Best business savings accounts

After getting started on your business journey, it's a good idea to assess how you can make even more out of the money in your business bank account by earning interest on it

By Sooraj Shah on 14/11/2019

We've provided you with a list of the best business savings bank accounts | iwoca

If you have a surplus of funds that you need easy access to, it could be worth looking for an instant access business savings account. These mean you can earn a modest interest rate on your savings, while also making it simple to access funds as and when you’d like.

If you know you'll only need to access your funds in advance – such as in 30 or 100 days, or another time period – perhaps a notice business savings account would be better suited for you. That's because they usually provide a better interest rate. For maximum returns, a fixed-term account is for you, but keep in mind that this means you’ll not be able to access the funds until the term is completed.

Each business savings account provider has its own terms and conditions, including eligibility requirements, deposit minimums and maximums, types of accounts, interest rates and penalties. We’ve tried to make this easy to digest by providing the information you need to open a business savings bank account, plus a handy comparison of the top UK accounts for 2019.

FAQs

To jump straight to the FAQ section, click here. (There’s always a lot of questions about bank accounts, and we’ve gone through the main ones).

Comparison: which is the best business savings bank account for me?

Use the table below to navigate, or simply scroll down to discover the best 25 business savings bank accounts in the UK. Banks are ranked by Trustpilot score.

CompanyTrustpilot ScoreMinumum Deposit Ammount
Shawbrook Bank4.2/5£5,000
Metro Bank3.9/5N/A
Cumberland Building Society3.8/5£1 - £100
Redwood3.4/5£10,000
Masthaven2.8/5£5,000
Aldermore2.6/5£1000
Kent Reliance2.1/5£1,000
Nationwide1.9/5£5,000
Lloyd’s Bank1.7/5£1 - £10,000
Clydesdale Bank1.7/5£5,000
Yorkshire Bank1.6/5£5,000
Bank of Scotland1.6/5£1 - £10,000
NatWest1.5/5£0 - £25,000
Santander1.5/5£1 - £5,000
Barclays1.5/5Variable
HSBC UK1.5/5Variable
Royal Bank of Scotland1.4/5No minimum
Virgin Money1.4/5£1
TSB1.4/5£1
Cambridge Building SocietyNone£1,000
Charity BankNone£1,000 - £10,000
Cynergy BankNone£10,000
Hampshire Trust BankNone£5,000
State Bank of IndiaNone£10,000
United Trust BankNone£5,000

Every care has been taken to provide accurate information on each business bank account provider. All facts and stats are correct (according to the bank account providers' websites) as of 9th October 2019.

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Below we have gone through each of the bank providers and their business savings accounts in more detail:

1. Shawbrook Bank

Trustpilot score: 4.2/5 (957 reviews)

Main features:

  • Deposit between £5,000 and £2 million
  • Competitive returns with 1 Year Fixed Rate Business Savings Bond
  • Notice accounts typically have 100 days notice on fiunds withdrawal
  • UK-based bank with a focus on savings
  • Competitive savings rates
  • 1.25% annually on one year fixed term

Shawbrook Bank is a specialist UK savings and lending bank founded in 2011, which focuses on the needs of SMEs and individuals in the UK. As well as mortgages and loans, the company provides a range of business savings accounts.

For those that want to put money aside for a specific amount of time, the fixed rate bond is a good option, while for those that don’t want to tie their money up to a fixed–term can go for a 100 day business notice account.

