Interest in Biz current account.

[2uk]

Does your biz current account accumulate interest right from the Biz current account ?

I am with HSBC and their biz account doesn’t accumulate interest. However there is also an associated account – they call it BMM account – where you do get interest , although at a very miserable rate 3.2 % ?

So to get interest you have to move the money from the current to the BMM account. But then when you need to pay something you have to move the money back to the current account !?!

I don’t really get why they do it this way.

Anyway , as soon as I get my VAT account , which is taking 3 months already , I am off to Abbey as I heard they give the best interest. Hopefully Abbey is not off to Northen’s road , though….

[bored]

Are you using their period of free banking? If yes, it might be that if you switch to paid banking you will receive the interest, might be a better alternative to constantly transferring money between the current and savings accounts.

[2uk]

Are you using their period of free banking? If yes, it might be that if you switch to paid banking you will receive the interest, might be a better alternative to constantly transferring money between the current and savings accounts.

Yes I am on free banking , but Abbey free banking is better since it doesn't expire , and their interest is better , so feck off h s b and c.

[r0bly0ns]

We have been with HSBC since our company start up and are just comming to the end of our free banking period.


From day 1 we have received interest on both our business current account and our Money Manager account.

If you aren't getting any interest on your current account I would phone them and ask why,


HSBC also do free accounts for small business that don't need to use a branch, much like the Abbey National accounts, it's called Business Direct.
http://www.hsbc.co.uk/1/2/business/a...usiness-direct

[2uk]

We have been with HSBC since our company start up and are just comming to the end of our free banking period.


From day 1 we have received interest on both our business current account and our Money Manager account.

If you aren't getting any interest on your current account I would phone them and ask why,


HSBC also do free accounts for small business that don't need to use a branch, much like the Abbey National accounts, it's called Business Direct.
http://www.hsbc.co.uk/1/2/business/a...usiness-direct

I don't get interest on the current account because it is a Free account ( no charges ) . And the Money Maker rate is miserable for my account - 3.2 percent.

[2uk]

There are the rates. Miserable.

http://www.hsbc.co.uk/1/2/interest-r...1dJU:12c58nvti

[hugebrain]

There are the rates. Miserable.

http://www.hsbc.co.uk/1/2/interest-r...1dJU:12c58nvti

Northern Rock have a business reserve account with much better interest rates. You could switch to that

[r0bly0ns]

I don't get interest on the current account because it is a Free account ( no charges ) . And the Money Maker rate is miserable for my account - 3.2 percent.

There are the rates. Miserable.

http://www.hsbc.co.uk/1/2/interest-r...1dJU:12c58nvti

Intrerestingly, this link shows that they do pay interest on all business accounts (albeit only 0.25% on Business Direct).

I have a business account and I pay no charges, but I do receive interest and allways have done.

If you don't then something has gone wrong with your account set up or it's not a business account

[Old Greg]

Cater Allen are fantastic. Free banking, decent interest (not as much as Northern Rock or Anlliance and Leicester), great call centre and statements printed on thick yellow paper. Part of Santander Group.