As a small business owner or entrepreneur, it’s important to have a good financial plan in place. This includes finding the right savings account to help you reach your financial goals. With so many options available, it can be overwhelming to know which account is best suited for your business. That’s why we’ve done the research and rounded up some of the best small business savings offerings in the UK.
At Small Business UK, we’re dedicated to providing advice and ideas to support UK small businesses and SMEs. Our goal is to help you succeed in your business ventures, starting with your finances. We understand the importance of finding the right savings account for your business, whether it’s for short-term savings or long-term investments. That’s why we’ve put together a comparison of some of the best small business savings accounts in the UK to help you make an informed decision.
Easy Access Savings Accounts:
If you’re looking for flexibility and easy access to your savings, then an easy access savings account is the way to go. With no restrictions on withdrawals, you can access your money anytime you need it. The top contenders for this category include HSBC Business Savings Account, NatWest Business Reserve Account, and Lloyds Bank Business Instant Access Savings Account. These accounts offer competitive interest rates and require no minimum balance, making them ideal for small businesses.
Fixed Term Savings Accounts:
If you have some surplus funds that you can invest for a longer period of time, then a fixed term savings account might be the right choice for you. These accounts offer higher interest rates compared to easy access savings accounts but require you to tie up your money for a fixed term, typically between 1-5 years. Some of the best fixed term savings accounts for small businesses are Virgin Money Business Fixed Rate E-saver, Aldermore 1 Year Business Savings Account, and Shawbrook Bank 3 Year Business Fixed Rate Bond.
Notice Savings Accounts:
For businesses that want to earn higher interest rates but still have the flexibility to make withdrawals, a notice savings account might be the perfect fit. These accounts require you to give a notice period before making any withdrawals, usually ranging from 30-120 days. The top contenders for this category include Santander 120 Day Business Notice Account, Metro Bank Business 90 Day Notice Account, and Cambridge & Counties Bank 100 Day Business Notice Account. These accounts offer competitive interest rates and can be a good option if you’re looking for a balance between flexibility and higher returns.
Things to Consider:
When choosing the right small business savings account for your business, there are a few things to keep in mind. Firstly, consider your business needs and goals. Do you need easy access to your funds or can you afford to tie up your money for a longer period? Secondly, look at the interest rates and fees associated with the account. You don’t want to be hit with high fees that eat into your savings. Lastly, consider the reputation and reliability of the bank or provider. You want to make sure your money is safe and secure.
In conclusion, having a good savings account is crucial for the financial stability of your small business. With so many options available, it’s important to do your research and choose the right account that suits your business needs. We hope this comparison of small business savings accounts in the UK has given you a better understanding of what’s out there and will help you make an informed decision for your business. At Small Business UK, we’re dedicated to supporting small businesses and SMEs in their journey to success.