Find out more about Shawbrook’s business savings accounts here

2. Metro Bank

Trustpilot score: 3.9/5 (1,556 reviews)

Main features:

  • Instant access deposit accounts with a 0.30% AER (variable) interest rate
  • Business fixed term deposit account with interest rates between 0.35% and 1.60% AER
  • Business notice accounts with interest rates of 0.75% to 1.05% AER (variable)
  • Small business owners can walk into a branch and open an account without an appointment
  • Alternative options for client deposits, charities and community groups
  • No hidden fees
  • Open 7 days a week, 362 days a year

Metro Bank offers a range of deposit accounts depending on your needs. For those who want control of their money at all times, there’s the Instant Access Deposit Account, where the more money put in, the more interest is earnt. For those who are looking for a better return on their money and are happy to put it away for a fixed term – even as little as one month – they can turn to the Fixed Term Deposit Account. With this, the longer you put funds away, the higher the interest rate. The maximum is 2 years, with a minimum deposit of £5,000. Finally, those who know they will need the money back in a specific amount of time – 35 days, 60 days or 95 days – can go for the Business Notice Account.

The company has has faced issues in the press, but still had a high number of business customers satisfied with services in branches and business services (77%), according to the Competitions and Markets Authority’s independent survey in August 2019.

Find out more about Metro Bank’s business savings accounts here

3. Cumberland Building Society

Trustpilot score: 3.8/5 (2 reviews)

Main features:

  • Four types of business accounts
  • Instant Access with a variable interest rate up to 0.45% Gross interest/AER
  • eSavings account for online business users, with a variable interest rate up to 1% Gross interest/AER
  • 40 Day Notice account, with 0.55% variable interest rate
  • 2 Year Fixed Rate of up to 1.05%, interest is fixed until 21 July 2021
  • Appointments can be booked online to discuss which account is best suited to you.

Cumberland Building Society is based in Cumbria, with a branch operating area covering Cumbria, South West Scotland, West Northumberland and North Lancashire. It offers mortgages, savings and current accounts in this area.

The organisation, which is rated 4.8/5 on Feefo, based on independent customer feedback, has an Instant Access account, which allows users to withdraw up to £500 each day in cash and up to £99,999,99 by crossed cheque. The minimum balance is £100 and the rate of interest paid on money in the account is variable so it is subject to change.

Great for small and medium operations, the eSavings account can be opened with just £1, with a maximum balance of £1m. All accounts are only for customers that live in its operating area.

Find out more about Cumberland Building Society’s business savings accounts here

4. Redwood

Trustpilot score: 3.4/5 (3 reviews)

Main features:

  • Three different accounts – two notice accounts, and a savings bond
  • Competitive interest rates
  • FSCS Protected up to a total of £85,000
  • 35 Day Business Savings Account with interest of 1.60% AER
  • 95 Day Business Savings Account with interest of 1.75% AER
  • 1 Year Business Savings Bond with interest of 2.00% AER
  • Minimum balance of £10,000
  • Maximum balance of £1m
  • Unlimited withdrawals and top-ups

Redwood Bank launched in August 2017, with the aim of offering an alternative for SMEs looking to make their cash work harder for them. All three of the rates offered are competitive, although the company does not offer an instant savings account like many other providers.

You can apply online and can cancel in the first two weeks if it is not right for you. For the 35 Day account, there is a choice of receiving interest annually at a rate of 1.60%, or monthly at a rate of 1.59% - both at 1.60% AER. Customers can add up to four authorised users on Redwood savings accounts.

To find out more about Redwood Bank’s business savings accounts, click here

5. Masthaven

Trustpilot score: 2.8/5 (4 reviews)

Main features:

  • Create your own savings account
  • Handy interest calculator
  • You can save between £5,000 - £500,000
  • Your savings maturity date can be as little as six months and as long as five years
  • 1 Year account offers a rate of 1.80% AER, 5 Years offers a rate of 2.10% AER
  • Money cannot be taken out before end of term
  • Account is for sole traders and limited companies

Masthaven has been providing bridging loans and secured lending services since 2004, and in 2016 it was awarded a banking licence to enter the retail banking space. While the provider is not a household name, it is regulated, meaning deposits of up to £85,000 are protected by the FCSC.

