Mansfield Building Society has opened up its 30-day notice business account to businesses located outside of its local area, enabling it to move into the Moneyfacts charts.
Business Deposit Maxi Account (1st Issue) pays tiered rates of interest depending on the amount invested: a variable rate of 0.80% is paid on balances of £500 to £9,999, while a higher rate of 1.25% is paid on balances of £10,000 and over (max £50,000).
This account can be opened and operated in branch and by post with a minimum deposit of £500 (savers should bear in mind that a minimum of £10,000 will need to be deposited in order to achieve the higher rate).
Further additions are accepted provided they are made via a business bank account, and unlimited, penalty-free withdrawals can be made subject to 30 days' notice being given. It is possible to access funds without giving notice, but this will result in a 30 day-loss of interest penalty.
Business owners looking for a competitive notice savings account are likely to view this deal with interest, particularly if they have a larger savings pot to invest. The fact that further additions are permitted adds a great deal of flexibility, as does the option to access funds early, although business owners must be aware that this will result in a interest penalty.
Moneyfacts rating: Excellent
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.