As a small business owner in the UK, finding ways to save money and manage your finances effectively is crucial to the success of your business. With the current economic climate, it’s more important than ever to make wise financial decisions and ensure that your hard-earned money is working for you. That’s why we’ve compiled a list of the best small business savings accounts available in the UK, to help you make the most of your savings and make your money work harder for your business.
Easy Access Accounts:
Easy access accounts are a popular choice for small businesses as they offer flexibility and instant access to your funds. With these accounts, you can deposit and withdraw money as and when you need it, without any penalty fees. They are a great option for businesses that may need to dip into their savings for unexpected expenses or cash flow issues.
One of the top easy access accounts for small businesses in the UK is offered by Aldermore Bank. Their Business Savings Account offers a competitive interest rate and no fees for withdrawals or deposits. With easy online account management, you can access your funds 24/7 and keep track of your savings effortlessly. It’s a simple and convenient option for businesses of all sizes.
Fixed Rate Accounts:
If you’re looking for a higher interest rate and are willing to lock your savings away for a set period, then a fixed rate account might be the right choice for you. These accounts offer a fixed interest rate for a specific term, usually ranging from 1 to 5 years. This can be a great option for businesses that have a surplus of funds and are looking to maximize their returns.
One of the top fixed rate accounts for small businesses is offered by Shawbrook Bank. Their Business 1 Year Fixed Rate Bond offers a competitive interest rate and the flexibility to choose between monthly or annual interest payments. With a minimum deposit of just £1,000, it’s a suitable option for businesses of all sizes.
Notice Accounts:
For businesses that want to earn a higher interest rate but still have access to their funds with some notice, a notice account is a great option. These accounts require you to give a certain notice period, usually 30 or 90 days, before making a withdrawal. This can be a good option for businesses that have a buffer of savings and can plan ahead for their expenses.
One of the top notice accounts for small businesses is offered by Paragon Bank. Their 90 Day Notice Business Savings Account offers a competitive interest rate and the flexibility to choose between monthly or annual interest payments. With a minimum deposit of just £500, it’s a suitable option for businesses that want to earn a higher return on their savings.
In conclusion, as a small business owner, it’s important to find the right savings account that fits your business needs. Whether you need instant access to your funds, want to earn a higher interest rate, or prefer some notice before withdrawing your savings, there are plenty of options available in the UK market. It’s essential to do your research and compare different accounts to find the best fit for your business. With the right savings account, you can make your money work harder for you and help your business grow and thrive. So start exploring your options today and see the positive impact it can have on your business’s financial stability.