2nd best business savings account

[kaiser78]

ICICI requires you to have a business current account too unfortunately.

I have considered Ratesetter, indeed the rates are very good, but with no FSCS protection it is a bit of a risk. Plus I already have a small amount of personal money invested there and dont want to invest any more.

I would have thought they all would, wouldn't they ?

[missinggreenfields]

If you've already got £75k in instant access at Aldermore, then why do you need another instant access account?

I have a range of notice accounts - instant, 30 days, 95 days, and a one year fixed rate account. Corporation tax money (or a guess about what it will be) gets locked away for the year so that it comes out just before I need to pay HMRC, then split money into the others so that if I need money I can get it reasonably easily.

Why do you need so much on no notice?

[Fred Bloggs]

ICICI requires you to have a business current account too unfortunately.

I have considered Ratesetter, indeed the rates are very good, but with no FSCS protection it is a bit of a risk. Plus I already have a small amount of personal money invested there and dont want to invest any more.

Out of curiosity, I looked at ICICI accounts. I think the vanilla business account looks pretty good. I don't see a monthly account fee, a deal which has disappeared at 99% of banks.

[kempc23]

I would have thought they all would, wouldn't they ?

No, Aldermore doesnt.

[kempc23]

If you've already got £75k in instant access at Aldermore, then why do you need another instant access account?

I have a range of notice accounts - instant, 30 days, 95 days, and a one year fixed rate account. Corporation tax money (or a guess about what it will be) gets locked away for the year so that it comes out just before I need to pay HMRC, then split money into the others so that if I need money I can get it reasonably easily.

Why do you need so much on no notice?

This money belongs to my second limited, which is a property investment company. I am currently looking at buying, and 30 days notice is just slightly too much unfortunately.

[missinggreenfields]

This money belongs to my second limited, which is a property investment company. I am currently looking at buying, and 30 days notice is just slightly too much unfortunately.

If it's a different company, then put it in Aldermore.

The second company would get protection up to £75k, as would the first. And if you were a personal customer, you would do too.

[WordIsBond]

This money belongs to my second limited, which is a property investment company. I am currently looking at buying, and 30 days notice is just slightly too much unfortunately.

If you think you are likely to need it in less than 90 days (let alone less than 30 days), the interest rate shouldn't matter much, should it?

[kempc23]

If you think you are likely to need it in less than 90 days (let alone less than 30 days), the interest rate shouldn't matter much, should it?

1% interest on £75k for 1 month is approximately £60 before tax. For me, worth the effort of a few clicks for an online account, but not worth the hassle of having to go to the post office or a bank branch.

But when you put it like that....

[kempc23]

If it's a different company, then put it in Aldermore.

The second company would get protection up to £75k, as would the first. And if you were a personal customer, you would do too.

This is actually really useful to know, and I did not realise this. I will actually be able to do this to get around this issue for the time being. Many thanks! Although it was still an eye opener just how few (zero in fact) accounts were available that met my criteria.

[missinggreenfields]

This is actually really useful to know, and I did not realise this. I will actually be able to do this to get around this issue for the time being. Many thanks! Although it was still an eye opener just how few (zero in fact) accounts were available that met my criteria.

I had a look round earlier this year because I was getting close to £75k in two different banks so was looking for a third (first world problems!) and found pretty much the same thing. Even if you want to lock it away for a bit longer, there aren't many decent hassle free accounts - I started the application process with Nationwide, but they wanted to know exactly the business, who we worked with, where the clients were based etc. And when I said that the client could be based internationally, they wanted to know which countries could the hypothetical client be based in!

I solved the problem by taking out a whacking great dividend and not having to worry about the money for a little bit