Top Small Biz Savings Accounts

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  • takesonetoknowone
    takesonetoknowone Posts: 6 Forumite
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    I'm looking to split my business savings over two different banks to stay under the £85k FSCS limit.

    Currently got the lot with Aldermore at 1.09%

    Is 1.5% at State Bank of India still the best instant access deal available?
  • worldtraveller
    worldtraveller Posts: 14,012 Forumite
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    takesonetoknowone wrote: »
    I'm looking to split my business savings over two different banks to stay under the £85k FSCS limit.

    Currently got the lot with Aldermore at 1.09%

    Is 1.5% at State Bank of India still the best instant access deal available?

    It's the best interest rate I've seen for instant access at 1.50% AER.

    ICICI Bank have an instant access at the same 1.50% AER, but it's managed in branch only I believe, not internet.
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • chiefnoodle
    chiefnoodle Posts: 132 Forumite
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    worldtraveller wrote: »
    ICICI Bank have an instant access at the same 1.50% AER, but it's managed in branch only I believe, not internet.

    Their website says (http://www.icicibank.co.uk/Business/HomeBusiness_saving_account.page?#bsproduct)

    With our Business Savings Account you get:
    - Easy access to your account online, over the phone and in branch.


    However the Summary of Information says
    (http://www.icicibank.co.uk/managed-assets/docs/Summary-of-Information.pdf)

    Access This facility can only be operated through a Branch


    So not 100% sure on this...
  • chiefnoodle
    chiefnoodle Posts: 132 Forumite
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    no-one seems to know about ICICI...

    just spoke to their business accounts manager and he tells me that they're mainly geared towards businesses who import/export and aren't really interested in UK-contained businesses.

    It sounded that if a large amount of money would be in the linked savings account then that would also be an option.

    Bit strange that their website doesn't mention any of this...

    Hope this helps anyone else who may have been wondering about this!
  • jogu
    jogu Posts: 54 Forumite
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    Cambridge & Counties Bank have a new account that seems very competitive:

    120 Day Notice Business Savings Account – Issue 1 – 1.80% Gross/AER Variable

    http://www.ccbank.co.uk/120-day-business-notice-savings-account
  • takesonetoknowone
    takesonetoknowone Posts: 6 Forumite
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    Thanks, that looks a good deal and the application form doesn't look too onerous, i'm going for it.

    As a comparison Aldermore (who i'm currently with) are offering 1.80% only when the money is tied up for circa 2 years and 5 months.
  • chiefnoodle
    chiefnoodle Posts: 132 Forumite
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    BTW is everyone aware that p2p lending is an option for small business savings. I've just opened an account with lendinvest for my small business (chose them because the loans are property backed). So you can get decent returns that way if you don't mind the risk.

    Has anyone got experience with p2p lending from small biz savings, and if so any replies to a thread I started would be much appreciated:
    http://forums.moneysavingexpert.com/showthread.php?p=70787775#post70787775

    thanks
  • charlie__brown_2
    charlie__brown_2 Posts: 2 Newbie
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    You can set up as a business on most p2p sites. We signed up wth Growth Street recently and get 6.5%, only 30 days notice, and the have a default shield to protect against bad debt.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 16 September 2016 at 7:31PM
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    charlie__brown wrote: »
    You can set up as a business on most p2p sites. We signed up wth Growth Street recently and get 6.5%, only 30 days notice, and the have a default shield to protect against bad debt.
    Love a newbie here at MSE.

    However, it's nice to give a full story, and a quick 5 second look indicates at least a couple of things you failed to mention in your glowing report you posted (twice today too, so I'll have to add this to the other thread too)
    This is an investment product and not a savings account. Capital is at risk and Growth Street is not part of the Financial Services Compensation Scheme.
    and
    As one of our first lenders, you will receive a return of 6.5% AER on matched funds during this private beta phase. When we launch our marketplace to a wider set of customers later in the year, we expect lenders to earn 4% AER on average, ...
    Anthing else you may have missed out? :cool:

    Edit: here's another
    Growth Street is not currently regulated by the FCA, but we have applied for full permission to allow individuals to lend. We are in the latter stages of this process and expect to be fully regulated later in the year. Until we have permission, we will only be able to offer access to our lending marketplace to Limited Companies and Limited Liability Partnerships.
  • worldtraveller
    worldtraveller Posts: 14,012 Forumite
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    charlie__brown wrote: »
    You can set up as a business on most p2p sites. We signed up wth Growth Street recently and get 6.5%, only 30 days notice, and the have a default shield to protect against bad debt.

    Good luck! However, personally, I wouldn't touch such a company with a barge-pole, let alone my company savings. :)
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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