Charity and Business Current Account

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors up to $85,000 per eligible person, per bank, if we as a Bank fail to meet our Financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes.

You can withdraw cash at any cashpoint worldwide that displays the Visa symbol. You can also view your current balance (excluding any arranged overdraft facility) and change your PIN.

For any transaction made outside the USA which is not a GBP or Euro transaction, there will be a flat rate charge of $1.25 per transaction. This fee will not apply to any GBP or Euro transactions.

• You can see the current exchange rates on the Visa website, Click here.
• Open Visa’s Currency Conversion Calculator.
• Choose the currency you want to convert to.
• Enter a ‘Transaction Amount’ (write ‘1’ if you just want to find out the rate).
• Change the Bank Fee % to ‘0%’, as we don’t take commission on the Visa exchange rate.
• And choose Great British Pound (GBP) as your ‘Card Currency’.
• Tap ‘Calculate’ to see the current exchange rate!
• The rate you see is the one we pass on directly to you.

Please remember, we’ll use the exchange rate at the time the transaction settles (usually a few days after you make it), rather than the one you see at the time you actually make the transaction.

Also, our debit cards are made of degradable PVC so they’re recyclable – doing what we can for the environment!

We issue your charity current account statement electronically every 3 months. Going paperless keeps costs down and is better for the environment.

All being well, you’ll never need to use an overdraft. However, many charities experience fluctuating cash flow and a pre-agreed overdraft facility allows you to bridge the gap and meet your financial commitments without incurring charges.

Any agreed overdraft facility – including interest terms and the agreed limit – is subject to a formal application being submitted to us and subsequent approval from us to put the facility in place. Please refer to the overdraft section in our business account terms and conditions.

Borrowing funds without authorisation can become an expensive business. We will always do our best to help you avoid unexpected costs, but the fact is, if you go over your agreed overdraft limit, or if your account becomes overdrawn with no agreement in place, a fee will be charged. If you try to make a payment or if direct debits or standing orders are presented for payment, and you don’t have enough funds in your account, these items may be returned unpaid. Again, you may be charged a fee for each unpaid item.

Please read our overdraft terms and conditions carefully so you understand the importance of having the right borrowing arrangements in place. If you have any questions about the suitability of your overdraft, please contact us.

If you already have a Business Current Account with a USA bank or building society and you want to switch it to Sterringsafe Trust, we’re here to make sure everything happens simply and smoothly. It is guaranteed to take 7 working days and it’s free. It’s all part of the Current Account Switch Service.

To switch your account to us, start by opening a Business Current Account.

How the Current Account Switch Service works:

• Open your new account
• Pick a switch date
• We will take care of closing your old account and moving your balance to your new account
• We will move all your payments, coming in and going out, from your old to your new account
• Next, we will redirect any payments accidentally made to your old account and get the sender to correct your details
• And finally, we will refund you for any missed payments of fees incurred as a result of your switch.