Premium Business Reserve

An instant access business savings account that is easy to use. You can take out your money at any time, with no withdrawal limits and no fees. You earn interest on all the money in your account, with easy online access to manage your savings.

Features and benefits

Take your money out at any time. There are no withdrawal limits and no fees.

You earn interest every day, and we pay it to you twice a year in March and September.

Manage your account easily online.


Separate Terms and Conditions apply to Business On Line.

Low minimum balance and no limit on how much you can pay in.

You don’t need to have a business current account with us.

Earn the same competitive interest rate on your whole balance.

What you need to know

Product Name: Premium Business Reserve






What is the interest rate?

Annual interest option

Account BalanceGross/AER Variable


Gross Interest Rates means we will not automatically deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC). AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest were paid and added to your account each year. A variable rate of interest means the interest rate may go up or down.
£1 or more1.20%/1.20%
Less than £10.00%

Interest calculated daily. We pay this to you twice each year in March and September.

Can Bank of Ireland UK change the interest rate?

We have the right to change the interest rate on Premium Business Reserve.

We may change your interest rate for a number of reasons. These are outlined under ‘Interest Rate Changes’ in the Terms & Conditions section of A Guide to Banking for Business Customers Northern Ireland. This can be downloaded from the Useful information section below.

The reason for such change may be one or more of, but is not limited to the following reasons;

  • reflecting general changes in interest rates,

  • to respond to the actions of our competitors,

  • to reflect fluctuations in markets and;

  • to make sure that we are able to secure income which is adequate to ensuring we meet the requirement of any regulatory body and have sufficient resource to support our business in the interest of all our customers.

If we are changing the interest rate in a way that is to your disadvantage, we will notify you a minimum of 14 days before the change comes into effect. This will only apply where your Account has a balance of £100 or more.

What would the estimated balance be after 12 months based on a £1,000 deposit?

For a deposit of £1,000, the projected balance after 12 months (1.20% interest for 12 months) is £1,012.00.

This projection is based on the assumption that no further deposits or withdrawals are made during the 12 months.

How do I open and manage my account?

Eligibility

Business Customers can apply for this account.

Opening and managing your account

  • To open a new Premium Business Reserve account, please use the request a call back button below and we’ll be in touch.

  • You need to keep at least £1 in the account. There is no maximum amount.

  • If you wish to switch in to or out of this account, please ask in a Bank of Ireland UK branch or talk to your Account Manager.

Ways to manage your Account

In Branch

Speak to your Account Manager

Use our online banking channels

Can I withdraw my money?

You can withdraw or transfer money from your Premium Business Reserve if you need to. You can do this at any Bank of Ireland branch or online using our online banking channels.

  • Balances must be cleared funds before they can be withdrawn.

  • Withdrawals are free of charge.

  • You don’t need to give us notice to withdraw.

  • There is no penalty if you choose to withdraw.

Additional Information

Interest is paid gross. This means that we don’t deduct tax from the interest you earn.

Please make sure you read the Terms and Conditions in the Guide to Banking for Business Customers below before applying for this product.

Start your application online

Step 1

Start your application journey

Provide some basic information to get started. Once you’re done, we’ll send your application pack.

Start Application Online

Step 2

Review, Complete and Return your application

Check your inbox for your application pack. Simply review the documents, complete, and sign the forms, then return them to us using the instructions provided. If you need any help along the way, we’re here to support you.

Step 3

We open your new account

Once we receive your completed forms, we’ll process your application and open your new Business Savings account. We’ll keep you updated at each stage so you always know what happens next.

Contact us

Complete a callback form

We can discuss your needs at a time that suits you.

Request a callback

Locate your local branch

Find your nearest branch.

Find branch details

Get to know our team

View our business team profiles.

Meet the team

Useful links

Deposit Rates and Fees

Guide to Banking for Business Customers

Foreign Exchange and Treasury Deposits

Premium Business Reserve Summary Box


FSCS Protected

Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Bank of Ireland UK and Post Office. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk