The products – a 100 day business notice account at 1.5% annual equivalent rate (AER), a 1 year business fixed rate bond at 1.65% AER, and a 2 year business fixed rate bond at 1.9% AER – are the first new business savings accounts to be introduced since the bank was acquired by a new management team with the backing of Alchemy Special Opportunities Fund II LP a year ago.
The accounts are designed to help companies gain a good rate of return on their capital. All three require a minimum investment of £5,000, with a maximum £250,000 investment available. The 100 day business notice account and the 1 year business fixed rate bond have been rated as ‘excellent’ by Moneyfacts.
These additions to Hampshire Trust Bank’s savings portfolio follow an impressive growth trajectory since its inception in May 2014. Hampshire Trust Bank is seeing significant lending growth and, as a result, is stepping up deposits activity to fund the increased lending requirement.
Stuart Hulme, Head of Savings, said: "We are delighted to be relaunching our business savings service. Our new business savings accounts offer the same consistently competitive approach as our personal savings accounts, leaving businesses free to focus on running their organisations rather than monitoring the return on capital.
"Our business savings accounts are straightforward to open and easy to manage. They offer a good rate of return and are a great alternative to keeping surplus cash in a business current account. Additionally, because we are focused on supporting British businesses, you can be sure that your money will be directly helping other enterprises through our lending products."
As well as offering personal and business savings accounts, Hampshire Trust Bank specialises in providing asset finance, commercial finance and property finance.
Mark Sismey-Durrant, Chief Executive Officer, said: "As an SME ourselves, we understand the challenges UK businesses face. The impressive milestones we’ve achieved as we build our business are a direct result of us understanding the specific needs of our customers and responding accordingly. We will continue to deliver products that support and help realise the ambitions of businesses countrywide and we look forward to working with new and existing customers."