The company has a handy calculator which can be used to work out how much interest you would stand to make, depending on the fixed-term duration and the amount of money you put in. For example, if you were to put in £80,000 for a 15-month fixed term, the bank will offer an interest rate of 1.83% AER, meaning the indicative return is £81,836.52.

To find out more about Masthaven’s business savings accounts click here

6. Aldermore

Trustpilot score: 2.6/5 (84 reviews)

Main features:

  • Accounts tailored for SMEs
  • Accounts can be opened with £100 up to £1m
  • FSCS regulated
  • Easy Access Account with an interest of 1.00% AER
  • Interest calculated daily and paid monthly or annually
  • Unlimited fee-free withdrawals
  • Fixed Rate Business Savings Accounts offers an interest of 1.15% for six months or 1.85% for one year
  • Fixed Rate 1 Year With Access offers an interest of 1.15% - this allows one withdrawal of up to 25% of savings
  • Useful rate checker tool

Aldermore was founded in 2009 and offers homeowners, landlords, savers and SMEs a range of financial products and services.

The company offers three fixed rate accounts – including one with access, which is uncommon. Customers can open an account with a minimum of £1,000 and a maximum of £1m, and there is a rate checking tool for users to get a better understanding of what rates they would get depending on the account chosen. The company previously had a five year fixed term account, but this has since been scrapped. For those with more than £1m in business savings, the company offers corporate savings accounts.

Find out more about Aldermore’s business savings accounts here

7. Kent Reliance

Trustpilot score: 2.1/5 (37 reviews)

Main features:

  • Open an account online in 10 minutes
  • For private limited companies only
  • Minimum opening deposit £1,000
  • Annual or monthly interest rates of 0.90%
  • Companies must have a maximum of 3 Directors to be eligible
  • FSCS protection of up to £85,000

Kent Reliance is based in the South East of England, with branches across the area. The company provides products including savings, ISAs, bonds, mortgages and business savings accounts.

Kent Reliance provides one type of business savings account, which offers the same rate for interest paid annually or monthly (0.90%). It is a variable interest account that offers instant access to savings without the need to give notice or be subject to penalties. You don’t have to be based in the South East of England to apply, as you can apply online in just 10 minutes for the business savings account with an initial deposit of £1,000.

For more information on Kent Reliance’s business savings account, click here

Looking for straightforward explanations about the world of business finance?

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8. Nationwide

Trustpilot score: 1.9/5 (1269 reviews)

Main features:

  • For businesses with annual turnover less than £10m
  • Instant access account with 0.65% AER
  • Notice accounts with periods of 45, 95 and 125 days
  • Fixed term accounts of one year
  • Interest rates range from 0.65% for instant saver, to 1.25% for 125 day saver

Nationwide, the world’s largest building society, offers a number of different accounts for its business customers. The instant saver account enables customers to earn up to 0.65% interest, while the one year fixed offers 0.75% interest.

There are four different notice accounts, the 45 Day Saver, the Members 45 Day Saver, the 95 Day Saver and the 125 Day Saver. The Members 45 Day Saver is exclusively for Nationwide’s existing members, and provides a higher rate of interest than on an instant access business savings account or a regular 45 Day Saver, with withdrawals subject to 45 days’ notice. Customers can open an account with a minimum of £5,000 and a maximum of £10m. Interest can be paid monthly or annually.

For more information about Nationwide’s business savings accounts click here

9. Lloyd’s Bank

Trustpilot score: 1.7/5 (581 reviews)

Main features:

  • Business Banking Instant Access account for access to savings
  • Minimum deposit of £1 for instant access accounts
  • Notice & Term Deposit accounts available with deposit between £10,000 and £5m
  • Fixed term from overnight to 3 years – bespoke accounts offered
  • 32 Day Notice Account in either GBP or USD
  • Fixed term indicative interest rate of between 0.70% for three months to 1.05% for 12 months, potentially higher for 3 years
  • Bespoke savings strategy can be created using Savings Strategy Tool

Lloyd’s Bank offers business savings accounts that are tailored towards the size and requirements of the business. Instant access, fixed term, notice account and client ccounts are all available.

