Understanding the Different Types of Savings Accounts in the UK
May 6, 2024
In today’s uncertain economic climate, having a savings account has become more important than ever. Whether you are saving for a rainy day, a big…
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SAVINGS Accounts
Time is money. Save both by quickly comparing the
most suitable business savings accounts for your business
Promoted
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
4.07% AER (Variable) -
Minimum Deposit
£1 -
Maximum Deposit
Unlimited -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- New customers, boost your business savings with 4.07% AER variable
- Min. deposit is £1 with Unlimited Deposits until 31/03/2025
- Interest is paid monthly & no limits or fees on withdrawals
- FSCS Protected for eligible deposits up to £85,000
Eligibility Criteria
- Account holders must be a UK resident aged 18 or over
- You are a UK sole trader or freelancer or your business is registered with Companies House as a limited company or partnership
From 1st October 2024, new Tide Instant Saver customers receive a 0.78% AER boost on the standard 3.29% AER rate until 31st March 2025, after which the rate returns to 3.29% AER, with no interest earned on balances over £75,000
-
Interest Rate
4.08% AER (Variable) -
Minimum Deposit
£50,000 -
Maximum Deposit
£5MFSCS protected to £85,000 -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Unlimited withdrawals
- Manage your money easily via app or online banking, all backed up with UK-based phone support.
Eligibility Criteria
- Minimum Initial Deposit – £50,000
- Minimum Age 18 Years
- Business must be incorporated for at least 12 months or have a loan product with Allica
You will automatically have access to Allica Instant Access Savings when you open a Business Rewards Account. Businesses keeping less than £50,000 in the account may earn a reduced rate of interest and may incur fees. T&Cs apply.
-
Interest Rate
4.00% AER (Variable) -
Minimum Deposit
£1 -
Maximum Deposit
£10mOnly protected to £85,000 -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Start to save with just £1, and access your money whenever you like
- Winner – Money Comms Best Easy Access Savings Account Award
- Apply for an account in as little as 15 minutes with a simple streamlined application process
Eligibility Criteria
- Must be a sole trader, partnership, limited liability partnership or limited company with up to 10 partners
- Your business is based in the UK and registered at Companies House
- All partners are 18 or over & UK residents
Fast account opening. Apply in Minutes.
-
Interest Rate
3.35% AER (Variable) -
Minimum Deposit
£85,000£85,000 needed to initially fund business bank account. -
Maximum Deposit
Unlimited -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- Maximise your business savings with 3.35% AER (variable) interest
- Get access to interest-bearing savings automatically when you open a current account
- Dedicated support from a Business Partner who is only a call or email away
- Interest is paid monthly & no limits or fees on withdrawals
- FSCS protection for eligible deposits up to £85,000
Eligibility Criteria
- Your company has a turnover of over £1 million or you want to deposit a minimum of £85k
- You are a Director at any one of the following company types: Limited Company, Private Unlimited company, PLC, LLP, Overseas Company or certain types of Private Limited companies
- Your company is registered in the UK with Companies House
- You are aged 18 years or over
Apply in under 10 minutes and open an account in days, not weeks or months.
-
Interest Rate
4.56% AER (Fixed) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2MFSCS protected to £85,000 -
Access Type
Fixed Rate -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Fixed rate guaranteed
- Apply online today
Eligibility Criteria
- Minimum Initial Deposit – £20,000
- Minimum Age 18 Years
- Available for registered companies based in the UK
-
Interest Rate
4.50% AER (Fixed) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2MFSCS protected to £85,000 -
Access Type
Fixed Rate -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Fixed rate guaranteed
- Apply online today
Eligibility Criteria
- Minimum Initial Deposit – £20,000
- Minimum Age 18 Years
- Available for registered companies based in the UK
-
Interest Rate
4.70% AER (Variable) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2MFSCS protected to £85,000 -
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 (Variable) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2MFSCS protected to £85,000 -
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
4.50% AER (Variable) -
Minimum Deposit
£1£1 million or £1 when you open a business current account -
Maximum Deposit
£10,000,000 -
Access Type
Notice -
Access Methods
App/Online
Product Features
- Put idle cash to work and earn 4.50% AER (variable) with a 95-day notice account
- FSCS protection for eligible deposits up to £85,000
- Zero account fees
- Apply in under 10 minutes and be up and running in days
- Dedicated support from a Business Partner who is only a call or email away
Eligibility Criteria
- Your company has a turnover of over £1 million or you want to deposit a minimum of £85k
- You are a Director at any one of the following company types: Limited Company, Private Unlimited company, PLC, LLP, Overseas Company or certain types of Private Limited companies
- Your company is registered in the UK with Companies House
- You are aged 18 years or over
-
Interest Rate
2.25% AER (Variable) -
Minimum Deposit
£1 -
Maximum Deposit
£500kFSCS protected to £85,000 -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Account fee £19 per month
- Open an International Revolut Business account at the same time
Eligibility Criteria
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA), Switzerland, UK and US
- Must open a Revolut Business Grow business bank account to access savings rate
-
Interest Rate
2.75% AER (Variable) -
Minimum Deposit
£1 -
Maximum Deposit
£1mFSCS protected to £85,000 -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Account fee £79 per month
- Open an International Revolut Business account at the same time
Eligibility Criteria
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA), Switzerland, UK and US
- Must open a Revolut Business Scale business bank account to access savings rate
-
Interest Rate
3.51% AER (Variable) -
Minimum Deposit
£1 -
Maximum Deposit
£2mFSCS protected to £85,000 -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Custom pricing for larger businesses
- Open an International Revolut Business account at the same time
Eligibility Criteria
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA), Switzerland, UK and US
- Must open a Revolut Business Enterprise business bank account to access savings rate
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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