LTD company savings outside banks?

prodlx

I have a small business with savings in Nat West I have read the threads that the money seems to be safe up to 50k but I was wondering if there is any where else we could deposit the money? Not really bothered about high returns more concerned about the security of the cash?

We meet all the criteria set out below shown on this forum at:

http://forums.moneysavingexpert.com/showthread.html?t=1202009

Q12: Is my business bank account covered by the FSCS?
Small companies only. To qualify score 2 out of 3 on: (1) A turnover of not more than £6.5m (2) A balance sheet total of not more than £3.26m (3) A total number of employees of not more than 50.

Any ideas would be greatly listened to.

Ta Prod

Reaper

Nice to know people read the FAQ - I was wondering about getting it removed because things had calmed down only to see the banks start to wobble again, so I think I'll leave it for now.

Can't say I know much about business bank accounts. Can you do the same as savers and spread it round a few different ones or won't the banks let you do that? Alternatively switch to the one you think the least likely to go under. They are also the ones most likely to give businesses loans and overdrafts because they are not so strapped for cash. HSBC perhaps though even they haven't entirely kept their hands clean.

Personally I don't think the government will allow any UK bank to go down because they "fear fear", they are afraid a crisis of confidence could bring them all down like dominoes. Instead they will always nationalise or arrange for it to be taken over by someone else, but of course that's just my view - with no guarantee.