Business Savings Account

[ittony]

I use my HMRC Corporation tax account. I paid my tax 8 months early rather than it being sat around doing nothing, and they have kept putting up the interest rate every time rates move. They are now paying 4.25%.

Is knocked off your next bill, or do they actually pay you it? And is it itself then subject to corporation tax?

[ittony]

FYI, HSBC business account holders can opt to put a portion of the warchest in HSBC business money market accounts. For £50k plus, current gross rates are as follows:

7 days, 14 days, 21 days - 0.4pc
1 month - 4.61pc
2 months - 4.76pc
3 months - 4.87pc
4 months - 5.06pc
5 months - 5.1pc
6 months - 5.22pc

Sure, it's still below inflation, but it's better than nothing in the current account. Just have to make sure you get the timings right with future outgoings as the funds cannot be accessed before the end of the stated term. Covered under FSCS up to the standard limit.

That looks pretty good. I see the account comes in three varients; Call, Notice and Fixed. Those rates are for the Fixed version then are they?

Can't believe you actually have to phone them up to get the current rates and perform the transfer!

[jamesbrown]

Is knocked off your next bill, or do they actually pay you it? And is it itself then subject to corporation tax?

They will refund you if you ask, but otherwise you'll see it as a credit on your account. Yes, the interest is subject to CT, like any other interest.

[ensignia]

FYI, HSBC business account holders can opt to put a portion of the warchest in HSBC business money market accounts. For £50k plus, current gross rates are as follows:

7 days, 14 days, 21 days - 0.4pc
1 month - 4.61pc
2 months - 4.76pc
3 months - 4.87pc
4 months - 5.06pc
5 months - 5.1pc
6 months - 5.22pc

Sure, it's still below inflation, but it's better than nothing in the current account. Just have to make sure you get the timings right with future outgoings as the funds cannot be accessed before the end of the stated term. Covered under FSCS up to the standard limit.

I've been looking into this, and the rates aren't quite as generous as they were back in August.

6 months - 4.72%
9 months - 4.66%
1 year - 4.58%

Not bad though. Anyone seen any better?

[jmo21]

3.66% easy access with Shawbrook now.

[alphadog]

That looks pretty good. I see the account comes in three varients; Call, Notice and Fixed. Those rates are for the Fixed version then are they?

Can't believe you actually have to phone them up to get the current rates and perform the transfer!

As far as I know the HSBC business money market accounts only come in one variant - fixed for the stated term. Yes, it's pretty poor that you have to phone them and they don't state the current rates on their website. Maybe it's a cynical ploy to encourage current account holders not to bother. To be fair, the service on the phone is good and quick.

[Andy2022]

They will refund you if you ask, but otherwise you'll see it as a credit on your account. Yes, the interest is subject to CT, like any other interest.

Mine was automatically refunded… turned up a few days after my corporation tax payment was due

[jamesbrown]

Mine was automatically refunded… turned up a few days after my corporation tax payment was due

Interestingly inconsistent, as with everything HMRC.

[hgllgh]

Tide are offering 4.03% Instant Access... Doesn't appear to be a catch... (monthly interest and FSCS etc).

Anyone opened this account with them? Will it work with FA feed?

https://www.tide.co/business-savings-account/

[northernladuk]

Tide are offering 4.03% Instant Access... Doesn't appear to be a catch... (monthly interest and FSCS etc).

Anyone opened this account with them? Will it work with FA feed?

https://www.tide.co/business-savings-account/

Couple of seconds on google gets you this, amongst many other links.

https://www.freeagent.com/blog/tide-bank-integration/