Top Small Biz Savings Accounts

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
https://forums.moneysavingexpert.com/discussion/3276996

David

stphnstevey

David42 wrote: »

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
https://forums.moneysavingexpert.com/discussion/3276996

David

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

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

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

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

malc_b wrote: »

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.

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' :eek:

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.

stphnstevey

koru wrote: »

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.

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?

malc_b

stphnstevey wrote: »

An initial look at that lending site seems alot more riskier than just 'some risk' :eek:

It's better than other peer-2-peer lending IMO but peer-2-peer lending is outside FSCS. At the end of the day, the lending contract is with you and the borrower so you're taking the same risk as banks do. It's hopefully all statistics. A percentage will default and you allow for that. So you lend a £100 at say 8%. 1% defaults so your return is just 7%. Banks after all manage to make a tidy profit.

Ratesetter is easier to use as the provision fund handles bad debts and is ~5x the expected bad debt rate. In other peer-2-peer lending you have spread the risk yourself so need to lend to 100 people for a 1% bad debit rate which is trickier to manage.

But you have to decide on your comfort zone. Stock market has risks, as does peer-2-peer. Banks are risk free but with inflation and rates as they are you're losing money not making it.