Unity Trust Bank is a socially responsible commercial bank. If you’re using this bank, you can be confident that your finances are being used to fund helpful projects in your local community.
It offers current accounts and savings accounts to businesses, as well as business loans.
What business bank accounts are available for Unity Trust Bank customers?
Business owners can apply for a current account or savings account.
Unity Current Account
The Unity Current Account is a business account with 3 different tiers depending on your company annual turnover. There is a £6 monthly fee for each tier.
Businesses with an annual turnover of under £100,000 can open the T1 account which charges no transaction fees, while those with a turnover of between £100,000 and £2 million can open the T2 account which charges 15p for each banking transaction.
If you’re a business with an annual turnover of more than £2 million, you can open the T3 account. You’ll pay a range of different transaction costs but you’ll also benefit from a relationship manager.
All businesses can pay money into the Post Office, NatWest, RBS and Ulster Bank. You’ll also get a Corporate MultiPay card which is a charge card that allows you and your team members to make purchases online and instore. You can set individual spending limits for each cardholder.
Business savings accounts
Unity Trust Bank offers an instant-access account, and a range of fixed term deposit accounts.
There is no minimum or maximum deposit requirement for the instant-access account.
To open a fixed term account, you’ll need to deposit at least £500,000 and be prepared to lock it away for a set period. You can choose from 30 and 90-day terms, as well as 6 and 12 months.
How to apply for a Unity Trust Bank business account
You can apply for an account on the Unity Trust Bank website. Simply choose your account and the click on the “Apply now” button.
Alternatively, scroll to the bottom of the page and click the “Switch today” button. Unity Trust Bank is part of the Current Account Switch Service that guarantees a seamless switch within 7 days.
Pros and cons
Pros
Your finances will be used to fund socially responsible projects.
No transfer fees for businesses with low turnovers.
Corporate cards with different spending limits for staff.
Cons
No eye-catching perks available with current accounts.
Monthly fee applies.
You'll need at least £500,000 to open a fixed term savings account.
Customer service information for Unity Trust Bank
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
It’s great that Unity Trust Bank has committed to funding socially responsible projects, and the monthly fee for the business bank account is relatively low. But overall, there aren’t that many perks available with its business banking products – there are no budgeting or invoicing tools, for example.
There are many business bank accounts out there, so do your research before you commit you and your business to just one. See our guide to the best business bank accounts to find one that suits you best.
Get started by visiting Unity Trust Bank’s website and sign up for an account. If you have read this review and decided that Unity Trust Bank’s account is not for you, you can also compare other business bank accounts on the market.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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