A business notice savings account is an account that requires the business to serve a set number of days’ notice to withdraw their funds. Notice periods can range from 7 days through to 180 days or more.
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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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Yes, most notice business accounts are available to a range of organisations, from the self-employed, micro businesses through to private limited companies.
There are notice accounts available for businesses that start with a minimum deposit of £1.
A higher balance could get you a higher rate, usually some of the better rates start from £10,000. In addition, a longer notice period could also equate to a higher rate. However, it’s not always the case as some providers choose to be more competitive to secure business deposits and may offer improved rates for notice periods.
A bond will offer you a fixed rate of interest for a fixed duration of time, whereas notice accounts usually have a variable rate of interest. This means the bank or building society can change this rate at any time (subject to giving you written notice of the change in advance).
Both products usually include penalties if you try to access your funds before the notice period set or the fixed term ends.
Why not also look at our best rates for business bonds and easy access business savings accounts?
