Savings account for limited company?

ericthelobster

I have a sole-trader limited company, and as this business is not my main source of income I am currently accruing the profits inside the company rather than withdrawing it as dividends or salary.

Rather than having an ever-increasing sum of money in my business current account, I'd rather at least be able to transfer funds over temporarily into a savings account to benefit from some interest. My immediate thought was 'Marcus', at 1.5%; however I've just learned that it's only available to individuals. I'm guessing that's going to be a common theme?

Can anyone please recommend a suitable savings account for me? Needs to be able to be held in the name of a company; permit zero or fairly short-notice withdrawals; be straightforward to pay funds in and out of (ie online or app-based); and obviously with as a high an interest rate as possible.

tinkerella

Have you checked out the link in the sticky thread above?

Slinky

Aldermore do some savings accounts for Ltd companies.

Savvy_Sue

Worth asking the bank where you have your current account, but interest rates are not great, especially for instant access.

ericthelobster

tinkerella wrote: »

Have you checked out the link in the sticky thread above?

Ah, missed that - thanks. It's very out of date in fact, but I found a forum post which directed me to a "best-buy" table of business savings accounts, and looks like a Virgin Money Business Access account is as good as I can hope for, at 1.01%

Mistral001

ericthelobster wrote: »

I have a sole-trader limited company,

You cannot have a sole-trader Ltd company. Perhaps you mean a one-person business which operates as a Ltd company.

Sole trader refers to a business where one person is responsible for all financial responsibilities of the business. The "sole" does not refer to the number of people in the business. A sole trader can employ people and register for VAT. Some sole traders have businesses which employ hundreds and have turnover in the millions.

ericthelobster

Mistral001 wrote: »

You cannot have a sole-trader Ltd company. Perhaps you mean a one-person business which operates as a Ltd company.

Yes of course - slip of the fingers!

J_B

We have a Ltd Co with money in the (Nat West Business) account.


With a transaction fee of 35p to move money out and again to move it back in - I soon stopped trying to gain 50p interest!

Slinky

J_B wrote: »

We have a Ltd Co with money in the (Nat West Business) account.


With a transaction fee of 35p to move money out and again to move it back in - I soon stopped trying to gain 50p interest!

Try Starling for free banking.

trailingspouse

J_B wrote: »

We have a Ltd Co with money in the (Nat West Business) account.


With a transaction fee of 35p to move money out and again to move it back in - I soon stopped trying to gain 50p interest!

Seriously? We have a Barclays business current account and three Barclays business savings accounts (where I put monies for paying VAT, Corporation Tax and sub-contractors until the money is actually needed). We pay £5.20 per month account fees, but nothing extra for moving money in or out of the account. The only time we pay more is if we need to pay a cheque in (and that's only happened once in 8 years!!).

J_B

Slinky wrote: »

Try Starling for free banking.

They won't have us - limited company with two equal shareholders.

trailingspouse wrote: »

Seriously? We have a Barclays business current account and three Barclays business savings accounts (where I put monies for paying VAT, Corporation Tax and sub-contractors until the money is actually needed). We pay £5.20 per month account fees, but nothing extra for moving money in or out of the account. The only time we pay more is if we need to pay a cheque in (and that's only happened once in 8 years!!).

We pay a fiver a month, but if we exceed 14 transactions, then it's 35p per transaction.