Business banking

Heedtheadvice

Having a few £K that is not required immediately in a business current account (that does not make a significant amount of interest) does anyone know if there are accounts that the business can deposit this excess for a few years potentially until it is needed?

Predicted period over two years and about £25k till a planned event takes place when it may be required at short notice. For reasons I will not go into there is no wish to take this cash out of the business and if it is not required for the planned event it will be available for expansion if that is then on the cards.

JuicyJesus

Is it a limited company or a sole trader?

Heedtheadvice

Hi Juicy, no not limited co, a partnership.

JuicyJesus

Heedtheadvice wrote: »

Hi Juicy, no not limited co, a partnership.

Then you can either look at the business savings rates available through your bank (if you have more than one partner on the business besides yourself) or otherwise open one of the normal personal top (non-ISA) savings accounts as a joint account between yourself and the other partner - with the caveat that most banks prohibit the use of personal accounts for business purposes, although for a deposit account they're unlikely to really care all that much so long as you're not running your entire business' takings through it.

Heedtheadvice

Thanks joosy.