United Trust Bank – business banking analysis and reviews

Last updated on 10 August 2023

United Trust Bank is a savings specialist HQed in London. The first thing any business customer will notice about this bank is the interest rate offered to savings bonds, which is more impressive than most rivals – and you’ll plenty of options, assuming you can meet the minimum deposit requirement of £5,000.

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Alas, United Trust Bank does not provide current accounts and lending streams are really designed with personal customers and property developers in mind, so for most SMEs and sole traders this bank will be a case of savings or bust.

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United Trust Bank business banking services

Pros and cons of United Trust Bank for business services

Pros of United Trust BankCons of United Trust Bank
Lots of business saving options No current accounts
Competitive interest rates on savings Apps are only for communication
FSCS protected Lending mostly limited to property
United Trust Bank business banking pros and cons

Business current accounts

United Trust Bank does not offer current accounts, just savings options and lending streams.

Business overdrafts

Not available through United Trust Bank. See best business overdrafts.

Business savings accounts

The United Trust Bank offers two types of business savings account, with quite impressive interest rates. The minimum deposit for any savings account with United Trust Bank is £5,000 and your savings account can hold up to £1,000,000.

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Fixed Term Bonds

Deposit your funds into a fixed-term account with United Savings Bank and enjoy interest payable once the bond matures. The longer your bond, the higher the interest rate.

Type of bondInterest rate
Business 3 Month Bond2.42% AER
Business 6 Month Bond2.52% AER
Business 1 Year Bond3.40% AER
Business 15 Month Bond3.45% AER
Business 18 Month Bond3.50% AER
Business 2 Year Bond3.90% AER
Business 3 Year Bond3.95% AER
United Trust Bank bonds interest rates compared

Notice Accounts

If you will need access to your funds at shorter notice, choose one of the following savings accounts at a slightly lower interest rate.

Type of Notice AccountInterest rate
Business 40 Day Notice2.50% AER
Business 100 Day Notice3.00% AER
Business 200 Day Notice3.20% AER
United Trust Bank notice accounts interest rates compared

United Trust Bank at a glance

Phone number020 7190 5555
App downloadsiOS; Android – these apps are for communication only
Websitewww.utbank.co.uk/deposits/business-accounts
Number of branchesN/A
FSCS protected?Yes
Founded1955
Key information

United Trust Bank business loans and finance

Video: Business loans and finance explained

United Trust Bank also provides a range of business lending streams, largely revolving around property with a handful of exceptions:

Bridging finance

Take out a short-term loan between £125,000 and £15,000,000, repayable over 12 to 36 months (only one-year terms are regulated by financial bodies), for a major investment while you are waiting for a cash injection. See bridging loans.

Asset finance

Seek funding for a major asset from United Trust Bank, with the option to purchase at the end of a lease repayment schedule, or lease the asset from the bank for a set period until no longer required. Alternatively, refinance existing assets through United Trust Bank and redirect the funds elsewhere. Asset finance through United Trust Bank is limited to vehicles and industry machinery.

Commercial mortgages

While primarily designed for personal customers, United Trust Bank offers a range of first- and second-charge commercial mortgages, with decisions on lending based outside of credit score. This means a business interest may be eligible to apply for a mortgage, or take out a secured loan against an existing property in the form of a second-charge mortgage to manage business expenditures.

Development finance

Businesses that work within the property sector can apply for loans between £1,000,000 and £30,000,000 for property development, taken out at up to 65% of the gross development value. More complex needs may be met by Structured Property Finance, but this lending is unregulated so enter an agreement at your own risk.

United Trust Bank reviews

What are other business banking customers saying about United Trust Bank?

Review platformScoreNumber of votes
TrustPilot4.3/598
FeefoNot reviewedN/A
Reviews.co.ukNot reviewedN/A
Smart Money People3.80/55
Which?Not reviewedN/A
Average score4.05/5103
United Trust Bank reviews and ratings

Business eligibility criteria

As long as you can make the minimum £5,000 deposit, anybody with a UK bank account can open a savings account with United Trust Bank. Lending is assessed on an individual basis.

Business finance alternatives

The best alternative to saving your business income with United Trust Bank is a rival savings challenger, such as Aldermore or Allica Bank – all of these options will typically offer superior interest rates to high street banks. If you are seeking business lending, try a generic bank of building society – United Trust Bank specialises in major property investments.

Additional considerations

United Trust Bank is a forward-thinking business, having recently adopted new digital policies and technology to speed up finance applications.

FAQ

Is United Trust Bank a proper bank?

Yes, United Trust Bank is a proper bank. The bank is authorised and regulated by the Financial Conduct Authority (FCA) in the UK, making it a legitimate financial institution. United Trust Bank offers deposits, payment services and commercial lending products to individuals, businesses and financial institutions across the United Kingdom.

How to open a United Trust Bank business account?

Opening a business account with United Trust Bank is straightforward. First, you will need to complete an application form which can be found on the bank’s website. Once the form has been completed and submitted, United Trust Bank will review your application and if approved, you will receive confirmation of your account within five working days.

What fees does United Trust Bank charge for its business accounts?

United Trust Bank does not charge any fees for its business accounts. However, there may be other fees associated with certain account services such as transfers and foreign currency transactions. These fees will be discussed during your application process and should be clearly stated in the terms and conditions of your account agreement.

What services does United Trust Bank offer for businesses?

United Trust Bank offers a range of services for businesses, including direct debit and credit card processing, business loans, overdrafts, foreign currency transfers and cash management. The bank also has an online banking service which allows customers to manage their accounts from anywhere in the world.

What types of payments does United Trust Bank accept?

United Trust Bank accepts payments via bank transfers, Direct Debit, Credit Card and PayPal. The bank also supports a variety of other payment methods such as Apple Pay and Google Pay.

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