Reply to: Business Savings Account

[Spoiler]

Currently using Tide but interested in the Cap on Tap account when it’s available. Have used CoT credit card for a few years - works well. Would ben happy to consolidate C & savings to one provider and bin off Tide.

[jmo21]

Shawbrook still the highest at the moment at 4.36% (as far as I know)

[Andy2022]

Bear in mind that ClearBank are behind a ton of other app-based banking platforms, like Tide, and the FSCS applies per banking license. No direct experience of Capital on Tap, but I have been spammed by them endlessly for business credit cards.

Been using them for a while and from a credit card perspective Capital on Tap seem fine – sometimes get slightly higher card fees on transactions e.g. BA, as it's a commercial card

Of course the real test is what happens when something goes wrong and I need them to sort it out

I dumped Tide years ago after I found some documents I sent them were available to anyone who knew the appropriate URL, and trying to get their customer facing team to put me in touch with their security team was a nightmare. Eventually got an apologetic email from someone at C level responsible for security

[jamesbrown]

Looks like Capital on Tap are launching a no-notice business savings account paying 4.26% AER

Need to be an existing customer to express an interest https://www.capitalontap.com/en/apps/savings/

Bear in mind that ClearBank are behind a ton of other app-based banking platforms, like Tide, and the FSCS applies per banking license. No direct experience of Capital on Tap, but I have been spammed by them endlessly for business credit cards.

[Andy2022]

Looks like Capital on Tap are launching a no-notice business savings account paying 4.26% AER

Need to be an existing customer to express an interest https://www.capitalontap.com/en/apps/savings/

[BigLadFromBeeston666]

Wise are becoming cynical cretins, though. Attract customers with a good offer and then make it progressively worse. Boiling frog theory (i.e., increase heat gradually).

This is part of my decision to switch as well. Need to be punished for cynical moves.

[jamesbrown]

Wise are becoming cynical cretins, though. Attract customers with a good offer and then make it progressively worse. Boiling frog theory (i.e., increase heat gradually).

[jamesbrown]

The annual fee from Wise makes it much less attractive.

On the balances I'm looking at keeping in there, their fee will be a few grand a year unless I'm getting it wrong (very likely).

Tide is good but only available to new members and I already have a current account with them.


VirginMoney still offering 4.55% on 120 day notice accounts which seems reasonable.

Well, £3,000 ("a few") / 0.0056 = £536k, which you may be keeping with them, but you probably shouldn't. For the sensible limit of £85k, you're talking about £470 pa in fees, which definitely makes them less attractive, but still more attractive than the vast majority of instant access options out there, and once you're into splitting money across accounts for FSCS protection, then it becomes a least ugly baby contest and Wise wins quite quickly into that. YMMV.

[ensignia]

The annual fee from Wise makes it much less attractive.

On the balances I'm looking at keeping in there, their fee will be a few grand a year unless I'm getting it wrong (very likely).

Tide is good but only available to new members and I already have a current account with them.


VirginMoney still offering 4.55% on 120 day notice accounts which seems reasonable.

[jamesbrown]

My maths makes it:

Wise 4.7% (rate) - 0.56% (asset fee) = 4.14% return
Tide 4.33% (rate) = 4.33% return

It says the Tide interest is paid monthly. Wise is paid daily.

Am I missing something? On a separate note, I suspect the next BoE meeting will edge both these down.

Not 100% certain, but I think it's 4.7% after fees, as implied here by "includes 0.56% annual fee":

https://wise.com/gb/interest/

It isn't explicit, though. The underlying Blackrock fund is returning around 5.15% right now, but the Wise rate is updated periodically (last updated in November).

[BigLadFromBeeston666]

That was being discussed a few posts above. I have that too. IIRC, it isn’t any better, though - GBP assets w/ Wise is currently 4.7% after costs, I think, although it depends on Gilt yields. Even if I’m forgetting and that’s before costs, Tide is no better. To get better, you need to tie it up in a one year bond.

My maths makes it:

Wise 4.7% (rate) - 0.56% (asset fee) = 4.14% return
Tide 4.33% (rate) = 4.33% return

It says the Tide interest is paid monthly. Wise is paid daily.

Am I missing something? On a separate note, I suspect the next BoE meeting will edge both these down.

[jamesbrown]

Just had a look for something better.

https://www.tide.co/business-savings...te&irpid=23518

4.33% easy access. FSCS protected. I'm switching at the end of the month.

That was being discussed a few posts above. I have that too. IIRC, it isn’t any better, though - GBP assets w/ Wise is currently 4.7% after costs, I think, although it depends on Gilt yields. Even if I’m forgetting and that’s before costs, Tide is no better. To get better, you need to tie it up in a one year bond.

[jamesbrown]

Did you get any comms about it? I found out through a bloody forum. I agree, still competitive. Still 100% rate increase stings a little. Especially as they've just posted record profits.

Yeah, I had an email TBF.

[BigLadFromBeeston666]

Just had a look for something better.

https://www.tide.co/business-savings...te&irpid=23518

4.33% easy access. FSCS protected. I'm switching at the end of the month.

[BigLadFromBeeston666]

Did you get any comms about it? I found out through a bloody forum. I agree, still competitive. Still 100% rate increase stings a little. Especially as they've just posted record profits.