Key features of the Business Current Account

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Key features of the Business Current Account

Business Current Account

Unity offers one Business Current Account with three pricing tariffs which are determined based upon the value of account turnover. Contact us to find out more.

All accounts are subject to our decision criteria and we reserve the right to decline any Business Current Account application.

Important Information:

Tier 3 accounts will be allocated a Relationship Manager.
Access to a UK based customer service centre.
No debit card available.
We do not provide financial advice to our customers and you are not entitled to rely on us for advice or recommendations.

Download Key Features Document

Read Terms & Conditions

Terminology	Summary Definition
Account Name	Business Current Account
Credit Interest	0.00%
Debit Interest and overdrafts	Arranged overdrafts are available on request and subject to eligibility criteria. The unarranged overdraft rate is a nominal rate of 25%, with an EAR* of 28.39%.
Transactional fees and charges	The Business Current Account has a fee of £6 per month. Transactional fees vary based upon your annual account turnover and tariff. See page 5 for more detail.
Frequency of charging	All account fees are charged monthly based on the previous month’s transactions. Customers using Tier 2 and Tier 3 tariffs will also receive a monthly pre-notification of all Transactional fees and charges.
Opening an account	All accounts must be opened online using Unity’s application form and an initial deposit of £500 (by electronic payment) is required.
Eligibility Criteria	UK based organisation and standard screening checks apply.
Cancellation period	If you change your mind after you have opened the account and decide you don’t want it, you can close your account and have your money returned, as well as any account fees you have paid and interest you have earned provided that you tell us you want to close your account within 14 days of the later of the date you opened your account, or when you received the General Terms and Conditions. If you cancel or switch your account after this time, you won’t be refunded any account fees.
Closing account	You can close your account at any time. To close your account please email us at us@unity.co.uk attaching a scanned instruction signed in accordance with the account mandate or write to us at: Unity Trust Bank PO Box 7193 Planetary Road Willenhall WV1 9DG. See General Terms and Conditions for more information.

* Equivalent Annual Rate: This is equivalent to the rate of interest you’ll pay if you’re overdrawn for a year. You’ll pay interest on the amount you’re overdrawn by, and on the interest that builds up from being overdrawn.

We offer one Business Current Account where pricing is set dependant upon account turnover*.

	Turnover below £100k*	Turnover between £100k & £2 million*	Turnover above £2 million*
Fee Description	Tier 1	Tier 2	Tier 3
Account Fee	£6 per month	£6 per month	£6 per month
Transactional Fees**	Not applicable	15p per individual transaction	Individual transaction cost negotiated across 3 transaction types**: Automated payments Faster payments Manual transactions
Other fees and charges**	See Standard Service Tariff	See Standard Service Tariff	See Standard Service Tariff
Relationship Manager	No	No	Yes

*Turnover is the total value of payments received into your account, excluding internal transfers, in a 12-month period.
**More information available at www.unity.co.uk/terms-and-conditions.

Receiving Payments
Terminology	Summary Definition
Cash	A credit slip is required and cash can be deposited at any Post Office, NatWest (England and Wales), RBS (Scotland) or Ulster Bank (Northern Ireland). Please contact us to register for this service.
Cheque	A credit slip is required and cheques can be deposited at any NatWest or RBS branch.
Credit slips	Paying in books are available on request and will be typically sent to you within 10 working days.
Foreign Currency	Unity has one International Bank Account Number (IBAN) for all Unity accounts. You must specify this on all payments we will then route your funds to your specific account.
Faster Payments	Charged in accordance with your standard sales tariff.
BACS	Unity supports the receipt of BACS payments. Funds are credited to your account as soon as available.
CHAPS	Unity supports the receipt of CHAPS payments. Funds are credited to your account as soon as available.
Accepting Card Payments	Unity has partnered with Elavon to help customers accept card payments. For more information visit www.unity.co.uk/accepting-card-payments.

