Opening Busines Saving Account with a different bank

[Solidec]

Hi

I recently set up a Lloyds TSB Online Business Current Account.

Unfortunately their Business Instant Saver account pays a measly 2.75% interest on amounts up to £50,000.

I am looking for a saving account with another bank that pays a higher rate of interest on balances between £5000 and £50000 but am not sure if its possible to do this.

Is there any restrictions on opening Busines Savers with banks other than the one that runs your Business Current account?

[Darren@UptonAccountants]

Bank Accounts

No restrictions at all.....try Cater Allan, very good interest rates...or Alliance & Leicester online savings account.

[Solidec]

Thanks, thought as much but wanted a confirmation.

Cater Allen it is then, heard some bad press about A&L lately.

[dejongj]

Thanks, thought as much but wanted a confirmation.

Cater Allen it is then, heard some bad press about A&L lately.

What bad press about A&L?

Northern Rock is currently the highest interest rate for a business reserve...

[VectraMan]

I tried with A&L, but after jumping through lots of hoops they turned me down with no explanation.

So just because there's no formal restrictions doesn't mean they'll give you an account. I should probably try CA, but I haven't got round to it yet.

[dejongj]

I tried with A&L, but after jumping through lots of hoops they turned me down with no explanation.

So just because there's no formal restrictions doesn't mean they'll give you an account. I should probably try CA, but I haven't got round to it yet.

There are restrictions, they do a personal credit check on the directors....I noticed mine and my wife's credit check go through experian the same day I applied online....

Whether your it is your personal finances or identity that is prefailing I do not know since I passed....It could be as simple as that some of the information did not tie in, or your are not on the electoral role etc...I wouldn't go around and try them all until you get to the bottom of it as it may affect your personal situation....

[Red 7]

It would be difficult not to recommend Cater Allen now that they have online banking, along with their very good interest rates and excellent call centre.

Two slight bummers with them though :

1. They offer a gold debit card with transactions deferred until the month end (extra interest for me) but they make you wait 6 months before you can have it.

2. They have been dicking me around a little with several failed attempts at sending me out a PAC code (needed to access your account), but I'm fairly sure that once these initial hurdles are overcome that I will be a contented customer.

[VectraMan]

There are restrictions, they do a personal credit check on the directors....I noticed mine and my wife's credit check go through experian the same day I applied online....

Whether your it is your personal finances or identity that is prefailing I do not know since I passed....It could be as simple as that some of the information did not tie in, or your are not on the electoral role etc...I wouldn't go around and try them all until you get to the bottom of it as it may affect your personal situation....

But I went through the same when I got my original business current account (Barclays), so there can't be anything too terribly wrong with me. And you'd think a current account would attract greater scrutiny. That's the annoying thing: I could understand if I wanted to borrow money, or have an account that could go overdrawn by use of debit cards/cheques, but all I want to do is lend them my money for a while.

I suspect being in business for less than a year (at the time) was probably a factor.

At the end of the day, even with the best paying deposit account the interest isn't a huge amount, so there's a limit to how much effort I'm prepared to put in.

[dejongj]

But I went through the same when I got my original business current account (Barclays), so there can't be anything too terribly wrong with me. And you'd think a current account would attract greater scrutiny. That's the annoying thing: I could understand if I wanted to borrow money, or have an account that could go overdrawn by use of debit cards/cheques, but all I want to do is lend them my money for a while.

I suspect being in business for less than a year (at the time) was probably a factor.

At the end of the day, even with the best paying deposit account the interest isn't a huge amount, so there's a limit to how much effort I'm prepared to put in.

Ah that explains, they probably do the same thing like with their consumer saving accounts...You have to have their current account as well...

[Lockhouse]

They offer a gold debit card with transactions deferred until the month end (extra interest for me) but they make you wait 6 months before you can have it.

Not for me - got mine straight away with NQA. Otherwise I wouldn't have opened the account in the first place.