Sit back and watch your business' money grow. You'll be able to make withdrawals and deposits at any time.
Summary Box
Account name: Business Reserve Account
What is the interest rate?
| Sterling | AER (variable) | Gross p.a. (variable) |
|---|---|---|
| £1 - £999,999 | 1.46% | 1.45% |
| £1M - £2,999,999 | 1.71% | 1.70% |
| £3M - £9,999,999 | 1.71% | 1.70% |
| £10M + | 1.91% | 1.90% |
- Interest paid quarterly
- Rate effective from 14 August 2023
| Euro | AER (variable) | Gross p.a. (variable) |
|---|---|---|
| €1 - €249,999 | 1.41% | 1.40% |
| €250,000+ | 1.41% | 1.40% |
- Interest paid quarterly
- Rate effective from 9 October 2023
| US dollar | AER (variable) | Gross p.a. (variable) |
|---|---|---|
| $1 - $2,999,999 | 1.31% | 1.30% |
| $3m+ | 1.31% | 1.30% |
- Interest paid quarterly
- Rate effective from 14 August 2023
can coutts change the interest rate?
Yes, the applicable interest rate is variable.
- If the rate goes down, we will give you at least 14 days’ notice.
- If it goes up, we will give you notice either before the change happens or as soon as possible afterwards.
What would the estimated balance be after 12 months based on a 100,000 and a 1m deposit?
| Deposit Amount (£/€/$) | Balance after 12 months | ||
| gbp | eur | usd | |
| 100,000 | 101,457.90 | 101,407.37 | 101,306.35 |
| 1m | 1,017,108.68 | 1,014,073.67 | 1,013,063.51 |
This example assumes that:
- No further deposits or withdrawals are made.
- Any interest earned stays in the account.
- There is no change to interest rates and tiers.
How do I open and manage my account?
- This account is only available to you if you hold a Coutts Business Current Account denominated in the same currency as the Reserve Account you wish to open. A minimum amount of £1/€1/$1 is required to open your account. There is no maximum balance.
- After the account has been opened, all subsequent deposits and withdrawals must be for amounts of not less than £1/€1/$1, and must be effected by transfer of cleared funds from or to your Coutts Business Current Account.
- You can open your account by completing this form, contacting your commercial banker or by calling Coutts Businessline.
- You can manage your account by contacting your commercial banker, calling Coutts Businessline or by using our digital services.
Can I withdraw money?
Yes, you may withdraw money by transfer to your linked Coutts Business Current Account.
No notice is required.
additional information
Currencies
This account is available in sterling, US dollar and euro.
Tax
We do not deduct tax from the interest we pay to you. The tax treatment may be subject to change in the future and depends on your individual circumstances.
If you are unsure of your tax obligations you are strongly advised to source independent tax advice.
Definitions
aer
Stands for Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year.
Gross Rate
This means the interest rate you’re paid without the deduction of UK income tax.
PA
Per annum (per year)
Your eligible cash deposits held with Coutts & Co are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Investment business undertaken with Coutts & Co in the UK may be covered by the FSCS, the cover depending on the nature of the claim being made. Eligible claims for most types of investment business are covered up to a maximum of £85,000 per person. FSCS cover is not available for loss of money resulting from performance of the investment.
