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.
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
- Business current accounts
- Business overdrafts
- Business savings accounts
- United Trust Bank at a glance
- United Trust Bank business loans and finance
- United Trust Bank reviews
- Business eligibility criteria
- Business finance alternatives
- Additional considerations
- FAQ
Pros and cons of United Trust Bank for business services
| Pros of United Trust Bank | Cons 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 |
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.
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 bond | Interest rate |
|---|---|
| Business 3 Month Bond | 2.42% AER |
| Business 6 Month Bond | 2.52% AER |
| Business 1 Year Bond | 3.40% AER |
| Business 15 Month Bond | 3.45% AER |
| Business 18 Month Bond | 3.50% AER |
| Business 2 Year Bond | 3.90% AER |
| Business 3 Year Bond | 3.95% AER |
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 Account | Interest rate |
|---|---|
| Business 40 Day Notice | 2.50% AER |
| Business 100 Day Notice | 3.00% AER |
| Business 200 Day Notice | 3.20% AER |
United Trust Bank at a glance
| Phone number | 020 7190 5555 |
| App downloads | iOS; Android – these apps are for communication only |
| Website | www.utbank.co.uk/deposits/business-accounts |
| Number of branches | N/A |
| FSCS protected? | Yes |
| Founded | 1955 |
United Trust Bank business loans and finance
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 platform | Score | Number of votes |
|---|---|---|
| TrustPilot | 4.3/5 | 98 |
| Feefo | Not reviewed | N/A |
| Reviews.co.uk | Not reviewed | N/A |
| Smart Money People | 3.80/5 | 5 |
| Which? | Not reviewed | N/A |
| Average score | 4.05/5 | 103 |
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
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.
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.
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.
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.
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.