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Business savings

dannybbb
Posts: 101 Forumite


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?
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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?1
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It’s limited..0
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Shawbrook are offering 3.15% business savings
Make £2024 in 2024
Prolific £907.37, Chase Interest £59.97, Chase roundup interest £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44
Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%1 -
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?0
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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?
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?1 -
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.0
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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?
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!1 -
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 help0 -
I've got some in Aldermore EA business savings.1
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No shortage of choice - over 80 business savings accounts listed here:
https://moneyfactscompare.co.uk/business/business-easy-access-savings/1
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