High Interest savings for business account?

JimmyChanga

Have a fair lump sat in my business account for many years now. Most of it is in HSBC's savings type account but the interest is just crap. While rates were low I didn't bother but realise I could be making a decent sum on current rates.

Anyone know of decent savings accounts for business?

Herbalus

Business rates are much harder.

There isn't the same competition for rates, and I don't know of that many companies offering business deposit accounts with attractive rates. You could try some of these: https://moneyfacts.co.uk/business/business-savings-accounts/

But seeing as you are HSBC, have you tried looking at a Business Money Manager Account? Depending on what segment of business accounts you're in - they're not available to all segments. There is some element of negotiation with your relationship manager if you have one, so possibly better than a standard deposit account.

JimmyChanga

But seeing as you are HSBC, have you tried looking at a Business Money Manager Account? Depending on what segment of business accounts you're in - they're not available to all segments. There is some element of negotiation with your relationship manager if you have one, so possibly better than a standard deposit account.

Yes, it is a BMM account. I've never had a relationship manager...lol.

Herbalus

JimmyChanga wrote: »

Yes, it is a BMM account. I've never had a relationship manager...lol.

Depends on your turnover and borrowing/other facilities. If your revenue is under say £1m and you don't borrow, don't need trade facilities, no invoice finance etc, then there's no real need for a relationship manager who looks after all that stuff.

BMM account should at least be better than a BDA account.

Prism

I use Aldermore. Decent service and flexible rates/duration of fixed accounts. Before I did that however I got rid of my fee paying business current account for a free one

MoneyQueen

My husband moved to Metro bank last year. Better than HSBC for interest on business savings and no monthly fee.

HTH

aj23_2

MoneyQueen wrote: »

My husband moved to Metro bank last year. Better than HSBC for interest on business savings and no monthly fee.

HTH

Provided you maintain a balance of at least £5k and don't make more than 50 transactions a month.

Prism

aj23 wrote: »

Provided you maintain a balance of at least £5k and don't make more than 50 transactions a month.

Yes I didn't like those limitations, so I went for Starling which is also free and unlimited

aj23_2

Prism wrote: »

Yes I didn't like those limitations, so I went for Starling which is also free and unlimited

They never used to be in place. They unfortunately decided in bring them in last year. But compared to other high street banks, it's still potentially cheaper to be with them than those who charge a monthly fee which is more expensive in addition to every transaction, which is also more expensive. Barclays and HSBC are the worst.

JimmyChanga

I use Aldermore. Decent service and flexible rates/duration of fixed accounts. Before I did that however I got rid of my fee paying business current account for a free one

After web searching last night I ended up opening one with Aldermore. :-)

Paying 5.50 a month for HSBC charges. Will look into Metro Bank but have been with HSBC for 19 years. I know I shouldn't get attached but I always feel history with them may benefit me somewhere along the line. But likely won't!

aj23_2

JimmyChanga wrote: »

After web searching last night I ended up opening one with Aldermore. :-)

Paying 5.50 a month for HSBC charges. Will look into Metro Bank but have been with HSBC for 19 years. I know I shouldn't get attached but I always feel history with them may benefit me somewhere along the line. But likely won't!

The benefit being that they are charging you for every transaction possible? Ditch and switch.