Top Small Biz Savings Accounts

Options
Former_MSE_Dan
Former_MSE_Dan Posts: 1,593 Forumite
Combo Breaker First Post
edited 14 June 2010 at 5:31PM in Small biz MoneySaving
This thread is specifically to discuss the

Small Business Savings Accounts
section of the Small Business MoneySaving guide.

If you want to discuss this section, or suggest any new accounts for consideration, please click reply.


Former MSE team member
«134567…10

Comments

  • essaye
    essaye Posts: 1 Newbie
    Options
    If you have personal savings of £50K with a financial institution and you are also the owner/director of a limited company that has £50K in a biz account with the same institution, are both amounts covered by the guarantee?

    The limited company is a legal entity in its own right, separate from the owner/director, so the savings should be treated separately. But, in this complex world of savings, are they? :wall:
  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Thanks for doing this - there are not many places that give business account comparisons
  • trigwell_2
    trigwell_2 Posts: 1 Newbie
    Options
    Could you please list accounts that are available to charities. The Investec Business High 5 is not available to charities registered as trusts.

    The Abbey Business Bond at 3% has closed.
  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
    First Post First Anniversary Combo Breaker
    Options
    how about the Anglo Irish account?
  • basilhot
    basilhot Posts: 1 Newbie
    Options
    trigwell wrote: »
    Could you please list accounts that are available to charities. The Investec Business High 5 is not available to charities registered as trusts.

    The Abbey Business Bond at 3% has closed.
    How about the accounts from secure trust 60 and 120 day notice accounts open to charities
  • malc_b
    malc_b Posts: 1,081 Forumite
    First Post First Anniversary
    Options
    Others not on Martin's list are:

    Secure trust is 2.52% for its 60 day account (phone, post I think, minimum 1K or 10k for ltd)

    Standard life Business Premium Direct Access Account is 1.37% for £1+, more for over 50k. This is internet access (premium is limited number of phone transactions per year, basic gives unlimited phone transactions but only 0.8%). Not brill but better than nothing and instant access so useful for VAT etc..
  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
    First Post First Anniversary Combo Breaker
    Options
    And Anglo Irish 2.25% instant access and 2.50% 30 day access
  • malc_b
    malc_b Posts: 1,081 Forumite
    First Post First Anniversary
    Options
    Interesting. Seems like phone/post access and Martin says

    "The Irish government has guaranteed all savings up until 2010, plus it has nationalised Anglo-Irish Bank. As the Irish-owned UK banks operate the passport system, your safety is solely reliant on the solvency of the Irish government. This is something you must be aware of and research if you have money there."

    So perhaps not as safe as a UK bank (small business are covered under the 50k limit like individuals).
  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
    First Post First Anniversary Combo Breaker
    Options
    malc_b wrote: »
    Interesting. Seems like phone/post access and Martin says

    "The Irish government has guaranteed all savings up until 2010, plus it has nationalised Anglo-Irish Bank. As the Irish-owned UK banks operate the passport system, your safety is solely reliant on the solvency of the Irish government. This is something you must be aware of and research if you have money there."

    So perhaps not as safe as a UK bank (small business are covered under the 50k limit like individuals).

    Would be nice if Martin gave other's the choice though!
  • gibby
    gibby Posts: 426 Forumite
    Options
    Martin recommends Abbey as a free bank account for business.
    It is free but just like the personal banking, service is really really poor & they make a lot of mistakes.

    A better deal is the coop as if you are a FSB member (simply join for the benefits & don't renew) all biz banking is 100% free

    Also for FSB members is cheaper card payment services
    usually with the major banks you have to pay a hefty set up fee to take card payments (both online or through a pdq machine) of £200 to £500 each

    With the FSB deal its free setup with Streamline/Natwest & the rates you are charged are better too.


    G
    never take advice from broke or unsuccessful people

    Jim Rohn
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards