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