Business Deposit FAQs

Once you submit your application form for a business deposit account, a member of our Business Deposit Team will carry out checks to verify you, your business and your nominated bank account. If this can’t be done electronically, we’ll contact you and ask for the necessary documents to complete our checks. 

This depends on whether we need to contact you to request additional documentation. Normally, we aim to complete the process and have your account opened in 5 business days. Once the account has been opened we’ll contact you to request your first receipt via faster payment. We'll confirm when we've received the payment from you.

You can pay money into your business savings by faster payment. To send a faster payment you need to quote sort code: 69-94-95 and the last 8 digits of your business deposit account number.

We don’t accept cash or cheques in or out of our business deposit accounts. This account has been designed to be operated remotely.

Payments out of your account are made by next day faster payment. You can request a withdrawal to your nominated bank account over the phone or by filling in a form on our website.

If you have an easy access account with us, there’s no limit on the amount of withdrawals you can make, as long as you have sufficient cleared funds and the minimum opening balance required to keep the account open.

If you have a notice account with us, you’ll be able to make withdrawals after serving the required notice period.

If you have a fixed rate account with us, you won’t be able to make withdrawals until the account matures. Please check the terms and conditions of your account for more information.

The number of account holders needed to authorise a withdrawal is up to you. If you decide to operate the account on “one authority”, it’s important that you have your own internal procedures in place as we can’t be held responsible for any fraudulent withdrawals.

When a withdrawal request is received, we’ll need to make contact to validate the request before the withdrawal is processed. If multiple authorities are required, we’ll need to contact each person, which may mean the withdrawal is delayed if we can’t make contact.

We have different methods of contact, including text and phone call.

Whilst we can do this if we receive a request before 3.00pm, there’s a £25 charge as this payment is sent as a CHAPS payment. We’d therefore encourage the use of next day faster payments.

A statement will be issued to you annually, or you can request one at any time by calling or emailing our Business Deposit Team. 

You can close your account or make changes to your account details by calling or emailing our Business Deposit Team who’ll be able to deal with this for you.

Our Business Deposit Team are available Monday to Friday by calling 01282 525110 or emailing businesscustomers@themarsden.co.uk

If your enquiry is urgent, the quickest way to contact us is by calling.

Yes, you’re covered up to £85,000 by the Financial Services Compensation Scheme. As these funds are held in your company name, they’re separate to any funds you hold personally, which will also be covered up to £85,000.