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    • Savvy_Sue
    • By Savvy_Sue 26th Mar 10, 12:59 PM
    • 37,493 Posts
    • 33,801 Thanks
    Savvy_Sue
    For Charities, worth seeing what is on offer from

    Unity Trust
    Triodos Bank
    CAF

    And there may be others ...

    Don't rely on 'charity' rates from the High Street banks being the best you can do, even from that provider!
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 1 shawl, 2 pairs baby bootees,
    1 Wise Man Knitivity figure, 1 sock ...
    Current projects: 1 shawl, t'other sock (just about to turn the heel!)
  • th_in_gs
    I've been looking for an instant-access account that pays better than my bank's terrible deposit account rate. The best I've found is with Northern Rock - their Business Reserve account* (the only business account they still offer, I think), which is currently paying 1.25% AER and is operated by post. It's open to sole traders and limited companies. It offers unlimited, no-notice withdrawals, with the only caveat being that they have to be for over £1000. You need to deposit at least £10,000 to open one.

    I'm in the process of opening one now, and it's going very smoothly so far.

    *Can't post a link because I'm too new a user, but you can easily find it with Google - just search for "northern rock business reserve".
    • malc_b
    • By malc_b 22nd May 10, 9:34 PM
    • 966 Posts
    • 375 Thanks
    malc_b
    Standard life bank, www.standardlife.co.uk , have business account instant access (or 10 day for a touch more interest). If you opt for only internet access (limited phone withdrawals, 3 pa?) . They pay 1.37% / 1.65% for 1-50k. Any amount withdrawals or deposits.

    From 1/10/10 for new accounts the options are 1.1% for a 10 day internet only or 0.5% for instant phone/internet.
    Last edited by malc_b; 30-07-2010 at 11:26 AM.
  • FredHead
    Is there FSCS deposits cover for £1m+ turnover companies?
    I'm unsure if the FSCS covers £50k deposits in savings/deposits of certified institutions for companies with a turnover of more than £1m. The advice seems contradictory from MSE and FSCS. What am I missing here?


    MSE SAYS:
    Savings Safety
    The protection your limited company’s savings are due depends on your firm’s turnover.
    • Annual turnover under £1,000,000.
    • If you have a company with turnover under a million pounds, money in UK registered banks – all the above are - has the same £50,000 per person (company) protection as private individuals (see the Savings Safety guide). So if you’re saving more than that, for ultimate safety you need to spread it over different accounts.
    • Annual turnover over £1,000,000
    • Here you have no guarantee at all, so it's a question of considering or even taking advice on mitigating risk. The spreading your savings philosophy is quite a good one here too though, as it does mean the risk of losing all your cash is diminished.


    FSCS WEBSITE 25/05/10 SAYS:
    Is a business covered if the bank or building society it holds money with fails?
    FSCS was set up mainly to assist private individuals, although some smaller businesses are also covered. Larger businesses are generally excluded, although there are some exceptions to this (for example for claims in respect of certain compulsory insurances). Our rules tell us which claims are eligible and form part of the FSA's Handbook of rules and guidance, under Redress, Compensation.
    As an indicative guide only, for the purposes of deposit and investment claims, smaller companies are protected. A smaller company must meet two of the following criteria (as set out in section 247 of the Companies Act 1985 or section 382 of the Companies Act 2006 as applicable):
    • Turnover: not more than £6.5 million
    • Balance sheet total: not more than £3.26 million
    • Total number of employees: not more than 50
    For claims made under an insurance contract, small businesses are protected. A small business under the COMP rules is one that has an annual turnover of less than £1m.
    The same levels of compensation apply whether the claimant is a private individual, small business, or a small company.
    • stphnstevey
    • By stphnstevey 29th May 10, 7:27 PM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    I've been looking for an instant-access account that pays better than my bank's terrible deposit account rate. The best I've found is with Northern Rock - their Business Reserve account* (the only business account they still offer, I think), which is currently paying 1.25% AER and is operated by post. It's open to sole traders and limited companies. It offers unlimited, no-notice withdrawals, with the only caveat being that they have to be for over £1000. You need to deposit at least £10,000 to open one.

    I'm in the process of opening one now, and it's going very smoothly so far.