For more information on fees and charges related to Unity’s payment services please visit www.unity.co.uk/terms-and-conditions

Making Payments
Terminology	Summary Definition
Cheque	Cheque books are available on request and will be typically sent to you within 10 working days.
Debit Card	Business Current Accounts do not have a debit card. Unity offers a Corporate MultiPay Charge Card. See www.unity.co.uk/corporate-multipay-card for more information.
Foreign Currency	Unity uses Western Union as its International Payments provider.
Faster Payments	Charged in accordance with your standard sales tariff. Unity has 3 Faster Payment windows where payments are received each day. Cut off times are 10.00am, 12.00pm and 3.00pm. (payments after 15.00pm will be sent the following working day).
BACS	Unity supports direct to BACS services and BACS Bureau services. Direct to BACS is supported by NatWest. For more information please contact us at 0345 140 1000. Bureau services are available using Unity e-Payments. For more information please visit www.unity.co.uk/business-e-payments.
CHAPS	Unity supports CHAPS payments, all payments are issued on written request. Payments are released immediately.

For more information on fees and charges related to Unity’s payment services please visit www.unity.co.uk/terms-and-conditions

Receiving Payments
Internet Banking	Unity has a suite of digital functionality to satisfy your day to day banking needs. You can view all current and savings accounts, send us secure messages, view digital statements, make single and bulk faster payments, and manage standing orders and Direct Debits. You can also subscribe to BACS services. Please note that there is no mobile app available on this account.
Customer Service Centre	All customers can access our Birmingham-based contact centre. Please call us on 0345 140 1000.
Relationship Manager	Available for accounts that have an annual turnover of more than £2,000,000 (Tier 3).

The table below highlights typical clearing times, click to view our Terms and Conditions and Standard Service Tariff.

	NatWest/RBS	Ulster Bank	Post Office
Receive cash deposits	Yes	Yes	Yes
Cash deposit clearing	Deposit day +2	Deposit day +2	Deposit day +2
Cash withdrawals	Yes	Yes	No
Coin provision	No	No	Yes
Cheque Clearing	Yes	Yes	No

General Information

All Business Current Accounts are subject to status and Terms and Conditions apply.

Go Paperless!

You can choose to receive online statements and we’ll notify you by email or SMS when they’re available. Contact us to switch to paperless statements.

Financial difficulties

If you would like more information about managing your finances, please speak to your Relationship Manager or call us on 0345 140 1000.

You can also find more information about financial difficulties in the Services section of our website – www.unity.co.uk/debt-counselling or by calling Business Debit Line on 0800 197 6026.

Business Current Account – Important Information

Switcher Guarantee

The Current Account Switch Service allows you to switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.

For more information visit www.unity.co.uk/content/uploads/Current-Account-Switch-Guarantee.pdf

FSCS Compensation Scheme

It’s good to know that your deposits are protected. If eligible, your deposits with Unity Trust Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

For more information and to find out if you’re eligible please visit www.unity.co.uk/fscs

Standards of Lending Practice

As a lender we have commited to follow the Standards of Lending Practice for business customers. By adhering to the Standards we are demonstrating a commitment to ensuring that our customers are treated fairly.

What we ask of you...
- That, prior to making an application you double check what information we will need to process an application. If you are unsure or have any questions, please contact us.
- That all information you provide to us during our relationship is accurate and timely.
- We ask you to think carefully about whether the business can afford the product applied for and to be open in your dealings with us.
- To make sure that you understand the terms and conditions associated with your product.
- That you seek professional advice, where this is appropriate for the needs of your business and the type of product you are applying for.
- That the business maintains any commitments it has to us, for example providing information which we may reasonably request to monitor performance.
- Take care of any security information to help prevent fraud and protect your account(s).
- Tell us as soon as possible if someone is misusing confidential information.
- Carefully check your business’ account statements/records to make sure they are accurate. If anything isn’t right, please get in touch with us.
Please let us know if...
- Your contact details change or there is a change in how your business is run for example, ownership/directorships etc, so we can keep our records up to date;
- Your business may be about to experience, or is experiencing difficulties. The sooner you do this, the more likely it is we’ll be able to find a way to help you.

Unity Trust Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Unity Trust Bank is entered in the Financial Services Register under number 204570. Registered Office: Four Brindleyplace, Birmingham, B1 2JB. Registered in England and Wales no. 1713124. Calls are recorded and may be monitored for security, training and quality purposes.