The bank’s instant access account offers a variable interest rate with a minimum deposit of £1 ad a maximum of £5m. The interest paid monthly for this account is 0.05% AER/Gross, regardless of the amount in the account. The fixed term accounts have a wider range which can be worked out using the Savings Strategy Tool. There are bespoke accounts available for overnight all the way to three years.

Bank of Scotland became a part of the Lloyds banking groups in 2009 and as a result, they offer a very similar account that can be found here

To find out more about Lloyd’s Bank’s Business Savings Accounts click here

10. Clydesdale Bank

Trustpilot score: 1.7/5 (39 reviews)

Main features:

  • Instant access, term deposits and notice accounts offered
  • Choice of four notice periods, between 15 and 120 days
  • Business term deposit minimum of £5,000 – max £5m
  • Rates range from 0.20% to 1.80%, depending on the product
  • Charity and treasury savings accounts also offered

Clydesdale Bank, which joined forces with Virgin Money and Yorkshire Bank in October 2018, is a high-street bank that offers a number of services, including business savings accounts. You'll find that the services offered from Clydesdale and Yorkshire bank are very much the same.

These banks offers Instant Access, Term Deposits and Notice accounts. Their instant account allows flexible access to savings at any time without notice, while the notice account has a notice period of 15, 30, 95 or 120 days. There are also a range of fixed-term deposit accounts which include business, treasury and charity accounts.

Find out more about Clydesdale Bank’s business savings accounts here

11. Yorkshire Bank

Trustpilot score: 1.6/5 (135 reviews)

  • Instant access, term deposits and notice accounts offered
  • Choice of four notice periods, between 15 and 120 days
  • Business term deposit minimum of £5,000 – max £5m
  • Rates range from 0.20% to 1.80%, depending on the product
  • Charity and treasury savings accounts also offered

Find out more about Yorkshire Bank’s business savings accounts here

12. Bank of Scotland

Trustpilot score: 1.6/5 (139 reviews)

Main features:

  • Business Banking Instant Access account for access to savings as and when funds are needed
  • Minimum deposit of £1 for instant access accounts, max of £5m
  • Notice & Term Deposit accounts available with deposit between £10,000 and £5m
  • Fixed term from overnight to 3 years – bespoke accounts offered
  • 32 Day Notice Accounts
  • Fixed term indicative interest rate of between 0.70% for three months to 1.05% for 12 months, potentially higher for 3 years
  • Bespoke savings strategy can be created using Savings Strategy Tool

To find out more about Bank of England’s business savings accounts click here

13. NatWest

Trustpilot score: 1.5/5 (1,514 reviews)

Main features:

  • Instant access account with no minimum or maximum balance
  • Unlimited withdrawals without penalties
  • Notice accounts for 35 days or 95 days with no early withdrawals
  • Fixed-term account from overnight to up to 12 months
  • Minimum balance of £25,000, no maximum

NatWest, one of the big UK banks, offers three different types of account: Business Reserve for instant access, Liquidity Manager Notice Account and Treasury Reserve for fixed-term.

The instant access account provides interest of 0.20% AER for amounts below £1m, and 0.30% for deposits above £1m. The 35 Day Notice Account enables customers to earn 0.75% interest, while the 95 Day Notice Account offers a 0.85% rate. An interest rate will be agreed with you when you open a Treasury Reserve savings account, but it is fixed and paid at the end of the agreed term, or one year after opening the account.

For further information on NatWest business savings accounts, go to the NatWest website

14. Santander

Trustpilot score: 1.5/5 (1,757 reviews)

Main features:

  • Four types of accounts: instant access account, an account without withdrawals, fixed rate bonds and client fund account
  • Instant access and easy access can be opened with just £1
  • Fixed Rate Business Bond account requires deposit of £5,000 minimum, a max of £5m can be saved
  • Preferential rate for 1|2|3 Business World customers for both fixed-rate and easy access accounts

Santander has three main business savings accounts as well as a client saver option. It also offers bespoke corporate and commercial savings accounts.

