Interest bearing business accounts and FSCS safety?

**northernladuk** · 2 May 2023, 16:28

Aldermore has long been the choice for best interest on excess/warchest funds. No idea about interfaces but banks worked well enough without apps so I wouldn't be taking an app based one over a better interest rate.

**PerfectStorm** · 2 May 2023, 16:30

The good payers don't use apps - even Virgin's one good easy access account isn't available on their app. But as you're filling them up to 85k you won't have to use them much.

**jamesbrown** · 2 May 2023, 16:42

As above, there are no high interest business accounts with apps. In general, easy access business savings accounts have crap rates, marginally above 2%. To get anything close to 4%+, you need a 1-year bond. In between this, you'll find notice accounts with interest rates that increase with notice period.

That said, you can access interest bearing accounts through Wise, which does have a good app. Their GBP interest bearing account currently offers ~3.7% or ~4.2% for USD last time I checked, but this is not guaranteed and is not FSCS protected, so doesn't meet your criteria.

Would recommend Aldermore, Newcastle BS, Virgin Money, Shawbrook or Recognise for easy access, Cambridge & Counties for notice accounts (or CA, but you're trying to avoid them) and United Trust Bank or Allica Bank for longer dated bonds. Most of these are very small banks, though, not a million miles away from the US regional banks. But you won't get anything more than pitiful interest from the high-street banks and the FSCS can be relied upon.

Just be aware of the rules surrounding CIHC if you want to invest a large chunk of YourCo's assets outside of easy access accounts.

Interest bearing business accounts and FSCS safety?