Compare notice SAVINGS Accounts
for your business today
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most suitable business savings accounts for your business
Tide Instant Saver
- New customers, boost your business savings with 4.07% AER variable
- Interest is paid monthly & no limits or fees on withdrawals
- FSCS Protected for eligible deposits up to £85,000
-
Interest Rate
5.01% AER (Variable) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2M -
Access Type
Notice -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Apply online today
Eligibility Criteria
- Minimum Initial Deposit – £20,000
- Minimum Age 18 Years
- Available for registered companies based in the UK
-
Interest Rate
4.75% AER (Variable) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2M -
Access Type
Notice -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Apply online today
Eligibility Criteria
- Minimum Initial Deposit – £20,000
- Minimum Age 18 Years
- Available for registered companies based in the UK
-
Interest Rate
4.60% AER -
Minimum Deposit
£10,000 -
Maximum Deposit
£1M -
Access Type
Notice95 days Notice -
Access Methods
Online/Post
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Cancel in the first two weeks if it is not right for you
- Unlimited number of withdrawals with 95 days’ notice only
- Make unlimited top-ups (up to £1m limit)
Eligibility Criteria
- Available to UK-based businesses i.e. limited companies, charities, partnerships, LLPs, sole traders, associations, clubs and societies.
- UK residents, minimum age of 18 years
-
Interest Rate
4.10% AER -
Minimum Deposit
£10,000 -
Maximum Deposit
£1M -
Access Type
Notice35 days Notice -
Access Methods
Online/Post
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Cancel in the first two weeks if it is not right for you
- Unlimited number of withdrawals with 35 days’ notice only
- Make unlimited top-ups (up to £1m limit)
Eligibility Criteria
- Available to UK-based businesses i.e. limited companies, charities, partnerships, LLPs, sole traders, associations, clubs and societies.
- UK residents, minimum age of 18 years
-
Interest Rate
3.25% AER -
Minimum Deposit
£1 -
Maximum Deposit
No Max -
Access Type
Notice -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- 35 days notice required to withdraw
- Manage your account via our mobile app, online or by phone
Eligibility Criteria
- Minimum age required – 18 years old
- Must have a business registered in England, Scotland, or Wales
What is AER?
Where you see ‘AER’, this stands for ‘Annual Equivalent Rate’ and is intended to make it easier to compare products. It illustrates how much interest would be earned in one full year on an a set amount of money. It takes into account various factors such as how often the interest is paid, and assumes any interest paid during that year is added to the balance and earns interest (compounded).
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A Guide to Business Notice Savings Accounts in the UK
In the landscape of business banking in the UK, notice savings accounts have become a cornerstone for companies looking to balance accessibility and profitability in managing their surplus funds. Here we will provide you with a handy overview of business notice savings accounts, to help you make an informed financial decision when using our comparison tables.
Understanding Business Notice Savings Accounts
A business notice savings account is a type of account that requires account holders to give a set notice period, typically ranging from 30 to 120 days, before withdrawing funds. This notice period allows banks to offer higher interest rates compared to instant access accounts.
These accounts are designed for businesses that can plan their cash withdrawals in advance. The advantages include:
- Higher Interest Rates: Offering better returns than instant access accounts due to the notice period.
- Improved Financial Planning: Encourages businesses to plan finances more effectively.
- Flexibility: Provides a balance between higher interest rates and access to funds.
Key Features of Notice Savings Accounts
- Interest Rates: The interest rates on notice accounts are typically higher than those on instant access accounts but lower than fixed-term investments.
- Notice Periods: The notice period varies between accounts. Longer notice periods generally offer higher interest rates.
- Minimum and Maximum Balances: These accounts often have minimum opening and operating balance requirements, and sometimes upper limits on the amount that can be deposited.
- Withdrawal Conditions: Withdrawals usually require adherence to the notice period. Early access to funds often incurs penalties, such as loss of interest.
- Account Fees: Some notice accounts may have associated fees, including account management fees or penalties for non-compliance with notice terms.
Comparing Business Notice Savings Accounts
- Researching Various Banks: Compare offerings from different banks using our comparison tables, focusing on interest rates, notice periods, and any associated fees.
- Terms and Conditions: It’s crucial to thoroughly understand the terms, particularly regarding notice periods, early withdrawal penalties, and how interest is calculated and paid.
- Economic Factors: Consider the current economic climate, including interest rate trends and inflation, when choosing the length of the notice period.
Opening a Business Notice Savings Account
- Eligibility Criteria: Check the bank’s eligibility criteria for businesses, which might include the type of business, annual turnover, and operational history.
- Necessary Documentation: Prepare essential documents such as company registration details, proof of identity, and address verification for key stakeholders.
- Application Process: Applications can generally be made online, by phone, or in person at a branch, depending on the bank’s processes. You can apply direct online for your chosen account using the links in our comparison tables.
Effective Use of Notice Savings Accounts
- Cash Flow Management: Integrate the account into your cash flow management strategy, ensuring that the notice period aligns with your liquidity requirements.
- Diversification Strategy: Using a notice account alongside other types of accounts can help diversify your interest-earning potential and liquidity options.
- Long-Term Financial Planning: Given their typically higher interest rates, these accounts can be integral in planning for long-term financial goals.
Risks and Considerations
- Liquidity Concerns: The primary consideration with a notice account is the reduced liquidity due to the notice period. Ensure that this aligns with your business’s cash flow needs so that you don’t tie up money that you may require in your day-to-day operations.
- Interest Rate Fluctuations: The interest rate environment may change due to a wide range of economic events. A rise in rates could leave your funds earning less than the market rate for the duration of the notice period.
- Economic Changes: Changes in the economy can influence the attractiveness of these accounts, especially regarding interest rates and inflation.
Managing Your Notice Savings Account
- Regular Account Review: Periodically review the account’s performance and its alignment with your business’s evolving financial strategy and be prepared to move your money to a different account should it prove financially beneficial.
- Planning Ahead for Withdrawals: Always plan withdrawals in accordance with the notice period to avoid penalties and maximize interest earnings.
- Maturity and Renewal Options: Some accounts automatically roll over into a new notice period at maturity. Be aware of these conditions and plan accordingly.
In Summary
Business notice savings accounts in the UK offer an effective way for businesses to earn higher interest rates on their surplus funds while retaining a degree of access. They encourage better financial planning and can be a valuable part of a diversified financial strategy. However, the key to effectively utilizing these accounts lies in understanding and aligning them with your business’s liquidity needs and cash flow management strategies. Regular review and adjustment of your savings strategy in response to changing business needs and economic conditions are essential. In doing so, notice savings accounts can significantly contribute to the overall financial resilience and growth of a business. For businesses willing to navigate the balance between accessibility and higher returns, notice savings accounts present an attractive banking solution in the dynamic financial environment of the UK.