Although they both offer business savings accounts, building societies are different from banks. Building societies generally offer better interest rates on savings than banks and they are also likely to offer cheaper mortgage rates than their competitors.
One of the most pressing decisions you are going to have to make regarding the business savings account that your building society may be offering is the level of access you will have. There are generally two types of account:
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No notice accounts (sometimes referred to as instant or easy access accounts) will allow you to make withdrawals at any time
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Notice accounts, however, only allow withdrawals after giving the building society suitable notice, although you will likely get higher interest than a no notice account
When looking at the business savings accounts that building societies and banks the choice between notice and no accounts is key. The penalties you may be subject to for an unscheduled withdrawal could be a loss of interest equating to the length of the notice period that was required.
Another thing to be aware of is that the starting interest rates may only last for a limited time as part of an introductory offer. If this is the case you should be prepared to shop around and the product comparison tables on this page will help you find some of the best business savings account deal around.