Project Bank Account
Deposits and current accounts
Levelling out the anomalies of late or withheld payment within the construction industry.
- High Interest – 0.10% over Bank of Scotland Base Rate
- Interest calculated daily and paid monthly
- Easy to open and operate with transfers made via CHAPS*
- An additional management tool for facilitating the project in line with the Governments Fair Payment Guide (opens new window)
- Specialised account incorporating bespoke design for construction clients.
The Project Bank Account is a high 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 form a formal trust to do this or may simply hold the Project Bank Account in joint names for the benefit of the project contractor. The account helps to segregate project funds from any other funds.
The project funder and lead contractor must be joint signatories on the account to ensure that they both approve disbursal of funds. The account provides clients and their project teams with a payment medium that helps ensure payments are paid fairly and on time.
Further information
For further information call us on +44 (0)845 603 2408†.
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.
Available to new and existing construction businesses in the UK with a turnover in excess of £1m.
Maximum deposit is £50 million - higher amounts accepted at the Bank's discretion.
*CHAPS is a chargeable service.
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