EASY ACCESS BUSINESS SAVINGS Accounts
Time is money. Save both by quickly comparing the
most suitable business savings accounts for your business
Tide Instant Saver – Get £100 Cashback
- Get £100 cashback and earn 3.55% AER interest when you open a Tide Instant Saver. Terms apply.
- FSCS Protected for eligible deposits up to £85,000
- Interest is paid into the saver monthly
- Earn 3.55% AER (variable) on business savings on deposits up to £50,000
- No limits or fees on withdrawals
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Interest Rate
3.55 AER -
Minimum Deposit
£1 -
Maximum Deposit
£ 1 Million -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- Get £100 cashback and earn 3.55% AER interest when you open a Tide Instant Saver. Terms apply.
- FSCS Protected for eligible deposits up to £85,000
- Interest is paid into the saver monthly
- Earn 3.55% AER (variable) on business savings on deposits up to £50,000
- No limits or fees on withdrawals
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
-
Interest Rate
4.33% AER -
Minimum Deposit
£50,000 -
Maximum Deposit
£5M -
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
-
Interest Rate
4.00% AER -
Minimum Deposit
£1 -
Maximum Deposit
£10m -
Access Type
Easy Access -
Access Methods
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
Winner – Money Comms Best Easy Access Savings Account Award
-
Interest Rate
1.6% AER -
Minimum Deposit
Any Amount -
Maximum Deposit
Any Amount -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Schedule regular payments in to your savings pot for future needs.
- Interest paid monthly, no minimum deposit.
Eligibility Criteria
- Sole Traders or Ltd companies in the UK only.
- You must have a Monzo business bank account to access the savings pot
-
Interest Rate
1.35% AER -
Minimum Deposit
£1 -
Maximum Deposit
No maximum -
Access Type
Easy Access -
Access Methods
App/Online/Branch
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Top up or access your savings instantly via transfer
- Works with your business current account
Eligibility Criteria
- Your business is registered in the UK;
- All associated persons are resident in the UK and over 18
- You hold a business account: eligibility rules apply
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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Easy Access Business Savings Accounts Guide
In the diverse world of business banking, easy access savings accounts hold a special place for UK businesses, offering a blend of flexibility and opportunity to earn interest on surplus funds. This brief guide delves into the nuances of easy access savings accounts, providing you with the information you need to choose your ideal account from our comparison tables.
Understanding Easy Access Savings Accounts
What is an Easy Access Business Savings Account?
An easy access savings account is a type of business savings account that offers both a return on your deposits and the flexibility to withdraw funds without incurring penalties. These accounts are designed for businesses that need a balance between earning interest and having immediate access to their funds.
Advantages for Businesses
The primary advantages include:
- Immediate Fund Accessibility: Funds can be withdrawn at short notice without penalties, providing crucial liquidity.
- Interest Earnings: Although typically lower than fixed-rate or notice accounts, these accounts still offer some return on funds.
- Flexibility: Ideal for businesses with fluctuating cash flow needs.
Key Features of Easy Access Accounts
- Interest Rates: Interest rates are usually variable and can be lower than other types of savings accounts, reflecting the high level of accessibility.
- Minimum Balance Requirements: Some accounts may require a minimum balance to earn interest or avoid fees.
- Fees and Charges: Most easy access accounts do not have monthly fees, but it’s essential to check for any transaction fees or specific conditions that might incur charges.
- Online and Mobile Banking: These accounts often come with robust online and mobile banking features, enabling efficient account management.
Comparing Easy Access Savings Accounts
- Analysing Different Offers: Interest rates, fees, online banking features, and customer service quality vary across banks. A thorough comparison is vital – which is what our service is here for!
- Reading Terms and Conditions: Understanding the fine print, including how interest is calculated and paid, and any conditions for account operation, is crucial. So make sure you read up on your chosen account provider’s website before applying.
- Considering Economic Factors: Interest rates on these accounts can fluctuate with the broader economic climate, so it’s important to consider current trends.
Opening an Easy Access Savings Account
- Eligibility: Businesses typically need to provide proof of registration, details about the business owners, and sometimes financial statements.
- Required Documentation: Documentation often includes company registration details, identification documents for key personnel, and proof of business address.
- Application Process: Applications can usually be done online, in-person at a branch, or over the phone, offering flexibility for busy business owners. The most convenient option is to apply online – and using the links in our comparison tables you can apply directly with your chosen provider immediately.
Strategic Use in Business Finances
- Emergency Fund: Easy access accounts are ideal for holding an emergency fund, providing a safety net that is readily available while also earning interest on your reserves.
- Managing Cash Flow: They can be used to manage short-term cash flow needs, ensuring funds are available when needed while still earning some interest.
- Segregating Funds: These accounts can help in segregating funds for specific purposes, such as tax liabilities or upcoming project costs.
Risks and Considerations
- Interest Rate Fluctuations: The variable interest rates mean earnings can change, potentially reducing the return on your deposits.
- Inflation Risk: In periods of high inflation, the real value of interest earned might not keep up, leading to a decrease in purchasing power.
- Economic and Market Changes: Broader economic and market changes can influence the attractiveness and utility of these accounts.
Managing Your Easy Access Account
- Regular Monitoring: It’s important to regularly check the account to ensure it aligns with your business needs and the current interest rate environment.
- Staying Informed: Keeping abreast of market trends and economic forecasts can help in making informed decisions about your account.
- Flexibility in Strategy: Be prepared to adjust your savings strategy in response to changing business needs and market conditions.
In Summary
Business easy access savings accounts in the UK offer a unique combination of flexibility and the opportunity to earn interest, making them a valuable tool for effective cash management in a business. They provide an ideal solution for businesses that require immediate access to their funds while still wanting to earn a return on their surplus cash. However, the variable interest rates and potential impact of inflation and economic changes are important considerations. Regular review and adaptation of your approach to using these accounts are crucial in maximizing their benefits. In the fast-paced and ever-evolving world of business finance, easy access savings accounts stand out for their blend of accessibility and earning potential, making them an essential component of a savvy business’s financial strategy.