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A deposit account is basically a business savings account. You might want to consider a business deposit account if your business has a large cash surplus that you’d like to be earning some interest on, either to act as a reserve, or to save for new equipment, a staff outing or as a deposit on larger premises.
Whatever the reason for saving, you want your money to be earning as much interest as it can, instead of languishing in your business’ current account where it may not be earning as much.
Business deposit accounts can allow instant access to your money, or require you to give notice before withdrawing funds so think about how much access your business might need to this money before choosing an account.
Money held in a business savings account may fall under the protection of the Financial Services Compensation Scheme.
A smaller business’ savings may be protected if it meets two of the following:
The Financial Services Compensation Scheme protects the first £85,000 an eligible business has held under a single UK banking licence. This level of protection will reduce to £75,000 from 1 January 2016. Some banks and building societies share a licence, so it’s best to spread money between institutions to make sure it’s protected.
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