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Previously on "business saving account feedback"

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  • jmann
    replied
    Originally posted by jamesbrown View Post
    No, but if you find one, please let me know. I have two USD current accounts, but neither pay interest (and one charges ).
    USD saving account is mentioned on HSBC website but I haven't been able to open an account since none of their staffs seem to know about the account. I was transferred to over 5 departments but still no luck. If you manage to open the account, let me know

    The interest rate is only 0.46%.

    Foreign Currency Account | International Business | HSBC

    Another option is Natwest but you need to have a business current account with them which I don't have

    https://www.business.natwest.com/bus...e-account.html

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by jmann View Post
    Yes, Redwood seems like a good option with short notice period.

    Any recommendation for USD business saving accounts?
    No, but if you find one, please let me know. I have two USD current accounts, but neither pay interest (and one charges ).

    Leave a comment:


  • jmann
    replied
    Originally posted by jamesbrown View Post
    I would say so. You don't have too many options with 1%+ interest, but Redwood Bank is one of them (if you don't mind a 35-day notice period).
    Yes, Redwood seems like a good option with short notice period.

    Any recommendation for USD business saving accounts?

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by jmann View Post
    I have been using those 2 providers for a couple of years now and they seem to be pretty good. I have always kept it below £85k just in case anything happens. This is why I am trying to figure out if its best to increase my holding with them or open accounts with other banks.

    I guess the best option is to open accounts with multiple banks.
    I would say so. You don't have too many options with 1%+ interest, but Redwood Bank is one of them (if you don't mind a 35-day notice period).

    Leave a comment:


  • jmann
    replied
    I have been using those 2 providers for a couple of years now and they seem to be pretty good. I have always kept it below £85k just in case anything happens. This is why I am trying to figure out if its best to increase my holding with them or open accounts with other banks.

    I guess the best option is to open accounts with multiple banks.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by jmann View Post
    How reliable are Kent Reliance and Aldermore? I am looking to deposit in total £400k in their easy access saving account. I know FSCS covers only £85k but there are not many providers offering similar interest rate for an easy access saving account.
    Kent Reliance
    Aldermore
    Cambridge&Counties
    Redwood Bank
    Nationwide (less good on rates)

    No problems with any of them. The websites are all pretty low-rent (nothing for Nationwide).

    Leave a comment:


  • jmo21
    replied
    I've used Aldermore for 3 years or so, and Kent for about a year.

    Both are fine.

    Websites are nothing to shout about but do the job.
    Last edited by jmo21; 5 February 2018, 15:05.

    Leave a comment:


  • WordIsBond
    replied
    We've been using Kent Reliance for more than a year, the Instant Access account.

    So, what can I tell you?
    1. Reasonable interest rate, nothing exciting, but compared to others it's good.
    2. No hassles opening the account. Not quite as fast and easy as some others, but no complaints.
    3. Move money freely, never had a problem. No fees for moving money to and from my business bank.
    4. You can only move money to your designated account. So if you have more than one account you might want to move it to, that can be a little bit of hassle, because you'd have to move it to your designated account and then to whatever account you want it in. But usually instant access is going to be used to stash your current account funds, so you make your current account the designated account, and it's fine.
    5. I've not checked to see if funds are credited the day you transfer them in or the next day. I think it is the day you transfer them.
    6. If you request to transfer funds out, it has to be done before 1-2 pm (don't remember the exact cutoff time). Otherwise, it won't be processed until the next day. And I think it takes a day after processing for the funds to hit your current account. So we request funds two days before we need them to make sure they are there. (My better half does it, so I don't remember exact details but it isn't instantaneous.)
    7. Website is easy to use.

    Pretty much what I want in business savings. Boring, reasonable rate, no hassles, everything simple and straightforward, certainly not making me rich but enough interest to make it worth doing.

    My personal view is that the interest rates on offer for business savings are not high enough to justify breaching the FSCS limits. I don't need more than £75K in easy access, anyway, I can lock some money up for six months or a year with Nationwide or a variety of other providers, get the same rate, and spread it around. But even if I couldn't, the FSCS protection is worth more than a little bit of interest.

    You gain less than 1% a year with these providers over others. That's not worth the risk of going over £85K. If I'm going to do something riskier, I want to get a better return premium for the risk than that.

    Leave a comment:


  • Maslins
    replied
    Quite a few of our clients use Aldermore, no issues I'm aware of. Not heard of the other one.

    Of course neither of the above is any guarantee of future behaviour either way.

    Leave a comment:


  • jmann
    started a topic business saving account feedback

    business saving account feedback

    How reliable are Kent Reliance and Aldermore? I am looking to deposit in total £400k in their easy access saving account. I know FSCS covers only £85k but there are not many providers offering similar interest rate for an easy access saving account.

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