If you leave money in a business current account then it’s your bank who benefits and not you, so it might be time you made some of your money work for you by generating some additional interest income, suggests comparison site, Money Comms
Many businesses keep too much money in their current account rather than using some of it to make a bit of interest on the cash they don’t need immediately. Some business savings accounts with £20,000 deposited could see an additional £300 in interest by the end of the annual period. But freelancers and microbusiness owners may not do the legwork to find the best rate and by default stick their savings with their same business account provider.
What savings options do business owners have?
There are a range of savings options to suit all businesses, says Money Comms, from instant access savings to notice accounts where you typically can access your cash in 1 to 3 months and then there are fixed rate bonds paying higher still returns if you’re able to lock some cash away for a little longer.
But it’s unlikely you will find the best deals with High Street brands.
Here are some of the best deals available at the time of writing (29th July)
Easy Access Business Savings
Notice Savings Accounts for Businesses
- United Trust Bank 100 days notice 1.75%
- Allica Bank 95 days notice 1.70%
- United Trust Bank 40 days notice 1.40%