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Which Bank Offers The Best Business Savings Accounts In UK 2021?

Filed in Article, Business by Editorial Staff on May 21, 2021 • 0 Comments

Are you looking for the bank that offers the Best Business Savings Accounts In UK? If yes, then this informative article is for you. You will be given detailed information about the Bank that offers the Best Business Savings Accounts In UK 2021.

There are certain aspects that companies must consider when looking for an ideal financial institution to place their money. They include best business savings account interest rates, flexible access, no hidden costs, and account types.

Best Business Savings Accounts UK 2021

Commercial saving in the United Kingdom has helped businesses make good use of idle cash and avoid unnecessary financial strain. Putting money in a business saving account will earn your company a higher interest rate than placing it in a current account.

Can an LLC open a savings account? All types of businesses, including limited liability companies, can open a savings account.

What is the best bank for a small business account? The following are some of the best financial institutions across the United Kingdom that any business will find beneficial to their saving needs.

1. Barclays

The following are some of the reasons you should choose Barclays UK.

Type of savings offered: Fixed term, client deposit, instant access
Annual equivalent rate: 0.01% (variable) on client deposit and instant access
Lowest amount to invest: £0 on client deposit and instant access, and £100,000 on fixed-term accounts
Account handling: Online, in-branch and phone for client deposit and instant access. Fixed-term accounts can not be accessed online.

2. Lloyds Bank

Lloyds Bank business account savings features include the following.

Types of savings offered: Fixed term, deposit, notice, instant access
Lowest amount to invest: £1 for instant access, £10,000 for notice and fixed-term deposits
Fixed period: From a day up to 3 years and can only withdraw after maturity
Annual equivalent rate: Varies with account types and market conditions
Notice period: 32 days for notice accounts and 95 days notice is available for business with a turnover of over £3million.

3. Santander

Santander UK business savings accounts have the following features.

Types of savings offered: Instant access, business reward saver, fixed-rate, and treasurer’s savings
Lowest amount to invest: £1 for instant access, business reward saver, and treasurer’s savings, £5,000 for fixed-term
Annual equivalent rate: Preferential rate for a 1|2|3 Business World customer
Account access: Online, phone, or ATM
Funds are protected by the Financial Services Compensation Scheme

4. HSBC

The following are some of the features for HSBC’s business savings accounts.

Types of savings offered: Client deposit, fixed savings, notice, instant savings
Annual equivalent rate: 0.01% on instant savings
Lowest amount to invest: £0 and £5,000 on tailored savings account
You can also benefit from money market interest rates from the United Kingdom.

5. Bank of Scotland

Bank of Scotland UK has the following features.

Types of savings offered: Instant access, fixed term and notice accounts
Lowest amount to invest: £1 for instant access, £10,000 for fixed-term and notice accounts
Annual equivalent rate: 0.01% on instant (varies), 0.03% and 0.05% on notice (varies), and 0.01% to 0.05% on fixed-term,
Fixed period: Up to 3 years
Notice period: 32 or 95 days

6. Metro Bank

Metro Bank offers the following to its clients.

Types of savings offered: Fixed term, notice and instant access
Annual equivalent rate: From 0.05% for instant access, between 0.20% to 0.30% for fixed-term depending on period, and between 0.10% to 0.30% for notice
Lowest amount to invest: £0 for instant access, £5,000 for fixed deposit
Notice period: 35, 60 or 95 days
Fixed period: 1 to 2 years

7. Masthaven

The following are Masthaven business accounts’ characteristics that make it one of the best in the UK.

Types of savings offered: Fixed-term only
Annual equivalent rate: 0.75% for 1 year and 0.85% for 2 years
Lowest amount to invest: £5,000
Fixed period: 1 year to 2 years

8. TSB

The following are TSB business accounts’ features that make it one of the best in the United Kingdom.

Types of savings offered: Instant access only
Annual equivalent rate: 0.30% (variable)
Account handling: in-branch, over the phone or online
Lowest opening balance: £1
Client deposits are covered by the Financial Services Compensation Scheme (FSCS).

9. Aldermore

Why should you save with Aldermore UK? Here is a look at its features.

Types of savings offered: Easy access and fixed rate
Annual equivalent rate: 0.50% for easy access and 0.75% for fixed-rate
Lowest amount to invest: £1,000
Your saved amount is protected by UK’s deposit guarantee scheme, the Financial Services Compensation Scheme, up to £85,000.

