Best Instant Access Business Savings/Deposit accounts

[Herry00]

With an instant access deposit account, you can access your money at any time without any penalty. This type of deposit account gives you most flexibility.

[richy]

Scottish Widows drops deposit rate from 1.75 -> 1.50

Thanks for resurrecting!

I go Scottish Widdows 7-day deposit account, only drawbacks are no BACS transfers in. Have to do it via their callcentre. No charges tho. Interest is around 2% I recall.

Also my Alliance and Leicester Account upped the deposit rate to 1% when I asked on the phone. I use this as my biz current account.

we're dumping Scottish Widows 7-day deposit account as it dropped to 1.50% from 1.75.

Switching to Secure Trust 120 day notice deposit account @ 3.21%!

What's everyone else doing to make their cash work for them while it builds up in ltd co accounts?
Thanks, richy

[richy]

Sorry to resurrect this, but for those that missed it, there was a good bit in the Guardian Money this weekend for business bank accounts.

Anglo Irish is currently paying 2.55% (IIRC) on instant access.

Thanks for resurrecting!

I go Scottish Widdows 7-day deposit account, only drawbacks are no BACS transfers in. Have to do it via their callcentre. No charges tho. Interest is around 2% I recall.

Also my Alliance and Leicester Account upped the deposit rate to 1% when I asked on the phone. I use this as my biz current account.

[TheFaQQer]

Sorry to resurrect this, but for those that missed it, there was a good bit in the Guardian Money this weekend for business bank accounts.

Anglo Irish is currently paying 2.55% (IIRC) on instant access.

[richy]

Secure Trust Bank Business 60 Day Notice @2.54% seems good. will try to get one, assuming there is no balance limit. cheers rich

For the amount of capital we will put in, the extra £200 gained by 60 days. compared to Scottish Widows 7 day biz ltd deposit account, @1.75% its not worth the hassle of 60 day ahead planning..

[richy]

Currently getting 1% at Abbey - so about time I moved it or emptied it.

Secure Trust Bank Business 60 Day Notice @2.54% seems good. will try to get one, assuming there is no balance limit. cheers rich

[FarmerPalmer]

Currently getting 1% at Abbey - so about time I moved it or emptied it.

[richy]

Moneyfacts'2 component accounts since 5 August 2009

Financial institution Account Gross AER
Secure Trust Bank 60 Day Notice Issue 2 2.54%
Butterfield Private Bank 100 Day Notice 2.50%
Marsden Building Society Business Deposit 2.50%
Anglo Irish Bank 30 Day Notice Business Deposit 2.50%
Investec Private Bank Business High 5 Account 2.40%
Scottish Widows Bank Business 7 Day Notice 2.00%

doh, Marsden req 250k!
Scottish Widows is 1.75% on balances below 50k

So Investec sounds best, as it's instant access

Which accounts and rates do other forum members use for their ltd deposit/savings account? Cheers, Rich

[Gonzo]

Silly question but isn't the money in the business account associated with your Limited account meant to stay in that single business account unless you pay yourself income or pay tax etc ?

Your company can open and operate as many bank accounts in its own name as the directors see fit.

[richy]

Silly question but isn't the money in the business account associated with your Limited account meant to stay in that single business account unless you pay yourself income or pay tax etc ?

I didn't know that you could take a wad out of that sort of account and just plonk it into a higher paying interest deposit account.

What happens if you do that i.e. take a load of money out of your Limited Company business account and transfer it to a deposit account temporarily and say you get audited by HMRC ?

Hi, sorry perhaps I was not clear in my post, I'm not thinking of taking ltd money and putting it in a personal savings account. Just opening up a ltd co business deposit/savings account.. we already use A+L businees deposit account as only ltd account we have. The rate is now 0.1%, so I want to find a better biz savings account.

<http://www.securetrustbank.com/_documents/60%20Day%20Business%20App%20Form%20v3.pdf>

Investec looks good, but ltd co does not have 50k balance, only around 25k

Nice table on the Investec site:

Moneyfacts'2 component accounts since 5 August 2009

Financial institution Account Gross AER
Secure Trust Bank 60 Day Notice Issue 2 2.54%
Butterfield Private Bank 100 Day Notice 2.50%
Marsden Building Society Business Deposit 2.50%
Anglo Irish Bank 30 Day Notice Business Deposit 2.50%
Investec Private Bank Business High 5 Account 2.40%
Scottish Widows Bank Business 7 Day Notice 2.00%

"Marsden Building Society"** looks best, as no notice, and 2.5% Only needs a min balance of 10k at any time.

Anglo Irish Bank site is crap, they don't list the account in the biz section. So I'm going to go with Marsden. At least they are covered by FSA too.

Cheers, rich

[thunderlizard]

Have a look at Investec High 5 business account.
Though it might depend on how much >25k you've got.

[ctdctd]

Silly question but isn't the money in the business account associated with your Limited account meant to stay in that single business account unless you pay yourself income or pay tax etc ?

I didn't know that you could take a wad out of that sort of account and just plonk it into a higher paying interest deposit account.

What happens if you do that i.e. take a load of money out of your Limited Company business account and transfer it to a deposit account temporarily and say you get audited by HMRC ?

Deposit account is fine so long as it is in the name of the business.
I use Standard life - 1.37% instant access and 2.6% for 9 month fixed. Not as good as a personal account but better than nothing.

[northernladuk]

There are a whole raft of threads on here discussing what to do with your business cash that is just sitting there, everything from buying houses to putting in high interest accounts.

As a sweeping statement it appears they are all bad ideas as this is the business money not yours, to move it out is complicated and is often deemed a directors loan and either way you must declare any profits you make from re-using this cash and get taxed on those profits as you would if you earned it. By the time your taxed on the profits of moving it wouldn't it be better leaving it where it was?

Couldn't give you an exact term to search for but there are plenty on here somewhere.

[eliquant]

Silly question but isn't the money in the business account associated with your Limited account meant to stay in that single business account unless you pay yourself income or pay tax etc ?

I didn't know that you could take a wad out of that sort of account and just plonk it into a higher paying interest deposit account.

What happens if you do that i.e. take a load of money out of your Limited Company business account and transfer it to a deposit account temporarily and say you get audited by HMRC ?

[richy]

Hello
with a sizable chunk of money (>25k) sitting in Biz account, I'm looking for somwhere to put it before next April 6 so can pay it out as divs.

Secure Trust Bank pay 2.54 AER on 60 day postal account
http://www.securetrustbank.com/howdoiapply.htm

Anyone know of any instant access online accounts which are better? I prefer UK banks, rather than ireland.

Cheers, richy