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Project Bank Account

Levelling out the anomalies of late or withheld payment within the construction industry.

• Credit Interest is payable on the last business day of each month
• Interest Rates linked to Bank of England Bank Rate
• Easy to open and operate with transfers made via CHAPS, and International Payments*
• An additional management tool for facilitating the project in line with the Governments Fair Payment Guide (opens new window)
• Bank of Scotland Corporate will be able to offer this bespoke product as an industry specific account.

The Project Bank Account is an interest bearing deposit account that is designed to be held by a lead contractor and project funder on behalf of a project's contractors. The lead contractor and project funder may have formed a formal or informal trust to do this. This means that funds held in the account should be segregated from any other funds (or debts) held (or incurred) in the name of either the lead contractor or the project funder.

Further information

For further information call us on +44 (0)845 603 2408†.

Specialist Technical support and Training

The Bank of Scotland Project Bank Account has been developed in association with International Property and Construction Consultants Rider Levett Bucknall to address the issue of late payments in the UK construction industry.

Rider Levett Bucknall are experts in the field of project bank Accounts, having extensive experience in the initiation and administration of such accounts. In conjunction with Constructing Excellence, Rider Levett Bucknall can offer training and support in all aspects of project banking. Visit their website for further information.

*CHAPS, International Payments are chargeable services.