Business - Instant Access Account

Product details

What is the interest rate?

2.50% Gross/AER

The interest is paid annually and will be credited to your account after close of business on 1 April.

Can Progressive change the interest rate?

Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings General Terms and Conditions.

If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.

What would the estimated balance be after 12 months based on a £1,000 deposit?

£1,025

This is an example based on an initial deposit of £1,000 made on account opening and assumes no further deposits or withdrawals are made throughout the year and that the interest rate does not vary during the 12-month period.

How do I open and manage my account?

The account is available to credit unions based in the UK, and the following types, which must be based in Northern Ireland:

limited companies incorporated in the UK,
public sector bodies,
limited liability partnerships,
charities registered in the UK,
solicitors,
churches.

There is a minimum lodgement of £1 required to open the account.

Cash lodgements are not permitted to this account.

Lodgements should be made by cheque, debit card or electronic transfer.

The maximum balance for the account is £5 million.

The account can be opened and operated at any of the Society's branches or by post.

Can I withdraw money?

Yes, this is an instant access account, withdrawals are allowed.

You can withdraw up to £500 in cash in a branch, larger amounts must be withdrawn by cheque payable to the same name as the account holder.

Additional information

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from the savings over time.

Gross rate quoted is the taxable rate of interest without deduction of income tax.

The interest rate is correct as of 15 July 2025.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings General Terms and Conditions. You can obtain a copy of these documents in the 'Useful Information' section below.