The last couple of years have been rewarding for savers with interest rates reaching levels not seen for fifteen years or more.
It’s not just personal customers who have benefited from more competitive savings deals, rates for business savings are now much healthier too.
In the first half of 2024, rates edged slightly lower in anticipation of a possible base rate cut which eventually materialised on 1st August, however even though the MPC cut again on 7th November, there are still some excellent rates available to business customers.
Many businesses, large and small, keep too much money in their current account rather than using some to deliver useful credit interest income on cash they don’t need immediately.
There are a range of savings options to suit all businesses, from instant access savings to notice accounts where you typically can access your cash in 1 to 3 months and then there are fixed rate bonds paying higher still returns if you’re able to lock some cash away for a little longer.
If you leave the money in the business current account then it’s your bank who benefits and not you, so why not make some of your money work for you by generating some additional interest income.
Here are some of the best deals available 10th December 2024:
Easy Access Business Savings
Notice Savings Accounts for Businesses
- Redwood Bank 35 days notice 4.10%
- Recognise Bank 120 days notice 4.40%
- United Trust Bank 180 days notice Tracker 4.75%
Business Fixed Rate Savings (no early access)
- United Trust Bank – 1 Year Bond 4.60%
- Shawbrook Bank – 1 Year Bond 4.56%
- Allica Bank – 1 Year Bond 4.56%
- Cambridge & Counties Bank – 1 Year Bond 4.35%
- Cambridge & Counties Bank – 2 Year Bond 4.25%
- Cambridge & Counties Bank 6 month bond 4.35%
Check out the full best buy tables for business savings here
