New Post Advanced Search

Top Small Biz Savings Accounts

98 replies 88.9K views
Former_MSE_DanFormer_MSE_Dan
1.6K posts
✭✭✭
This thread is specifically to discuss the

Small Business Savings Accounts

section of the Small Business MoneySaving guide.

If you want to discuss this section, or suggest any new accounts for consideration, please click reply.


MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

If you spot a rate change that we haven't already mentioned or added into articles or tips, Please send me a PM about it




Don't miss urgent MoneySaving, hear first by getting Martin's Money Tips Free E-mail at www.moneysavingexpert.com/tips
«13456710

Replies

  • essayeessaye Forumite
    1 posts
    If you have personal savings of £50K with a financial institution and you are also the owner/director of a limited company that has £50K in a biz account with the same institution, are both amounts covered by the guarantee?

    The limited company is a legal entity in its own right, separate from the owner/director, so the savings should be treated separately. But, in this complex world of savings, are they? :wall:
  • stphnsteveystphnstevey Forumite
    3.2K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    Thanks for doing this - there are not many places that give business account comparisons
  • Could you please list accounts that are available to charities. The Investec Business High 5 is not available to charities registered as trusts.

    The Abbey Business Bond at 3% has closed.
  • stphnsteveystphnstevey Forumite
    3.2K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    how about the Anglo Irish account?
  • Trigwell wrote: »
    Could you please list accounts that are available to charities. The Investec Business High 5 is not available to charities registered as trusts.

    The Abbey Business Bond at 3% has closed.
    How about the accounts from secure trust 60 and 120 day notice accounts open to charities
  • malc_bmalc_b Forumite
    1K posts
    Part of the Furniture 500 Posts
    ✭✭✭
    Others not on Martin's list are:

    Secure trust is 2.52% for its 60 day account (phone, post I think, minimum 1K or 10k for ltd)

    Standard life Business Premium Direct Access Account is 1.37% for £1+, more for over 50k. This is internet access (premium is limited number of phone transactions per year, basic gives unlimited phone transactions but only 0.8%). Not brill but better than nothing and instant access so useful for VAT etc..
  • stphnsteveystphnstevey Forumite
    3.2K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    And Anglo Irish 2.25% instant access and 2.50% 30 day access
  • malc_bmalc_b Forumite
    1K posts
    Part of the Furniture 500 Posts
    ✭✭✭
    Interesting. Seems like phone/post access and Martin says

    "The Irish government has guaranteed all savings up until 2010, plus it has nationalised Anglo-Irish Bank. As the Irish-owned UK banks operate the passport system, your safety is solely reliant on the solvency of the Irish government. This is something you must be aware of and research if you have money there."

    So perhaps not as safe as a UK bank (small business are covered under the 50k limit like individuals).
  • stphnsteveystphnstevey Forumite
    3.2K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    malc_b wrote: »
    Interesting. Seems like phone/post access and Martin says

    "The Irish government has guaranteed all savings up until 2010, plus it has nationalised Anglo-Irish Bank. As the Irish-owned UK banks operate the passport system, your safety is solely reliant on the solvency of the Irish government. This is something you must be aware of and research if you have money there."

    So perhaps not as safe as a UK bank (small business are covered under the 50k limit like individuals).

    Would be nice if Martin gave other's the choice though!
  • gibbygibby Forumite
    426 posts
    ✭✭
    Martin recommends Abbey as a free bank account for business.
    It is free but just like the personal banking, service is really really poor & they make a lot of mistakes.

    A better deal is the coop as if you are a FSB member (simply join for the benefits & don't renew) all biz banking is 100% free

    Also for FSB members is cheaper card payment services
    usually with the major banks you have to pay a hefty set up fee to take card payments (both online or through a pdq machine) of £200 to £500 each

    With the FSB deal its free setup with Streamline/Natwest & the rates you are charged are better too.


    G
    never take advice from broke or unsuccessful people

    Jim Rohn
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support