Compare Business Savings Accounts
Get a business savings account and earn interest on money for your small business.
- Earn interest on your business savings
- Use funds to grow your small business
- Compare deals from award-winning providers
Business savings account deals
Tide Instant Saver
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1 | 3.8% | 3.8% | 3.86% | 3.86% |
| £100,000 | 4% | 4% | 4.07% | 4.07% |
| £500,000 | 4.3% | 4.3% | 4.38% | 4.38% |
| £1,000,000 | 4.4% | 4.4% | 4.48% | 4.48% |
| Minimum Initial Deposit | £1 |
| Minimum Age | 18 years |
Allica Bank Instant Access Savings
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £50,000 | 3.83% | 4.58% | 3.58% | 4.58% |
| Minimum Initial Deposit | £50,000 |
| Minimum Age | 18 years |
| Permanent UK Resident |
Virgin Money Online 120 Day Notice Account
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1 | 4% | 4% | 4.07% | 4.07% |
| Minimum Initial Deposit | £1 |
Virgin Money Business Access Savings Account
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1 | 3.49% | 3.49% | 3.55% | 3.55% |
| Minimum Initial Deposit | £1 |
| Minimum Age | 18 years |
| Permanent UK Resident |
Hampshire Trust Bank - Easy Access SME Saver
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £5,000 | 4.1% | 4.1% | 4.1% | 4.1% |
| Minimum Initial Deposit | £5,000 |
| Minimum Age | 18 years |
| Permanent UK Resident |
Allica Bank 1 Year Fixed Rate Account
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £20,000 | 4.4% | 4.4% | 4.4% | 4.4% |
| Minimum Initial Deposit | £20,000 |
| Minimum Age | 18 years |
| Permanent UK Resident |
Allica Bank 95 Day Notice Account
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £20,000 | 4.4% | 4.4% | 4.4% | 4.4% |
| Minimum Initial Deposit | £20,000 |
| Minimum Age | 18 years |
| Permanent UK Resident |
Allica Bank 6 Month Fixed Rate Account
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £20,000 | 4.21% | 4.21% | 4.25% | 4.25% |
| Minimum Initial Deposit | £20,000 |
| Minimum Age | 18 years |
| Permanent UK Resident |
Allica Bank 180 Day Notice Account
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £20,000 | 4.45% | 4.45% | 4.45% | 4.45% |
| Minimum Initial Deposit | £20,000 |
| Minimum Age | 18 years |
| Permanent UK Resident |
What is a business savings account?
A business savings account is designed to help your company grow its money, just like a personal savings account. It earns interest on funds you don’t need right away, making your money work harder in the background.
Compared to a standard business current account, a savings account can offer a higher interest rate, so it’s often a good idea to keep your savings separate from the money you use on a day-to-day basis. This not only helps you make the most of your surplus cash, but also gives you a buffer for any unexpected costs that might crop up.
It’s a simple way to stay on top of your finances and build a stronger, more resilient business.
Benefits of a business savings account
Earn interest
Most business savings accounts offer competitive interest rates, allowing your idle funds to grow over time. While the interest rates may not be as high as other investment options, they provide a safe and accessible way to earn some return on your business's cash reserves.
Business expansion and opportunities
Accumulating savings in a dedicated account provides your business with financial flexibility. These funds can be used to seize growth opportunities, invest in new equipment, expand operations, or undertake strategic initiatives without relying heavily on debt financing.
Separation of funds
By maintaining a separate savings account for your business, you can easily distinguish between personal and business finances. This helps in better organisation and tracking of business expenses, making tax preparation simpler and reducing the risk of commingling funds.
Emergency fund
A business savings account serves as a buffer for unexpected expenses or emergencies. Having readily accessible funds can help your business weather financial challenges without resorting to high-interest loans or disrupting daily operations.
Relationship building with banks
Maintaining a business savings account can strengthen your relationship with financial institutions. As your business grows and its financial needs evolve, having an established relationship with a bank can facilitate access to additional banking services, credit facilities, and personalised financial advice tailored to your business's needs.
What business savings account should I get?
There are a range of different business savings accounts available, each offering different features and rates.
They include:
High-interest business savings account
A high-interest account tends to offer a more competitive interest rate compared to standard business savings accounts. They are designed for businesses looking to maximise the growth of any money not needed right away.
Instant access business savings account
An instant access business savings account allows you to access your money quickly and without restrictions. This flexibility makes it easier to manage business cash flow and respond quickly to any unexpected bills.
Notice business savings account
A notice business savings account requires you to give advance notice before you can access your cash. The notice needed will depend on the terms and conditions set by the account provider, usually ranging from a few days to a few months. In return, you tend to get higher interest rates.
Fixed term business savings account
A fixed term business savings account will have a predetermined fixed period for which you cannot withdraw your money. The period will vary and will be agreed when you open the account. They usually have some of the best interest rates on offer, but they come with little flexibility when it comes to accessing the money.
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