A comprehensive list of the new UK tax allowances and thresholds for 2020 / 2021
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Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme up to a maximum level of protection of £85,000 per business per institution. The deposits of most businesses are covered up to the £85,000 limit, but businesses should check with their bank before they apply as there are exclusions.
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An easy access or instant access business savings account is an account that either does not have any restrictions on withdrawals at all, such as a requirement to give notice, or may limit these to a set number each month or year.
Yes, most easy access accounts are available to all types of different businesses including sole traders, partnerships, limited companies and not for profit organisations.
There are lots of accounts that only require a minimum £1 deposit.
You can get some of the best savings rates for businesses with easy access from as little as £1. Generally, a £1,000 deposit will secure you a top rate.
An easy access account typically allows you to access your funds without penalty or restrictions, whereas a bond usually requires you to lock your funds away for a set period of time before you can access your funds.