10. Royal Bank of Scotland

As a business owner, you should consider saving with Royal Bank of Scotland because of the following.

Types of savings offered: Fixed term, instant access and notice
Lowest amount to invest: £100,000 for fixed-term
Fixed period: Up to 12 months
Notice period: 35 or 95 days
Annual equivalent rate: 0.01% on instant access, 0.10% and 0.15% on notice

11. Co-operative Bank

Business savings accounts for Co-operative Bank UK have these characteristics.

Types of savings available: Notice and instant access
Lowest amount to invest: No minimum or maximum
Annual equivalent rate: 0.12% and 0.09% on notice accounts (variable), and 0.03% on instant access
Notice period: 35 or 95 days
Account handling: Online, over the phone, or in-branch

12. Ulster Bank

You will get the following aspects at Ulster Bank.

Types of savings available: Instant access, fixed term and foreign currency instant access
Lowest amount to invest: £2,500
Annual equivalent rate: 0.01% (variable)
Fixed-term: 1 week to 1 year
Currencies acceptable for foreign currency accounts: All major currencies

13. Allied Irish Bank

The Allied Irish Bank has these business savings features.

Types of savings available: Instant access and fixed term
Annual equivalent rate: 0.01% for instant access (variable), the rate for a fixed term saving is as agreed during account opening and remains unchanged until maturity
Lowest amount to invest: No minimum or maximum limit for instant access, £5,000 for fixed saving
Fixed period: 1 week to 5 years
Account handling: Only open account in-branch

14. ICICI Bank UK

Here are some of the reasons why your business should consider saving with ICICI Bank UK.

Types of savings available: Current, forex solutions, fixed, instant access
Lowest amount to invest: £1
Highest amount to invest: £5 million for instant access accounts, £1 million for a fixed term
Annual equivalent rate: Varies
Fixed period: 6 months to 5 years
Account handling: Online, through branches
Currencies: GBP, USD and EURO for current accounts, 12 major currencies for forex, GBP and USD for fixed, and GBP for instant access.

15. Nationwide

Why save with Nationwide UK?

Types of savings offered: Fixed term, instant access and notice
Annual equivalent rate: 0.05% for instant (variable), 0.30% for notice (variable), 0.30% for fixed-term
Lowest opening balance: £5,000 for all accounts, single lump-sum deposit required for fixed savings

16. Hampshire Trust Bank

Hampshire Trust Bank is known for working closely with SME’s and here are its characteristics.

Types of savings available: Notice and fixed term
Annual equivalent rate: 0.70% for 1 year fixed term, 0.75% for 2 years fixed term, 0.50% on notice accounts
Lowest amount to invest: £5,000 for fixed
Fixed period: 1 and 2 years
Account application mode: Online or post
Notice period: 45 days

17. Cumberland Building Society

Cumberland business saving has the following features.

Types of savings offered: Instant access, eSavings (available to Business Internet Banking clients), and notice
Annual equivalent rate: 0.10% on instant access (variable), 0.30% on eSavings (variable), and 0.20% on notice (variable)
Lowest opening balance: £100
Notice period: 45 days

18. Cambridge Building Society

Are you looking forward to saving with Cambridge Building Society? The following are some of its business saving characteristics.

Types of savings offered: Easy access (business saver)
Annual equivalent rate: 0.10% (variable)
Lowest amount to invest: £1,000
Highest amount to invest: £2.5 million
Account handling options: In-branch or through the post
Maximum withdrawal limits: £500 cash and £250,000 cheque

19. Redwood Bank

Why should you open a business savings account at Redwood Bank?

Types of savings available: Notice and fixed term
Annual equivalent rate: 0.70% on notice and 0.80% on fixed-term
Lowest amount to invest: £10,000
Highest amount to invest: £1 million
Fixed period: 1 year
Notice period: 95 days

20. OakNorth

OakNorth UK business saving has the following features.

Types of saving: Fixed term, notice, and easy access
Annual equivalent rate: 0.30% and 0.45% on fixed-term, 0.20% to 0.40% on notice (variable), and 0.15% on easy access (variable)
Fixed period: 6 and 12 months
Notice period: 35, 60, 95, and 120 days.

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