For their 1|2|3 Business World customers, there are preferential rates for many of their accounts. The Business Everyday Saver account is for instant access with an interest of 0.35% AER. The Business Reward Saver account offers a better rate of interest when customers don’t make withdrawals. For 1 Year Fixed Rate Business Bonds, new customers can earn 0.50% AER, while 1|2|3 Business World customers can earn a preferential rate of 0.70%.

For more information on Santander business savings accounts go to the website

15. Barclays

Trustpilot score: 1.5/5 (1,691 reviews)

Main features:

  • Two types of accounts for businesses, and one for clients
  • Instant access account interest is variable between 0.20% and 0.40%
  • Interest paid quarterly and unlimited withdrawals
  • Unlimited CHAPS payments
  • Deposit up to £50m for instant access
  • Fixed-term account requires minimum £100,000 balance
  • Deposit up to £24,999,999 for fixed-term
  • Fixed terms from overnight to 12 months

Barclays offers three types of accounts: Business Premium Account, which is the instant access account, Treasury Deposit Account which is the fixed-term option and the Client Premium Account for clients funds.

The Business Premium Account has no minimum balance or deposit and a maximum limit of £50m. The account can be accessed online, over the phone and in branch. The Treasury Deposit Account is a fixed-term account offering more competitive rates, depending on the duration of the term – it can be overnight to 12 months. Information on Treasury rates are scarce on the website, so you would need to contact Barclays for more details.

To find out more about Barclays business savings accounts, click here

16. HSBC UK

Trustpilot score: 1.5/5 (2,139 reviews)

Main features:

  • Instant access account with tiered structure
  • Earn more the longer you leave money in account, and the more you have in the account
  • Interest rates range from 0.18% to 0.28% for instant access
  • Business Money Market Accounts for those with £5,000 or more in savings
  • Choice of 3 accounts: call account, notice account or fixed account
  • Minimum deposit of £50,000 for call and notice deposits
  • Fixed account minimum depends on term – 3 months to 5 years is £5,000
  • Fixed–term can be less than 7 days
  • No upper limit of investment

HSBC offers two different types of accounts: the first is a Business Monger Manager account, which is a simple, easy access business savings account with a low interest rate. The second is the Business Money Market Account, which uses UK money market interest rates for three different types of accounts: call account (instant access), notice account and fixed-term account.

The fixed account requires a minimum deposit of £5,000 for fixed terms between 3 months to 5 years, and £50,000 for terms between 7 days to 3 months. Finally, £250,000 for less than 7 days.

To find out more about HSBC’s business savings accounts, click here

17. Royal Bank of Scotland (RBS)

Trustpilot score: 1.4/5 (313 reviews)

Main features:

  • Instant access account with no minimum or maximum balance
  • Unlimited withdrawals without penalties
  • Notice accounts for 35 days or 95 days with no early withdrawals
  • Fixed-term account from overnight to up to 12 months
  • Minimum balance of £25,000, no maximum

RBS offers three different types of account: Business Reserve for instant access, Liquidity Manager Notice Account and Treasury Reserve for fixed-term.

The instant access account provides interest of 0.20% AER for amounts below £1m, and 0.30% for deposits above £1m. The 35 Day Notice Account enables customers to earn 0.75% interest, while the 95 Day Notice Account offers a 0.85% rate. An interest rate will be agreed with you when you open a Treasury Reserve savings account, but it is fixed and paid at the end of the agreed term, or one year after opening the account.

