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Derin Clark

Derin Clark

Online Reporter
Published: 04/02/2020

Shawbrook Bank has increased competition within the business savings market with the launch of two new accounts.

The bank has launched a new 45 Day Notice Business Account and a Two Year Fixed Rate Business Bond as part of its bid to ‘become the specialist bank for UK SMEs’. The 45 Day Notice Business Account – Issue 1 is now topping the 60 day business notice chart paying 1.10% gross, while the 2 Year Fixed Rate Business Savings Bond – Issue 1 pays 1.60% gross. Both these accounts require a minimum opening deposit of £5,000 and pay interest on anniversary.

In addition to launching these accounts, Shawbrook Bank also enhanced its existing 1 Year Fixed Rate Business Savings Bond – Issue 10 by now offering versions that pay interest on maturity and monthly. The options offered pay 1.50% gross on maturity or 1.49% gross monthly, on an opening minimum deposit of £5,000.

Commenting on the launch of the new savings products, Alun Williams, commercial director for savings at Shawbrook Bank, said: “This is another exciting announcement for our business customers as we further strengthen our SME savings portfolio.

“Our customers wanted more innovation and choice, and to be sure that they’re benefitting from a savings product that fits their business needs.

“By bringing both the ‘45 Day Notice Business Account’ and ‘Two Year Fixed Business Bond’ products to market, and at the same time enhancing our existing ‘One Year Fixed Rate Business Bond’ option, we believe we’ve met a real market need, not just for our current business clients, but for the wider business community across the UK.”

Mr Williams added: “It’s crucial that businesses and consumers choose carefully when selecting a savings product to achieve the maximum return for their money.

“We believe our new business savings options will cater to the saving needs of the UK’s SMEs and remove the headaches and frustrations that businesses can feel when managing their money allowing them to instead focus on what is important to them – running their business.”

The best business savings rates

While these savings products from Shawbrook Bank are highly competitive, business savers looking for the best rate overall should look to the long-term fixed rate bond chart. Here, Cambridge & Counties Bank offers the top rate of 2.50% gross on its 5 Year Business, Trust and Charity Bond Issue 5, which pays interest on anniversary and requires an opening minimum deposit of £10,000. The top rate in the two year business chart comes from Masthaven Bank, which pays 1.90% gross on anniversary on its 30 Month Flexible Term Saver. As the name suggests, this account locks money into a 30-month term. Masthaven Bank also tops the one year business savings chart with its 18 Month Flexible Term Saver paying 1.76% gross on anniversary. Money in this account is locked into an 18-month term and the minimum opening deposit on both accounts is £5,000.

Business savers looking for a notice account will find that Redwood Bank currently offers the best rate overall in the business notice account chart. Its 95 Day Business Savings Account (Issue 6) pays 1.55% gross on anniversary. This account requires an opening minimum deposit of £10,000 and requires 95 days’ notice before funds can be accessed.

Business savings rates

For a full list of the business savings accounts currently available take a look at our business savings chart


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