Compare Business Savings Accounts
Business Savings Accounts
Compare business savings accounts
A business savings account is a good idea for most businesses as it allows you to earn interest on money you are not using for day-to-day business purposes. This can simply be a place to store any significant cash surplus, or it could act as a reserve, allow you to save up for new equipment, premises or any other medium to long term large expenditures.
Getting the best possible rates on your business savings account ensures you get the highest return you can for your money, helping your savings to grow over time. Exactly what type of business savings account you should apply for will depend on the type of company, number of employees, annual turnover and other factors.
What to look for in a business savings account
To make sure your business savings account offers everything you need while providing a good return, you should check the following key details before making an application:
- Interest rates
- Minimum deposit
- Maximum deposit
- Notice period to make a withdrawal
- Any fees or penalties for making withdrawals
- How your interest is calculated and paid
It is a good idea to compare these conditions on as many different accounts as possible from different providers. This will allow you to be confident that you are getting an account that suits your requirements while paying a good rate of return.
Types of business savings accounts
There are several main types of savings account for businesses. Which type will be suitable for you will depend on exactly what you intend to use the account for.
Instant access business savings account
If you want somewhere to earn interest on any surplus on your day-to-day cashflow, while still having access to the money when you need it, an instant access account is a good choice. This type of account can usually be opened with a deposit from as low as £1.
30 day notice business savings account
If you have a surplus that you do not need for daily business purposes, you may be better placing it into a 30 day notice account. This will normally earn you a better rate of interest than an instant access account, but means you will have to let the bank know 30 days in advance when you wish to withdraw funds.
You may be able to take money out with less notice than this, but will normally pay a penalty calculated based on the interest on the amount withdrawn.
Clients’ business savings account
If you are a professional company entitled to hold clients’ funds, you could earn interest on these funds by placing them in a savings account. Depending on the nature of your business and how you wish to structure your clients’ deposits, you can hold them collectively in a single account or have separate designated accounts for each client.
Find the best business savings account for you
In order to maximise the value of your savings, you need to get an account offering the highest possible interest rate on your deposits. You should also consider how much you intend to deposit and how quickly you are likely to need to access your savings.
At the top of this page, you will find our business savings account comparison tool. This allows you to quickly compare leading accounts from top lenders across the market so you can see who offers the best value for you while matching your saving requirements.