    *Can't post a link because I'm too new a user, but you can easily find it with Google - just search for "northern rock business reserve".
    Originally posted by th_in_gs
    Anglo Irish Bank
    http://www.angloirishbank.co.uk/Business_Banking/Business_Deposits/
    2.25% Instant Access

    or for higher rate but more notice:

    Secure Trust
    http://www.securetrustbank.com/savings/60-day-variable-interest-savings-account.htm
    • Slinky
    • By Slinky 25th Jun 10, 2:29 PM
    • 4,350 Posts
    • 17,958 Thanks
    Slinky
    It would appear the Secure Trust bank 60 day account has now closed, and the 120 day accounts are only open to individuals now.
  • juwlz
    Business Savings accounts for cash deposits
    We have a small Limited Company that has to pay in to the current Company bank Account, mainly cash as opposed to cheques and credit card payments. We haven't yet found a Bank Account that caters for the paying in of Company cash without big charges for the paying in of cash. Anyone know of any?
    Also looking for a Company Savings Account with easy access that pays a decent rate.
    It is definitely more difficult with a Limited Company as a sole trader can use a personal account.
    Originally posted by Willowtree
    We're in a similar position, and although we are a sole trader, for various reasons we're looking for something that doesn't involve personal bank accounts. (Apart from anything else, I handle most, but not all, of the banking and am one of the signatories on our main bank account and the Nationwide Business Investor account, but I am not the owner of the business.)

    Cash is a relatively small, but significant, proportion of our takings. We've typically been paying in £1600-£4000 per week (depending on takings).

    We have been using the Nationwide Business Investor account for many years, but this month (September 2010) they have introduced rules that limit the number of deposits to 2 per month, and £10,000 for the month in cash. This means that we're forced to bank £5,000 at a time (and carrying that amount of cash to the bank at once isn't covered by our insurance), and keep a large amount of cash on the premises until we can bank it.

    The Alliance and Leicester free Business Bank account limits cash deposits to £3000 per month (and max £1m turnover, which counts us out anyway - just).

    The Co-op's free banking for FSB members also charges for cash deposits over £4000 per month.

    The vast majority of business bank accounts charge so much for cash deposits that any interest earned is far outweighed by the paying in charges.

    All we really want is an above-board place to pay our cash into each week without incurring charges for doing so. Obviously, it needs to have high street branches (in Berkshire / Oxfordshire) for us to pay into. We'd be happy to divide the cash deposits between the existing Nationwide Business Account (i.e. to pay in one week's worth of takings twice per month) and pay the other weeks' takings into whatever else we can find.

    We could either leave the money there if it earns at least a small amount of interest, or write a cheque or use internet banking to transfer it to the Nationwide Business Investor without penalty.

    Does anybody have any up-to-date suggestions?
    Last edited by juwlz; 10-09-2010 at 7:57 AM. Reason: Add information about the Co-op account
    • meunier
    • By meunier 28th Sep 10, 4:50 PM
    • 155 Posts
    • 40 Thanks
    meunier
    Most of the information on this file is now out of date. If you are a charity there is the Cater Allen Private Bank who for amounts of £50K and above are offering 2.5% for a twelve month bond. They have their own licence and the chap said that Santander was guaranteeing 100% of all funds in these bonds (although I would only go by the FSCS coverage set to advance on 1.1.11.
  • oscarhugo
    Why not try Harpenden Building Society ?
    Harpenden BS's Premier Business Account ( www.harpendenbs.co.uk ) pays 2% on a minimum deposit of £5k. You can't do it on-line however - it has to be by post/phone or in person.
    Expect the worst & hope for the best...
  • Premier
    Harpenden BS's Premier Business Account ( www.harpendenbs.co.uk ) pays 2% on a minimum deposit of £5k. You can't do it on-line however - it has to be by post/phone or in person.
    Originally posted by oscarhugo
    It's not bad but you have to maintain at least £5k in the current account.

    Cheques take 6 working days to clear (instead of the usual 4 elsewhere)

    You can only make 25 withdrawals per year before (otherwise they charge)
    (edit: £5 per withdrawal once the 25 free transactions have been used!

    There might also be a 50p fee for any cheque withdrawal for less than £100, even within the 25 'free' transcations - you should double check this)

    Obviously being a small BS access to branches, and hence branch services such as cash withdrawal, is limited.

    There doesn't appear to be any online access, so if you are not close to a branch, then it's phone or post (or fax if you've set this facility up with them)
    Last edited by Premier; 13-11-2010 at 1:56 PM.
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
    • stphnstevey
    • By stphnstevey 17th Nov 10, 6:10 PM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    It's not bad but you have to maintain at least £5k in the current account.

    Cheques take 6 working days to clear (instead of the usual 4 elsewhere)

    You can only make 25 withdrawals per year before (otherwise they charge)
    (edit: £5 per withdrawal once the 25 free transactions have been used!

    There might also be a 50p fee for any cheque withdrawal for less than £100, even within the 25 'free' transcations - you should double check this)

    Obviously being a small BS access to branches, and hence branch services such as cash withdrawal, is limited.