For further information on RBS business savings accounts, click here

18. Virgin Money

Trustpilot score: 1.4/5 (853 reviews)

Main features:

  • 2 types of account
  • Business Access Savings Account with 1.01% (Variable)
  • Account can be managed online
  • Interest paid monthly
  • 1 Year Business Fixed Account with 1.75% AER/Gross P.A
  • Interest paid monthly or annually
  • Free access to Virgin Money lounges

Virgin Money’s Business Access Savings Account offers a competitive rate of 1.01% AER/Gross P.A (variable). Customers can save from £1 up to £2m with monthly interest.

The 1 Year Business Fixed Account offers a great rate of 1.75%, which is secure until 20 September 2020. Withdrawals can’t be made until this date. Customers can save between £1 and £2m with monthly or annual interest paid into a business account.

Customers of either account also get the bonus of free access to Virgin Money Lounges, to host their next business meeting. In addition, they get access to Virgin Group offers that could help them save money.

Find out more about Virgin Money business savings accounts here

19. TSB

Trustpilot score: 1.4/5 (933 reviews)

Main features:

  • Offers one business account
  • Business Instant Access account offers 1% interest
  • Balance has to be £5,000 and over, if lower than £5,000 then interest is 0.15%
  • Interest paid monthly
  • Offers client accounts

TSB offers business savings accounts to existing and new customers, with the same interest rate available for both on its Instant Access Account. The account allows customers to access funds online, over the phone and in branch.

Customers can earn interest on balances of £1 or more, interest is calculated each day and paid monthly. Withdrawals are free and all that is required is a £1 minimum opening balance to open the account.

Find out more about TSB’s business savings accounts here

20. Cambridge Building Society

No Trustpilot score

Main features:

  • Accounts available to sole proprietors, partnerships, limited companies, charities, housing associations, clubs and associations.
  • 1 Year Fixed Rate at 1.40%
  • Minimum deposit of £1,000
  • Maximum balance of £2.5m
  • Special account for councils – rate of 0.25%
  • 100 day notice account with a rate of 1.10%
  • Instant access account at 0.25%

The Cambridge Building Society is an independent, mutual society established in 1850. It provides funding for people buying their own homes and is also a savings provider.

The building society provides four types of accounts. The 1 Year Fixed Rate Business Bond, which offers a competitive rate of 1.40%, the Notice Business Saver account with a rate of 1.10%, and a Business Saver account with a rate of 0.25%. The Cambridge Building Society also provides a council account for parishes and town councils.

Find out more about the Cambridge Building Society here

21. Charity Bank

No Trustpilot score

Main features:

  • Ethical banking provider – uses your money to make loans to charities and social enterprise
  • Ethical Easy Access Account with an interest rate of 0.75%
  • Ethical 100-Day Notice Business Account with 0.65% - 0.80% Gross/AER
  • Ethical 1-Year Business Fixed Rate Account with 1.20% Gross/AER

Charity Bank is unique, in that it considers itself an ethical bank. It was founded to support charities with loans and to show people their savings could be invested ethically.

The minimum initial deposit for the Ethical Easy Access Account is £10,000, with a maximum of £500,000, and the current interest rate the bank is offering for this is 0.75%. The same minimum and maximums apply for the 1 Year Fixed Term account, but withdrawals are not permitted without penalties. The rate offered for this account is 1.20%.

For the 100-Day Notice account, the minimum deposit is only £1,000, and higher interest rates apply to higher balances.

To find out more about Charity Bank click here

22. Cynergy Bank

No Trustpilot score

Main features:

  • Only fixed-term accounts
  • Choice of 1, 2 and 3 year fixed terms
  • Minimum deposit is £10,000
  • Maximum deposit is £1m
  • Apply by post and manage account online
  • Most eligible deposits protected up to £85,000 by the UK FSCS

Cynergy Bank is the rebranded Bank of Cyprus UK. Following, the sale of Cynergy Capital Limited, the company decided to rebrand and strengthen its presence across the UK by expanding its range of products and services.

