HSBC Business Money Manager Account

DocQuincy

I've had an HSBC business account for a while. It came with a separate BMM account that I have never used but I have some funds I want to keep separate from my main account so I am looking at using it for the first time. I have read HSBC's page on it but wanted to check a couple of things.

Firstly, I notice the interest rate is 0.01%! I know we are in an unusual situation at the moment economically but in more “normal” times are the interest rates for business savings account always a lot lower than personal ones? I.e. are they rarely more than 1 or 2%?

Interest rates aside, are there any disadvantages to me keeping money in here? From what I can see I can transfer between my two business accounts instantly and without charge so it is useful for me as I can ring fence it off for tax, etc. Is it any more or less “safe” in here than in my normal business account? Do I need to make a note of what interest I do make, such as it is, as I presume it will be taxable (even though in my case it will be pennies per year!)?

Thanks.