Compared to a year ago, both the average rates on offer and the top returns found on business savings accounts have improved. This means good news and more choice for businesses looking to make the most of their savings without investing in the stock market.
The latest figures from Moneyfacts.co.uk show that the average fixed bond rate across account types sits at 1.27% today, up from 0.99% a year ago (based on a £10,000 investment). But these averages don't tell the whole story, with businesses now able to find several inflation-beating returns, as long as they don't mind setting their funds aside for five years.
This is in contrast to last July, when business savers could only get a top rate of 2.00%, instead of today's market-leading gross rate of 2.68% from United Bank UK. Even the leading one-year fixed bond rate of 1.86%, as seen on our chart, easily surpasses last year's top offering over this term of 1.50%.
When it comes to setting aside funds for less than a year, or even with no notice at all, there has also been some welcome movement. For charity accounts specifically, the top rate now sits at 1.50% gross, up from 1.25%, the same top rate that can now be found on client accounts (up from 0.50%), club accounts (up from 1.25%) and firm accounts (up from 1.05% year-on-year), thanks to Al Rayan Bank offering something for everyone with its 90-day notice account.
Across all these account types, the average has increased from 0.26% last July to 0.41% today. All in all, there are plenty of reasons for all sorts of business savers to cheer. Why not have a look at our business savings accounts for yourself to see what kind of deal your company can get?
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 Any products featured may be withdrawn by their provider or changed at any time.