The deposit compensation limit has been reduced to £75,000 this year.
Would you keep more that this amount in any one bank? (am talking about business funds in business accounts).
To avoid going over this limit, I'm looking for an business savings account, that pays decent interest and can be setup online (ideally with no more than 30 days' notice required for withdrawal). I already have accounts with Cater Allen, Aldermore and Cambridge and Counties, so am looking for another bank.
Any recommendations?
Would you keep more that this amount in any one bank? (am talking about business funds in business accounts).
To avoid going over this limit, I'm looking for an business savings account, that pays decent interest and can be setup online (ideally with no more than 30 days' notice required for withdrawal). I already have accounts with Cater Allen, Aldermore and Cambridge and Counties, so am looking for another bank.
Any recommendations?
TBH if one of the too-big-to-fail banks went down, that FSCS protection probably wouldn't be worth the paper it was written on). I wouldn't keep a large amount in an institution that is covered by a foreign equivalent of FSCS. For example, I wouldn't bank with RCI, even though they're top of the league tables for personal accounts. For business accounts, there are others like State Bank of India that are covered by FSCS, but I'd personally avoid them too. For business accounts, you've noted the two obvious ones. Nationwide have a good easy-access business account too (no online access though). I'm getting 1%, but I see they've dropped that to 0.8% recently (~1% for 95-day access):
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