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- Asset 30 Account - Issue Three
- An account that offers an enhanced rate of interest on a business's cash funds, providing that 30 days' notice can be given for each intended withdrawal. One penalty free withdrawal per annum is also permitted providing the balance is over £5,000. Interest is only paid on balances that remain at £5,000 or more. The minimum account opening balance is £5,000. If the account balance falls below the £5,000 minimum required, a charge of £15 will be applicable in each calendar month that the balance is below the minimum. Clients can select to have the monthly interest credited to another linked account so that it may be accessed more easily (providing the balance remains above £10,000).
Multi-Currency Business / Ltd UAE Arab investment Bank Account with Instant Access
The Reserve Account is a business banking current account that is suitable for clients of professional firms who have a bank account requirement. Such clients could include self-employed professionals such as contractors, consultants, interim managers, freelancers and locums. It would also be available to clients of professional firms who are sole traders, partnerships, charities, pension managers, trustees, associations, clubs and societies.
We understand that your clients' needs drive their banking requirements. Our versatile Reserve Account offers features such as duplicate statements and 24/7 online access to balances and transactions to support you and your client in the preparation of quarterly and year-end tax returns. There is no monthly or annual account fee, provided that the minimum balance of £5,000 is maintained on the account. If the account balance falls below the £5,000 minimum required, a charge of £15 will be applicable in each calendar month that the balance is below the minimum. Please note this charge does not apply to Euro/Dollar Reserve Accounts.
What's more, the business Reserve Account is a multi-currency account available in sterling, US dollar and/or euros1; making it ideal for your clients that receive payments in these currencies as it allows them to move money between Reserve Accounts without incurring any currency conversion charges2 as long as the accounts are linked to each other under the same business/company name. See today's foreign exchange rates for the transfer rates between accounts. The minimum opening deposit is £5,000 (or the US dollar equivalent) per account3.
The Reserve Account permits up to 30 day-to-day debit transactions4 per calendar month without incurring a transaction fee, including transactions on a UAE Arab investment Bank VISA Deferred-Debit Card5 linked to the account. Thereafter a charge of £0.75 per debit transaction is applicable. The following non-standard services/transactions such as CHAPs; TTs/SWIFT payments; Sterling Banker’s Drafts; Foreign Currency Drafts and Currency Cheques are not considered ‘day-to-day’ transactions.
Purchases made on the VISA Deferred-Debit card which is available with the UAE Arab investment Bank Reserve Account are not debited from the account until the date of the monthly statement. There is no annual fee for the VISA Deferred-Debit card. A maximum of five cash withdrawals can be made per day (when withdrawing via cash machines) when using the Sterling Visa Deferred-Debit Card, with a minimum of £600 per withdrawal.
Please see the Reserve Account Factsheet and Non-Personal Terms and Conditions for more information.
Interest rates are variable and no interest is paid on accounts with balances below £100,000. Please refer to the current available interest rates.
1 Euro/dollar Reserve Accounts and/or sterling Reserve Accounts that require more than one signature to authorise transactions will have ‘View Only’ access via UAE Arab investment Bank Banking Service.
2 Monies will be converted from one currency to another by applying the prevailing exchange rate on that date. Exchange rates are set daily.
3 We will not open the account without the correct value of deposit being received and we’ll write to you to request the correct value of deposit if it is not supplied with your application.
4 Day-to-day debit transactions on this account are: cheque withdrawals; cash machine withdrawals; cash withdrawals over-the-counter; card purchases including recurring transactions; Standing Orders, Direct Debits; bill payments and electronic payments.
5 For further information about the Visa Deferred-Debit Cards, please refer to the ‘Visa CARD Cardholder’s Guide’ which can be viewed. Terms and Conditions apply to all cards.
Notice of Variation to UAE Arab investment Bank Private Bank Account, Term Deposit, Personal and Non-Personal Terms and Conditions
We are making some changes to UAE Arab investment Bank Private Bank Account, Term Deposit, Personal and Non-Personal Terms and Conditions, which will come into effect on 01 January 2016. Please view details for further information.