Business Savings Account

[Paracelsus]

That may be true at the reduced limit of £50k, you’d have to look into it, but safer to assume not. If the amount of interest/income is incidental to your trading income and the capital invested is not a high % of your total reserves, there’s no risk of being classified as a CIHC, which is what you’re wondering, I believe.

Seems like it is the full £85k according to this page;

"All of this means that your investment will be returned to you in the event of Wise Assets going bankrupt. In addition to the protection offered through the strict segregation of our customers’ assets, the Financial Services Compensation Scheme (“FSCS”) protects each customer for up to £85,000. The FSCS could step in if Wise Assets goes bust and there’s a shortfall in the assets we hold for you."

And yep that is what I was getting at - cheers.

[PerfectStorm]

Shawbrook 3.15%
Aldermore 3.01%
Virgin 2.50%

[PerfectStorm]

Virgin steps up from 2.5% to a monster 3.2%!

(Or they did, temporarily - this morning this site was saying 3.20%

[ittony]

I'm thinking of giving Wise a go, at 4.54%. The only thing I'm worried about is complicating my annual return as strictly speaking I suppose this would be investment income rather than just interest, as Wise kind of present it as.

Anyone using them? And if so are you just putting it down as interest in your CT600?

[PerfectStorm]

I'm thinking of giving Wise a go, at 4.54%. The only thing I'm worried about is complicating my annual return as strictly speaking I suppose this would be investment income rather than just interest, as Wise kind of present it as.

Anyone using them? And if so are you just putting it down as interest in your CT600?

A classic "what does your accountant say?" if ever there was one

[BigLadFromBeeston666]

The £45 opening fee is putting me off
I suppose I'd make more in interest but still...a bit unwelcome

[jamesbrown]

They are upfront and transparent about their fees, unlike most financial services companies, which hide the actual cost of providing services in their crappy service levels, like crappy fx rates or crappy interest rates.

[PerfectStorm]

Shawbrook 3.20%
Virgin 3.15%
Aldermore 3.11%

[BigLadFromBeeston666]

Opened an account with Shawbrook. After taking into account Wise's opening fee, and its other fees, it was comparable to Shawbrook. Also a money market fund is a bit riskier so had to factor that into the equation.

[jamesbrown]

Agree that the Wise offering is riskier than a regular savings account, at least for the time the money is held by Wise and not in an asset class, but it's hard to see how Shawbrook or any other instant access account compares on rates or fees. What are these other "fees"? I opened account a long time ago, so perhaps they are new. The "equivalent" instant access account with Wise is offering 4.82% on GBP and 4.99% on USD at present. Shawbrook is 3.2%. So, yes, not exactly comparable on risk but, to be clear, also not comparable on rates, so it depends how you weigh those two things.