While the interest rates on business savings accounts may obviously play a very important part for customers who are searching for a suitable deal, it is also important to consider the types of account that may be offered by providers, such as:
Instant Access Business Savings Accounts
If you are searching for a business savings account with the highest interest rates, this type of account may not be best suited to your requirements. However, it is important to remember that these accounts offer a great deal of flexibility, a feature that is rarely provided by higher interest rate accounts. You don't have to give notice when you need your money, and you can make additional deposits.
Fixed Rate (Bonds)
Fixed rate business savings accounts are useful if you have a large sum of money that you want to invest and you don't need access to it for the term of the bond. The interest rates are usually higher than they are in an instant access business savings account but there are some conditions attached, such as not making any withdrawals or additional deposits.
Some business savings accounts offer a notice period, which means you must notify your bank within a set time frame that you intent to withdraw funds. You may or may not be charged for withdrawing funds in addition to having to give notice - make sure you're aware of the conditions of the account before you apply.