Business savings accounts chart more competitive | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 05/09/2019

Business savers are benefiting from increased competition in the market, with Redwood Bank increasing rates on both its one year business bond and 95-day business savings account.

Its 1 Year Business Savings Bond (Issue 2) now pays 2.00% on a £10,000 deposit and takes second place in the chart for its term. This account allows further additions within 14 days of account opening, but withdrawals are not permitted. While the 95 Day Business Savings Account (Issue 4) takes the top spot for its term paying 1.75%, again on a deposit of £10,000. It allows further additions, via a nominated account, and withdrawals subject to 95 days’ notice. Both these accounts can be managed by post, online and by phone. 

The best business savings rates

Provider Account name Term Rate
Cambridge & Counties Bank 5 Year Business, Trust and Charity Bond Issue 5 Five years 2.50%
Al Rayan Bank Fixed Term Deposit 36 months 2.42% (expected profit rate)
Masthaven Bank 5 Year Fixed Term Bond Five years 2.35%

Currently, the highest rate being offered in the business savings account chart is from Cambridge & Counties Bank paying 2.50% on its 5 Year Business, Trust and Charity Bond Issue 5. This account is a five year bond that requires an opening deposit of £10,000 and doesn’t allow any further deposits or withdrawals. It can be managed online and by post.

Next in the chart is Al Rayan Bank offering an expected profit rate of 2.42% (AER), paid quarterly, on the 36-month version of its Fixed Term Deposit. This account requires a minimum deposit of just £1,000 to open, but doesn’t allow any further additions or withdrawals. It can be managed by post, in branch, online, by phone and via its mobile app.

Masthaven Bank rounds off the top three with its 5 Year Fixed Term Bond paying 2.35% on a £5,000 deposit. This five year fixed rate bond allows further additions for seven days from account opening but withdrawals are not permitted. It is an online-only account.

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