United Trust Bank (UTB) has appointed Stephanie Vincent as savings distribution manager as it seeks to significantly grow its business deposits business.

Vincent (pictured) has worked in banking for nearly 18 years and has joined UTB from Santander where she was regional head for London and the South, transaction banking and liquidity.

Prior to that she spent 13 years with Barclays becoming VP liquidity specialist.

To support further loan book growth and diversify its funding sources, UTB is looking to expand its activities in the business deposits sector alongside its consumer savings business.

Last year UTB commissioned research which revealed that UK businesses were collectively losing out on millions of pounds of interest each year by keeping over £100 billion of company money in low paying business deposit accounts. Vincent is developing the bank’s strategy for ensuring businesses are aware of and have access to better rates of interest which will make their money work harder and at the same time grow UTB’s business deposits balance.

Nick Wakefield, head of deposit products, United Trust Bank, said: “Lots of UK businesses are not taking advantage of the more competitive interest rates available for their deposit balances, and many are losing out on substantial additional income as a result. I’m delighted that Stephanie has joined UTB and is using her considerable experience to develop and deliver our corporate deposits strategy.”

Vincent added: “The Bank of England Base Rate has jumped from 0.1% to 4% in little over a year and there are some very competitive interest rates being offered to companies with surplus cash to place on deposit. Now is a great time for businesses to review their existing solutions and, if necessary, switch to a provider offering them a better deal.

“The corporate deposits sector presents an excellent opportunity for UTB and I am excited to be using my experience to help drive UTB’s deposits business forward and support the bank’s growth.”