Business Bank Account

[Nexxy]

Anyone got any tips for a business bank account that will pay a decent rate of interest.

Currently with Lloyds and they only give 0.05% return - even on the 30 day notice account

[Not So Wise]

http://www.interest-rates.org.uk/cocomparison.htm

[PhilAtBFCA]

Currently we introduce clients to Cater Allen Private Bank if they want to, Cater Allen understand freelancers and contractors, its basically free banking and no interest at the moment unless you have exceptional balances.
For clients holding balances we advise taking a look at Scottish Widdows the direct transfer bank accounts which is a good reserve account, very competitive interest rates for business and personal. It is easy to operate with any current account, and you keep your existing arrangements.

Phil

[Lumiere]

For clients holding balances we advise taking a look at Scottish Widdows the direct transfer bank accounts which is a good reserve account, very competitive interest rates for business and personal.

Personal - yes (3%)
Business - could be better (1.25% - 1.5%)

[jpb2001]

Investec Business High 5

Have a look at the Investec Business High 5 account - it has a three-month notice period and takes an average of the top 5 paying business deposit accounts so should always remain competitive. Currently paying 2.44%

http://www.investec.com/en_pb/#home/...5_account.html

Cheers,
JB

[RichardCranium]

I must be fick.

Currently we introduce clients to Cater Allen Private Bank if they want to, Cater Allen understand freelancers and contractors, its basically free banking and no interest at the moment unless you have exceptional balances.

For clients holding balances we advise taking a look at Scottish Widows the direct transfer bank accounts which is a good reserve account, very competitive interest rates for business and personal.

So why do you introduce clients to Cater Allen and not Scottish Widows?

[FarmerPalmer]

Abbey is 0.25% upto 10K, 1% over 10k

[Kess]

Same question here. I've been with Cater Allen for a couple of years (since my accountant "introduced" me to them), but their interest rate has dropped to 0% unless you have over £100K in there. Now looking to change...

[portseven]

Anyone used the Co-op? I like their ethical investment policy, but if they are tulipe as a bank I will stay clear.

[PhilAtBFCA]

I must be fick.


So why do you introduce clients to Cater Allen and not Scottish Widows?

Hi Richard,

Cater Allen is a perfectly good current account with Internet Banking. When being introduced there is no monthly fee for the account and no transaction charges up to 200 transactions. Its pretty good for Freelancers and Professional Contractors. We also get view only access to bank statements, which can be a great help.

Scottish Widows is a Direct Transfer business Fund Account. That means you can pay in and out of your SW account to one other nominated account. So for the use that we recommend which is a high interest savings account it fits the bill, easy to open, and a telephone banking service to transefr the money out to your current account when you need it. They do instant access as well as 7 day, the last blog details we posted are here.

Sorry it was not clear on the first post, hopefully this is a better explanation

Phil