Best saving accounts for Limited Companies?

ggdentist

We run a small limited company and are selling a house this week so wondered if anyone knew the best home for the money? Most saving accounts won't touch limited companies so wondered if you knew who would?

Thanks Gillian

97trophy

Abbey have a few options.

Their business reserve a/c pays interest and comes with a cheque book and if you have over GBP50k then they offer the usual money market deposits.
http://www.anbusiness.com/

Check this page for an indication of their rates - Cater Allen are part of Santandar too.
http://www.caterallen.co.uk/InterestRates/Default.aspx?pid=10

However, bewarned customer service at Abbey is not great.

DonC

I went with Abbey.

Most of the other accounts I took a look at charged in some way.

oldfella

BOS 30 day notice - http://www.bankofscotland.co.uk/corporate/day-to-day-banking/accounts/corporate-bonus-account/index.shtml

isofa

A year or so ago I considered changing our business accounts to Abbey, they offered us a good deal and all sorts on incentives, but then completely and utterly screwed it all up during the opening process. Luckily I'd not moved yet from the other account, and nothing was disturbed business-wise. In fact they made such a mess of this (and some personal accounts), that I and my family withdrew everything from their accounts.

Have a look with who you bank with at the moment, most offer a business reserve type account, which allows fast payments between it and the business current account, but pays a better rate of interest, but nothing like the interest rates available for personal customers.

Other than that, talk to your accountant and ensure you are withdrawing enough / max personally to then bank legally yourself.

alchemistkevin

Cater Allen have been good for us, although we've rarely used the CS so can't comment much.

Their interest rates, I believe, are the best.

ozzage

I use Cater Allen now and am looking for alternatives because I don't believe that their interest rates are the best. I'm not sure if it's worth switching yet but if you're looking for a new bank then you may as well go for the best.

Cater Allen has good service though.

Interest rates:

http://www.caterallen.co.uk/InterestRates/Default.aspx?pid=10

kirmin

Ask your current bank (where your business account is held) about a treasury deposit. You may have to lock away the money for a set time and its yield isn't FANTASTIC but you have less options for a Limited company.

You may know this already but for others who dont, it is NOT a good idea to withdraw money from your business account and put it in a personal savings account EVEN if you intend to put it back just before the aniversary of the business. People often do this with their TAX and VAT money but HMRC will tell you that if it is drawn out of the business account it is then personal income which must have the appropriate level tax paid on it.

isofa

kirmin wrote: »

You may know this already but for others who dont, it is NOT a good idea to withdraw money from your business account and put it in a personal savings account EVEN if you intend to put it back just before the aniversary of the business. People often do this with their TAX and VAT money but HMRC will tell you that if it is drawn out of the business account it is then personal income which must have the appropriate level tax paid on it.

Not only is it not a good idea, but unless it's a: legal drawing, wages, loan payment or dividend (all with correct paperwork) - then it's actually illegal to move money from a Limited Business account into a personal account too!