For many businesses, cash that’s not being used for immediate capital will usually work harder for you interest-wise if you store it in a business savings account rather than a current account. If you haven’t yet opened an account, or you’ve found that your current provider is no longer competitive, we’ve put together a selection of business savings accounts that are worth considering this month.*
Latest notice account deals
If you don’t want to tie up potential business capital for too long, a notice account might be for you. Currently, Cater Allen is offering a 30-day notice account for businesses paying 1.35% gross/AER, with deposits from £5000. For those with more money to save, Manchester Building Society offers the Business Savings Tracker Issue 2 which gives new business customers a 45 day notice account with an interest rate of 1.75% gross/AER . Deposits can range from £10,000 to £250,000.
Latest fixed rate bond deals
For those looking to save for a longer period of time, Principality is currently offering two business fixed rate bonds, which are exclusively available through Fair Investment Company. Both bonds require a deposit of between £10,000 and £5 million. The Intermediary 9-Month Business Bond offers a rate of 1.05% AER fixed with a minimum deposit of £10,000. For those looking to tie up cash for a little longer, the 18-Month Business Bond offers 1.25% AER fixed.
Latest fixed rate bond alternatives
If you are prepared to tie up cash for a set period, you might be interested in an alternative to a fixed rate bond known as a structured deposit plan. These typically have a three to six year term offer the potential for market-linked returns. Societe Generale is currently offering a six year deposit plan which aims to repay your initial deposit after six years and also provide fixed income returns of 7% gross/AER dependent on the performance of the FTSE 100.
No news, feature or comment should be seen as a personal recommendation to invest. If you are in any doubt as to the suitability of a particular investment you should seek independent financial advice.
* Data accurate as of 30/01/2013.
© Fair Investment Company Ltd