Top Small Biz Savings Accounts

koru

ING now offering 2% easy access. After 12 months, falls to 0.5%.

CKhalvashi

We've got a large part of ours with Investec, at something like 2.13%.

They have a top 5 account, which tracks the average, and tells you the top account names, however the conditions of these, I haven't looked into.

CK

moonshine_jack

I've been using Allied Irish Bank (formerly Anglo Irish in the UK) for some time, but just received notice that they are closing my business accounts, as they are pulling out of the business banking market in the UK. Any good suggestions for an alternative? As ever, getting a decent rate is very hard for business savings.

Paulgonnabedebtfree

moonshine_jack wrote: »

I've been using Allied Irish Bank (formerly Anglo Irish in the UK) for some time, but just received notice that they are closing my business accounts, as they are pulling out of the business banking market in the UK. Any good suggestions for an alternative? As ever, getting a decent rate is very hard for business savings.

Depends what you want and on the size of your business.
For modest size businesses there is Santander at £7.50 a month - but their customer service is excremental (have I just invented a new word? ) .
Co-op is free within certain limits if you join the FSB at about £120 a year for sole traders - more for businesses with employees. For that annual fee you do get the accountancy costs of a tax investigation covered plus legal advice and a few other things that I've forgotten as I would never be likely to need them. Tax investigation insurance alone can cost more than that so I reckon it's fair value. Assuming £120. The £120 is tax deductible so after basic tax and NI are allowed for, it really only costs about £80. Additionally, Co-op pay you £25 a year for banking with them so the real cost of the account is £55 a year with an insurance policy thrown in.
Obviously the interest on both of the above accounts is derisory but I suppose the £25 helps.
Beware of Santander is my advice. A bunch of wideboys and spivs who are always looking to screw you over for higher fees.
Can't comment on other banks as I've not used them.

gizz_mo

Got a letter today from Investec saying they were discontinuing the High 5 business deposit account. If you take your cash out before 31Dec they will pay you a bonus of £300.
Any recommendations for an alternative account? I am gonna have to do some research over the weekend.

gizz_mo

It seems that the best equivalent account on offer today is 2.93% with United UK Bank. Does anyone know much about this bank? It is covered by the FCSC scheme - but there is not much information about it. Its quite a good rate compared to other business deposit accounts with similar notie periods. Does anyone have any thoughts?

Wywth

gizz_mo wrote: »

It seems that the best equivalent account on offer today is 2.93% with United UK Bank. Does anyone know much about this bank? It is covered by the FCSC scheme - but there is not much information about it. Its quite a good rate compared to other business deposit accounts with similar notie periods. Does anyone have any thoughts?

The FSCS is primarily there to aide consumers, but smaller companies are also included (but larger businesses are not usually covered).

A quick glance at term 35 of their general terms & conditions confirms that United UK Bank is covered by the usual terms of the FSCS.

koru

gizz_mo wrote: »

It seems that the best equivalent account on offer today is 2.93% with United UK Bank. Does anyone know much about this bank? It is covered by the FCSC scheme - but there is not much information about it. Its quite a good rate compared to other business deposit accounts with similar notie periods. Does anyone have any thoughts?

I assume you mean United Bank UK. They appear to be owned by the Pakistani government.

stphnstevey

When does the Allied Irish one run out - need new account soon

gizz_mo

koru wrote: »

I assume you mean United Bank UK. They appear to be owned by the Pakistani government.

Yes - I guess I'm not sure if that is a good thing or a bad thing? Shouldnt matter though as it is covered by the FSCS in the event of any problems.

My next alternatives are:

Cambridge and Counties - 30 day notice (was 2.25% but has now dropped further to 2.10%)
or
ING Direct 1.99% instant access - however not covered by the FCSC yet - although it will be soon as Barclays are taking it over.