Business savings

dannybbb

Hi I have a fair amount of cash in my business bank account. There’s zero interest and no other accounts worth having with the bank. 

Would I be able to take the cash to a seperate new savings account providing it was logged and repaid ti the business including any interest?

MattMattMattUK

dannybbb said:

Hi I have a fair amount of cash in my business bank account. There’s zero interest and no other accounts worth having with the bank. 

Would I be able to take the cash to a seperate new savings account providing it was logged and repaid ti the business including any interest?

Is "the business" Ltd or are you self employed?

dannybbb

It’s limited..

Slinky

Shawbrook are offering 3.15% business savings

dannybbb

Thanks for the replies-im just thinking what’s the difference between transferring it to shawbrook or a ‘personal savings account’ providing it is logged and kept seperate?

MattMattMattUK

dannybbb said:

Thanks for the replies-im just thinking what’s the difference between transferring it to shawbrook or a ‘personal savings account’ providing it is logged and kept seperate?

You cannot out a limited company's money in a personal account, you need to make it in some way yours first. Either pay it out to yourself as a dividend, then you are free to do what you want with it, or you could use a director's loan, but that has tax and filing requirements. 
https://www.gov.uk/directors-loans/you-owe-your-company-money

Why is the money sat in the business doing nothing, for future investment, slowly drawing it down over time, unsure what to do with it?

Grumpy_chap

If you transfer the funds from the LTD to yourself, then it has to be recorded as a loan to the Director and all the rules applying to that come into play.  Simpler to keep business funds in business accounts.

Zanderman

dannybbb said:

Thanks for the replies-im just thinking what’s the difference between transferring it to shawbrook or a ‘personal savings account’ providing it is logged and kept seperate?

Once it's in a personal account it's your money in legal terms, no matter what logging you've done.

If the money belongs to a limited company it's not yours, so you can't put it in a personal account. 

Just use a business savings account!

dannybbb

Ok thanks for that. 

It’s just not needed at the moment but has built up enough for it to be  a concern now interest rates are worth having 
I guess it’s transferring it to another business bank account

thabks for your help

SanguineOnSaturn

I've got some in Aldermore EA business savings.

Zanderman

No shortage of choice - over 80 business savings accounts listed here: 
https://moneyfactscompare.co.uk/business/business-easy-access-savings/