Business security deposits

If you’re a business customer opening a new account, you may need to provide a security deposit.

What’s a security deposit and why is it held?

A security deposit is a risk‑based amount held to protect against potential non‑payment of your electricity account.

How we assess the amount

We assess the security deposit amount based on a risk assessment, which takes into account:

• An industry risk assessment
• An external credit check
• A Director check
• Consideration if the account is a transfer of ownership or an ongoing business
• Additional information that may lead to a reduced risk assessment.

We’re here to work with you to try and reduce the security deposit amount as much as possible. We’ll be in contact to discuss the deposit and request any information to assist with the risk assessment.

How to have the security deposit waived or reduced

You may be able to lower or remove the deposit altogether if you can provide:

• 24 months of consecutive, comparable bills from another energy retailer showing on‑time payment
• A letter of reference from an energy retailer
• A final bill from an energy retailer that includes a reference.

Other acceptable evidence of good payment history may also help, such as:

• Utilities or regular trade bills of a similar value
• Trade references.

Pre‑payment option

Instead of a security deposit, you can choose to make a pre‑payment on your account and pay ongoing bills via Direct Debit and e‑Bill. Login or register for My Account to set up Direct Debit today.
You’ll need to keep your account in credit by the pre‑payment amount until good payment history is established.

Interest on your security deposit

For cash deposits, you'll earn interest at the bank bill rate, currently approximately 4.75% per annum.

How long we hold your security deposit

• Small business (less than 100MWh usage per annum): We'll return your security deposit after 24 months of good payment history
• Large business (more than 100 MWh usage per annum): We’ll review yearly but your security deposit may be held for the life of the account.

How to pay your security deposit

You can pay the security deposit by:

✅Cash deposit

✅Bank guarantee.