Key Information
How do I open an account?
1. Fill in the application
Apply for an Oxbury Savings Account online
2. Register
Register your online account
3. Start Saving
Start saving and watch your money grow
Product Summary
What is the interest rate?
Account Balance |
Monthly Gross |
AER |
---|---|---|
Min: £1,000 – Max: £1,000,000 |
4.52% |
4.61% |
- Interest is calculated daily
- Interest is paid every month with reference to the date of receipt of your first deposit and credited to your Oxbury Farm Business 95 Day Notice account.
These rates will change to 4.28% Monthly Gross / 4.36% AER on 30.11.2024
Can Oxbury Bank change the interest rate?
YES. Oxbury can make changes to your interest rate, any such changes will be communicated to you providing at least 14 calendar days’ notice in addition to any notice period for a reduction in rate, increases in rates are usually applied with immediate effect.
Please note this account is NOT linked to the Bank of England base rate so fluctuations in the base rate will not be reflected in your interest rate.
What would the estimated balance be after 12 months based on a £1,000 deposit?
Below is an example of what the future balance might be for an account balance of £1,000. Because the rate is reducing on 30.11.24, we have given estimates of what your future account balance might be after 12 months were the current rate to be applied for the whole period and also were the new rate to be applied. The projection is provided for illustrative purposes only and does not take into account individual circumstances.
Initial Deposit |
Monthly Gross rate |
Balance after 12 months |
Interest Earned |
---|---|---|---|
£1,000 |
Current rate: 4.52% |
£1,046.15 |
£46.15 |
£1,000 |
New rate: 4.28% |
£1,043.65 |
£43.65 |
The estimated balance projections assume that:
- The account is opened with the amount stated and interest starts being earned straight away
- No further deposits or any withdrawals are made and the interest rate does not change during the 12 months
- The interest is paid every month with reference to the date of receipt of your first deposit and credited to your account
How do I open and manage my account?
- To open this account you will need to apply from a desktop, laptop or tablet device.
- Once you have applied for your account you will then need a smartphone to use our iOS or Android App to access the Oxbury Online Banking platform. Android users will need to log in using the Authenticator App and a separate device to access their Online Banking Platform.
- You can open this account with a minimum deposit of £1,000. The maximum amount that can be held in the account is £1,000,000
- If your balance falls below £1,000 after account opening you will not receive interest on the balance. Any balances above £1,000 will accrue interest on the whole balance
- You must make your initial deposit within 90 days of opening the account. If the minimum deposit balance is not met during this period your account will automatically be closed
- If you change your mind within 14 days, and wish to close the account, we will return any money you have paid into your Oxbury account to your Linked Account and close your account
- You will need your farm business current account sort code and account number to open your new savings account, this will become your Linked Account. You can only transfer money in and out of your Oxbury account from and to your Linked Account
- The minimum device requirements are for iPhones running iOS 12.4. or above or Android devices running Android 7 (Nougat) or above
Can I withdraw money?
YES. Subject to providing the required notice you can withdraw up to the full balance of the account.
Additional information
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once each year.
Accounts can be withdrawn from sale at any time and without notice.
We pay all savings interest gross, which means no tax is deducted.
Eligibility for the Farm Business is dependent on the provision of a valid CPH or SBI number indicating active farmer status.
What you need to open an account
This account is widely available so long as you:
- Are a farm business structured as a sole-trader, partnership or limited company and you are aged 18 or over
- Have a UK current bank account in your business name, this will be the account you use to make payments in and out of your Oxbury savings account. This will be known as your 'Linked Account’
- Are resident in the UK (including for tax purposes). Our accounts cannot be held in trust or by US Persons (meaning US citizens, residents, green card holders or taxpayers in respect of their worldwide income)
- Have read this Farm Business 95 Day Notice Account Product Summary and our Deposits - General Terms and Conditions
If you would like more information, please contact us before you open your new account.
Need help?
If you have any questions visit our website at www.oxbury.com or email savings@oxbury.com We are open Monday to Friday 9:00am – 5:30pm, except bank holidays.
4.61%
AER Variable*
Earn more money with peace of mind - complete protection up to £85,000
FSCS Protected
Your eligible deposits with Oxbury are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme https://www.oxbury.com/fscs-guide.pdf
You can find out if your money is protected in two easy steps by using the FSCS Protection Checker at https://www.fscs.org.uk/check-your-money-is-protected/