United Trust Bank business banking review
United Trust Bank (UTB) is a UK-based specialist bank offering a range of business and personal banking services, with a focus on property finance, asset finance, and savings products. It is known for its tailored lending solutions and competitive fixed-term savings accounts.
Key features of United Trust Bank
1. Business and personal savings accounts
- Fixed-term savings accounts: Competitive interest rates for terms between 1 and 5 years.
- Notice savings accounts: Offers higher rates with notice periods from 40 to 200 days.
- FSCS protection up to £85,000: Ensures deposit security.
- Minimum deposit requirements: Typically starts from £5,000.
2. Property finance
- Bridging loans: Short-term finance for property purchases and developments.
- Development finance: Loans for residential and commercial property development.
- Commercial mortgages: Designed for businesses acquiring property assets.
- Structured finance solutions: Custom lending products for complex financial needs.
3. Asset finance
- Hire purchase agreements: Helps businesses acquire essential equipment.
- Leasing options: Flexible terms for asset procurement.
- Specialist funding: Includes bespoke financing for industries like construction and transportation.
4. Digital and customer service experience
- Online application for savings accounts: Easily manage deposits and withdrawals.
- Dedicated relationship managers: Personalised service for lending clients.
- No branch network: Operates entirely online and via phone-based support.
- UK-based customer service: Offers direct access to financial specialists.
United Trust Bank fees and pricing
1. Savings account fees
- No monthly maintenance fees.
- Early withdrawal penalties: Apply for fixed-term savings accounts.
2. Lending fees
- Arrangement fees: Typically a percentage of the loan amount.
- Interest rates: Customised based on lending criteria.
- Early repayment charges: May apply to certain finance products.
Pros and cons of United Trust Bank
Pros
- Competitive fixed-term savings rates.
- Specialist property and asset finance solutions.
- FSCS protection for deposits.
- Personalised customer service with relationship managers.
- Flexible lending options for property developers and SMEs.
Cons
- No personal current accounts or day-to-day banking services.
- Limited digital banking features compared to high-street banks.
- No branch network for in-person banking.
- Minimum deposit requirements for savings accounts.
How United Trust Bank compares to competitors
| Feature | United Trust Bank | Shawbrook Bank | Aldermore Bank | OakNorth Bank |
|---|---|---|---|---|
| Business lending | Yes | Yes | Yes | Yes |
| Fixed-term savings | Yes | Yes | Yes | Yes |
| Easy access savings | No | Yes | No | No |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Digital banking | Limited | Yes | Yes | Yes |
| Ideal for | Property investors, SMEs | SMEs, landlords | SMEs, landlords | Business borrowers |
Who should use United Trust Bank?
- Property developers and investors: Offers bridging loans and development finance.
- Businesses seeking asset finance: Provides flexible leasing and hire purchase agreements.
- Savers looking for competitive fixed-term deposits: Offers higher interest rates than many traditional banks.
- SMEs needing structured finance solutions: Tailored lending for business expansion.
Our verdict
United Trust Bank is a specialist bank focused on property finance, asset finance, and savings products. Its strong fixed-term savings rates and tailored lending solutions make it an excellent choice for property investors, SMEs, and businesses requiring asset finance.
However, its lack of personal current accounts, limited digital banking features, and no branch network may not suit those needing a full-service retail banking experience. For those seeking specialist finance and high-yield savings, United Trust Bank provides a trusted and competitive alternative in the UK market.