Fixed Rate Bonds are one of the bank’s offerings, and customers can select from 1, 2 or 3 year fixed terms. For new customers, the 1 year fixed term gets a 1.35% rate, the 2-year term gets a 1.50% rate and the 3-year option gets 1.60%. For those who have been a customer for six months or more, an automatic loyalty rate is provided, which boosts each rate by 0.05%.

Interest is paid annually and there is a fixed rate of interest guaranteed for the term of your bond. The bank also provides client accounts for those who hold funds for their clients.

To find out more about Cynergy Bank’s business savings account click here

23. Hampshire Trust Bank

No Trustpilot score

Main features:

  • 4.6/5 based on independent customer feedback on Feefo
  • Fixed rate savings accounts for 1,2 or 3 years, rates from 1.76% to 2.10%
  • Variable rate savings accounts with 30 to 90 days’ notice, rates of 1.45% or 1.70% depending on notice period

Hampshire Trust Bank is a UK bank formed in 1977, focused on UK customers with centres of excellence in asset finance, property finance and specialist mortgages. The company also provides competitive savings accounts to individuals and businesses.

The minimum deposit for all of the accounts are £5,000 and the maximum is £750,000. Customers can apply online or by post, and withdrawals are not permitted before maturity or before notice, depending on the account held.

To find out more about Hampshire Trust Bank’s business savings accounts click here

24. State Bank of India

No Trustpilot score

Main features:

  • Available for micro-enterprises (less than 10 employees)
  • 1.00% AER variable on GBP accounts for balances above £10,000
  • 1.00% AER variable on USD accounts for balances above $10,000
  • No annual fee with minimum monthly average balance
  • Instant access to funds
  • Interest can be earned on a max of £5m or $8m
  • FSCS protected

State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The bank offers a business savings account for UK small enterprises with less than 10 employees and a turnover of below €2m. There is no annual fee as long as the minimum monthly balance is maintained at £10,000 for the GBP account.

The account enables instant access for customers, via branches, post or online. Interest is paiud monthly on balanced between £10,000 and £5m.

Find out more about State Bank of India (SBI) business savings accounts here

25. United Trust Bank

No Trustpilot score

Main features:

  • Fixed or notice accounts (1.85% - 1.90%)
  • 1 or 2 years fixed bonds(1.50% - 1.55%)
  • 100 days or 200 days’ notice accounts
  • Notice accounts online only

United Trust Bank was incorporated in 1955, and is an established, specialist lender providing a wide range of secured funding facilities for individuals and businesses and competitive deposit accounts for individuals, businesses and charities.

The bank offers fixed term or notice accounts. Both types of account require a minimum deposit of £5,000 and a maximum of £1m. Interest is paid on maturity for fixed-term accounts and annually for notice accounts. Withdrawals are not permitted for fixed term accounts, while customers have to give the appropriate notice for notice accounts to withdraw funds.

Find out more about United Trust Bank’s business savings accounts here

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FAQs about business savings bank accounts

How do you set up a business saving bank account?

Most business saving bank account providers have an online application which doesn’t take long to fill out. This will help the bank to determine if you can open a business savings bank account with them. Some providers only allow you to open the account in-person at a branch, while others only accept applications by post. All providers will be able to help customers over the phone with any questions.

It’s worth checking how much access to your money you get, what the interest rate is, whether there are penalties for withdrawing your money, and how you can manage the account.

What do you need to set up a business savings account?

Generally, this is what you need to open a business savings account:

  • Be UK based
  • All owners, directors and account users have to be at least 18 years old
  • A business current account (not necessarily with the same provider)

All accounts have their own terms and conditions – some allow you to open an account with just £1, while others require a minimum of £10,000, so it’s worth reading exactly what the requirements are before signing up.

Are they covered by FSCS?

The majority of banks have Financial Services Compensation Scheme (FSCS) protection, which aims to protect customers of financial services firms that have failed. It means up to £85,000 of an eligible deposit is protected. For more information on the FSCS click here