Yorkshire Bank has increased the rates of selected fixed business savings accounts by up to 0.30%. As a result, its 12-month deal has entered the Moneyfacts charts.
The 12-month Business Fixed Term Deposit now pays a competitive rate of 1.50% on maturity, earning it a top 10 place in its sector.
Meanwhile, the 30-day equivalent pays a new rate of 0.35% on maturity and the three and four-month versions pay 0.40% and 0.45% respectively. The longer-term 24-month account has a yearly rate of 1.80%.
These accounts can be opened and operated in branch and by phone with an initial deposit of at least £5,000.
As is common with fixed rate accounts, no further additions or early access to funds will be permitted, which means business savers must be happy with their investment from the beginning.
These bonds are also available from Clydesdale Bank. Charity versions paying similar rates are also available.
Businesses are likely to be intrigued by these latest rate increases. The 12-month account in particular stands out, promising a decent return on an investment. However, business owners must remember that it is not possible to add to deposited funds or to make withdrawals prior to maturity, so it is important to be comfortable with the amount invested and the length of the chosen term.
Moneyfacts rating: Excellent
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