Will I lose the interest on any money that I withdraw before the end of the month?

You won’t lose interest on the money you withdraw before the end of the month, but it won’t continue to earn interest after you withdraw it. The interest already earned on the money will be paid to you as part of the normal interest payment on the first calendar day of the next month.

For a registered business that’s: 

• sort code 

• account number

• registered business name on Companies House

For Sole traders it’s:

• sort code

• account number

• full name - as seen in your passport, ID, driving licence

By providing incorrect or incomplete details, your client may get a message to suggest they are sending money to the wrong account. This is a fraud prevention feature called ‘Confirmation of Payee’.

Learn more about how Confirmation of Payee helps protect your business here.