The Best Business Savings Accounts | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 11/11/2020

Business savings accounts are good options for businesses that have extra funds that are not currently needed. Businesses who know that the money will not be needed for a long period of time, would likely be better choosing a five year business bond to get the best possible rates. Businesses able to lock their money away for a short period of time will find the best rates are available in the one year fixed business bond charts. Meanwhile, businesses that think they will need access to their funds would probably be best considering an easy access business account.

Here we’ve highlighted the best rates available in the five year, one year and easy access business charts. Savers should be aware that although correct at the time of publishing, saving rates can change at any time.

The best five year business bond

Provider Account Term Rate AER
Cambridge & Counties Bank 5 Year Business, Trust and Charity Bond Issue 11 Five years 1.40%
UBL UK 5 Year Fixed Deposit Business Account Five years 1.40%
Masthaven Bank 5 Year Fixed Term Bond Five years 1.10%

 

Business owners happy to lock their money into a five-year term will find that both Cambridge & Counties Bank and UBL UK currently offer the highest rate in the chart. Cambridge & Counties Bank pays 1.40% AER on anniversary on its 5 Year Business, Trust and Charity Bond Issue 11, which requires a minimum investment of £10,000. This bond is available to Limited Company, Limited Liability Partnership, Not for profit organisation, Partnership, Public Limited Company, Sole Trader, Associations, Charities, Clubs, Friendly Societies, Schools/Colleges, and Trust Fund. It can be opened by post or online and then managed by post.

UBL UK pays 1.40% AER on maturity on its 5 Year Fixed Deposit Business Account on a £2,000 minimum investment. It is available to Limited Company, Limited Liability Partnership, Partnership, Public Limited Company, Sole Trader, Accountants, Associations, Clubs, Embassies, Estate Agents, Executors, Solicitors, and Trust Fund. The bond can be opened and managed by post and in branch.

Masthaven Bank has the second best five year fixed business bond rate with its 5 Year Fixed Term Bond paying 1.10% AER on anniversary. A minimum investment of £5,000 is needed to open this bond. It is available to Limited Company and Sole Trader. It must be opened and managed online.

Compare the best five year business bonds

All the rates available can be found on our five year fixed rate business bonds chart.

The best short-term business bond

Provider Account Term Rate AER
Al Rayan Bank Fixed Term Deposit 18 months 1.10% (expected profit rate)
Al Rayan Bank Fixed Term Deposit One year 1.08% (expected profit rate)
United Trust Bank Business 1 Year Bond One year 1.05%

 

In the one year fixed business bond chart Al Rayan Bank currently offers the best rate on its 18 month version of its Fixed Term Deposit. This bond pays an expected profit rate of 1.10% AER quarterly. Al Rayan Bank also has the best paying one year bond with a version of its Fixed Term Deposit paying an expected profit rate of 1.08%. Both bonds need a minimum investment of £5,000 to open. They are available to Limited Company, Limited Liability Partnership, Not for profit organisation, Partnership, Public Limited Company, Sole Trader, Accountants, Associations, AVC Trustees, Charities, Churches, Client Monies, Clubs, Co-operatives, Embassies, Estate Agents, Executors, Financial Intermediaries, Friendly Societies, Pension Fund Managers, Schools/Colleges, SIPP Customer and Trustees/Administrators, Social Enterprises, Solicitors, SSAS, Trade Union and Trust Fund. Both bonds can be opened and managed in branch, online, by phone and via mobile app.

Also offering a highly competitive one year fixed business bond rate is United Trust Bank which pays 1.05% AER on maturity on its Business 1 Year Bond. This bond requires a £5,000 minimum investment. It is available to Limited Company, Limited Liability Partnership, Not for profit organisation, Partnership, Public Limited Company, Sole Trader, Accountants, Associations, AVC Trustees, Client Monies, Clubs, Co-operatives, Embassies, Estate Agents, Executors, Financial Intermediaries, Friendly Societies, Pension Fund Managers, Schools/Colleges, Solicitors, SIPP Customer and Trustees/Administrators, Social Enterprises, SSAS, Trade Union and Trust Fund. The bond can be opened by post or by phone and then must be managed online.

Compare the best one year business bonds

All the rates available can be found on our one year fixed rate business bonds chart.

The best business easy access account

Provider Account Term Rate AER
Buckinghamshire Building Society Business Saver Take 2 Locals Instant 0.90%
Newcastle Building Society Newcastle Business Saver (Issue 2) Instant 0.80%
Al Rayan Bank Everyday Saver (Issue 2) Instant 0.70% (expected profit rate)

 

Currently at the top of the business easy access saving account chart is Buckinghamshire Building Society, which pays 0.90% AER yearly on its Business Saver Take 2 Locals. This account is available to local Buckinghamshire businesses only and requires a £5,000 minimum investment. Further additions are allowed. Up to two withdrawals are permitted to a maximum of £20,000 per calendar year, the account is closed if more than two withdrawals are made. It is available to Limited Company, Limited Liability Partnership, Not for profit organisation, Partnership, Public Limited Company, Sole Trader, Accountants, Associations, AVC Trustees, Charities, Churches, Clubs, Co-operatives, Embassies, Estate Agents, Executors, Financial Intermediaries, Friendly Societies, Pension Fund Managers, Schools/Colleges, Solicitors, Social Enterprises and Trade Union. It must be opened by post but can then be managed by post and in branch.

The second best business easy access account rate comes from Newcastle Building Society, which pays 0.80% AER on anniversary on its Newcastle Business Saver (Issue 2). There is also a version of this account that pays interest monthly at the same rate. A minimum investment of just £1 is needed to open the account and it allows unlimited further additions. Withdrawals can be made at any time. It is available to Limited Company, Limited Liability Partnership, Partnership and Sole Trader. The account can be opened by post, in branch or by phone, but can only be managed in branch.

The third best business easy access account rate is being offered by Al Rayan Bank which pays an expected profit rate of 0.70% AER monthly on a £500 minimum investment. It allows further additions and withdrawals. This account is available to Limited Company, Limited Liability Partnership, Not for profit organisation, Partnership, Public Limited Company, Sole Trader, Accountants, Associations, AVC Trustees, Charities, Churches, Client Monies, Clubs, Co-operatives, Embassies, Estate Agents, Executors, Financial Intermediaries, Friendly Societies, Pension Fund Managers, Schools/Colleges, Solicitors, SIPP Customers and Trustees/Administrators, Social Enterprises, SSAS, Trade Union and Trust Fund. It can be opened and managed by post, in branch, online, by phone and via mobile app.

Compare the best easy access business accounts

All the rates available can be found on our easy access business account chart.

Disclaimer

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.

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