Alternative Company Saving Account

[moorfield]

Sounds feasible as per the other postings but is it worth the hassle for a few extra £s interest ? Just make sure you don't mix up between company and personal accounts, as Mr HMRC doesn't really go for this.

WHS. Do a back-of-the envelope calculation first, if you're not making more than several hundred quid saving then personally I wouldn't bother.

[Sergeant Murphys Cosh]

A Fourth Option

Let me get this straight: I have 150k sitting there earning zero interest I can:

a) lend myself lots of money?
b) Find a business bank account that pays a decent rate: Do these exist?
c) Lend myself the money and not tell anyone.

How about opening multiple business accounts, but in different currencies. Then, play the Forex market between the different accounts.

[THEPUMA]

I'm sure someone came up with a method using a deed of trust that allowed company money to be placed in a personal account (my memory seems to recollect it being connected to an offset mortgage).

The reason for doing so was not the amount of interest being paid but the additional security that was available from doing so.

It probably only works with an offset mortgage.

That was me (I think). It also works with deposit accounts. Whether or not the insitution would allow this if they knew about it is a different matter.

So if the company chooses to deposit its cash in an individual deposit account in order to maximise its income (and consequently corporation tax) there is no issue with this, provided the appropriate documentation is put in place.

Conceptually, there is a difference between a director's loan, where you can do what you like with the money and this arrangement where the cash just sits in the personal bank account and can't be touched.

PUMA