    There doesn't appear to be any online access, so if you are not close to a branch, then it's phone or post (or fax if you've set this facility up with them)
    Originally posted by Premier
    Wouldn't work as a current account as to few withdrawals for day to day things, but could form a good savings account
    • David42
    • By David42 8th Jun 11, 10:31 PM
    • 32 Posts
    • 19 Thanks
    David42
    Worth adding the new 6 month notice account from Secure Trust Bank that pays 3.5% and guarantees to pay 3% above base rate.
    Link to the account here
    http://www.securetrustbank.com/savings-accounts/183-day-notice-tracker-account

    Discussion in the attached thread and the one it links to
    http://forums.moneysavingexpert.com/showthread.php?t=3276996

    David
    • stphnstevey
    • By stphnstevey 9th Jun 11, 5:33 AM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    Worth adding the new 6 month notice account from Secure Trust Bank that pays 3.5% and guarantees to pay 3% above base rate.
    Link to the account here
    http://www.securetrustbank.com/savings-accounts/183-day-notice-tracker-account

    Discussion in the attached thread and the one it links to
    http://forums.moneysavingexpert.com/showthread.php?t=3276996

    David
    Originally posted by David42
    6m notice is a LONG time! Plus only 3 capital withdrawals allowed a year
  • wading through treacle
    Agreed - I'm happy to tie up money for a month or so, but what I really need is a deposit account that links seamlessly with the business's current account so that I can shuffle funds easily back and forth. I'm not after a wonderful interest rate - just better than the 0.4% (seriously) that we get on our current deposit account.
    • wytco0
    • By wytco0 9th Jun 11, 3:16 PM
    • 88 Posts
    • 6 Thanks
    wytco0
    I currently have my company account with Santander (was A&L) I am less than impressed with their attitude to Faster Payments (£300 limit) and their interest rates, so I am looking for a better bank.


    I have no idea what rate they are paying as I can't identify my account types (instant reserve and 30 day) in the list of interest rates being paid, but I got £25 on a balance of over 100k which doesnt seem too good to me.


    I have spent a frustrating hour searching for a better account but havnt had much luck..


    I am after internet operated, instant access or up to about 50 day notice and would prefer monthly interest and I can put 100k in the savings account.


    Tnx
    • stphnstevey
    • By stphnstevey 9th Jun 11, 3:42 PM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    I use Abbey (now Santander) as fees free (within generous limits)forever

    Also Anglo Irish Savings Account at about 2.25% instant access(they were on shakey ground but now fine). They will transfer money into Santander account same/next day by money transfer at no cost. So pretty much works seamlessly

    Just pay bills monthly, move excess over and what needed back by time next bill due.
    • malc_b
    • By malc_b 10th Jun 11, 5:48 AM
    • 966 Posts
    • 375 Thanks
    malc_b
    Anglo-Irish is one of the banks not covered by the FSCS protection (see http://www.moneysavingexpert.com/savings/safe-savings#foreign). Best I know inside FSCS is saffron building soc. at 1.50% instant access.

    If you're happy with some risk, i.e. outside FSCS then what about ratesetter.com? That's paying 4%+ on rolling 1 month deposits. If you spread a deposit, say 25% per week then that should be 1 week to access up to 25%, 1 month for the lot.
    • stphnstevey
    • By stphnstevey 10th Jun 11, 5:57 AM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    Anglo-Irish is one of the banks not covered by the FSCS protection (see http://www.moneysavingexpert.com/savings/safe-savings#foreign). Best I know inside FSCS is saffron building soc. at 1.50% instant access.

    If you're happy with some risk, i.e. outside FSCS then what about ratesetter.com? That's paying 4%+ on rolling 1 month deposits. If you spread a deposit, say 25% per week then that should be 1 week to access up to 25%, 1 month for the lot.
    Originally posted by malc_b
    Anglo-Irish was taken over by another bank which meant it is now covered by the UK FSCS protection. This is a recent change an not proberbly updated on Martin's article. They told me this when I called them last month and also sent me a letter.

    An initial look at that lending site seems alot more riskier than just 'some risk'
    • koru
    • By koru 11th Jun 11, 12:15 PM
    • 1,241 Posts
    • 625 Thanks
    koru
    Anglo Irish Bank, Nationwide, and Harpenden Building Society have all withdrawn their business savings products for new customers. (Annoyingly, AIB and HBS don't seem to bother updating their websites, so you only find out when you try to apply.) There seems to be a trend of companies pulling out of this market, leaving even less chance of getting a half decent rate for small business.
    koru
    • stphnstevey
    • By stphnstevey 11th Jun 11, 4:30 PM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    Anglo Irish Bank, Nationwide, and Harpenden Building Society have all withdrawn their business savings products for new customers. (Annoyingly, AIB and HBS don't seem to bother updating their websites, so you only find out when you try to apply.) There seems to be a trend of companies pulling out of this market, leaving even less chance of getting a half decent rate for small business.
    Originally posted by koru
    I spoke to AIB a month ago over the phone and they said they were still open to new customers - did you try by phone?
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