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Live Oak Bank awards a 0.60%APY on its business savings account. There is no minimum opening balance or deposit required to open a business savings account. The business savings account is open to deposits of up to $5 million and is free of monthly maintenance fees. The best business savings accounts are high-yield accounts — those with above-average interest rates — that allow you to earn more money over time. According to the Federal Deposit Insurance Corp. US Bank Platinum Business Money Market. The US Bank Platinum Business Money Market is one of. A business savings account is a bank account you can use to save earnings for future business use. You can quickly and easily access money from your savings account when you need it. There are different types of savings accounts to choose from, depending on your bank.

Saving is always smart. For sole traders, startups, and established businesses, it’s a good idea to store extra capital in a place where it can earn as much interest as possible. There are lots of options out there, including instant access, notice accounts, and fixed terms. These are 35 of the best savings accounts available to businesses.

Companies are ranked in no particular order.

Featured: Aldermore

• Fixed rate and easy access savings accounts available.
• Earn 0.50-0.55% AER.
• Real-time interest rate information.
• Rated ‘Excellent’ by Business Moneyfacts.
• Average independent review score of 4.7 out of 5.

Website: Aldermore Business Savings
Read the full Aldermore Business Savings Account review.

1. Barclays

• Instant access, client deposit, and fixed term accounts available.
• Open an account with £0.
• Earn up to 0.40% AER on instant access and client deposit.
• Manage instant access and client deposit online.
• Fixed term has minimum opening balance of £100,000 and can only be managed in-branch or over the phone.

Website: Barclays Business Savings Accounts
Read the full Barclays Business Account review.

2. NatWest

• Instant access, notice, and fixed term savings available.
• Give 35 or 95 days’ notice to access funds in notice account.
• Client accounts also available.
• Earn from 0.20% AER.
• £25,000 minimum deposit for fixed term account.

Website: NatWest Business Savings Accounts
Read the full NatWest Business Account review.

3. HSBC

• Instant access, notice, and fixed savings available.
• Tailored savings account available with a £5,000 minimum deposit.
• Option to benefit from UK money market interest rates.
• Client deposit account also available.
• Savings also available to community organisations and charities.

Website: HSBC Business Savings Accounts
Read the full HSBC Business Account review.

4. Lloyds Bank

• Instant access, notice, and deposit accounts available.
• Fixed term locks cash away for 3 years.
• Withdraw with 32 days’ notice with the notice account.
• £1 minimum deposit.

Website: Lloyds Bank Business Savings Accounts
Read the full Lloyds Bank Business Account review.

5. Metro Bank

• Instant access, notice, and fixed term available.
• Business owners can open an account in-store.
• Choose from 35, 60 or 95 days’ notice.
• Earn from 0.30% AER.
• Some charges for dealing with cheques.

Website: Metro Bank Business Savings Accounts
Read the full Metro Bank Business Account review.

6. Bank of Scotland

• Instant access, notice, and fixed term accounts available.
• Minimum deposit of £1 for instant access and £10,000 for notice
• 32 days’ notice on notice account.
• Choose your own fixed term up to 3 years.
• Client account also available.

Website: Bank of Scotland Business Savings Accounts
Read the full Bank of Scotland Business Account review.

7. Yorkshire Bank

• Instant access, notice, and fixed term accounts available.
• Minimum deposit from £1, depending on the account.
• Give 15, 30, 95 or 120 days’ notice.
• Save with a fixed interest rate for 30 days to 24 months.
• Accounts also available to charities and community organisations.

Website: Yorkshire Bank Business Savings Accounts
Read the full Yorkshire Bank Business Account review.

8. TSB

• Instant access savings only.
• Earn from 0.15% to 1.00% AER, depending on your balance.
• Save from £1.
• Open and manage your account online, over the phone, or in-branch.

Website: TSB Business Savings Accounts
Read the full TSB Business Account review.

9. Santander

• Instant access and fixed rate accounts available.
• Manage your account online, over the phone, and in-branch.
• Preferential rates for customers who already have a 1 2 3 Business World current account.
• Earn from 0.35% AER.

Website: Santander Business Savings Accounts
Read the full Santander Business Account review.

10. Royal Bank of Scotland

• Instant access, notice, and fixed term accounts available.
• Withdraw with 35 or 95 days’ notice.
• No minimum balance for instant access account.
• Earn from 0.20% AER.
• Get the best rate if you save for up to 12 months (minimum balance of £25,000)

Website: Royal Bank of Scotland Business Savings Accounts
Read the full Royal Bank of Scotland Business Account review.

11. Ulster Bank

• Instant access and fixed term available.
• Foreign currency savings account also available.
• Earn from 0.20% AER.
• Save from 1 week to 1 year with the fixed term account.

Website: Ulster Bank Business Savings Accounts
Read the full Ulster Bank Business Account review.

12. Co-operative Bank

• Notice and instant access available.
• Earn from 0.50% AER.
• Manage your instant access account online and over the phone.
• Manage the fixed account over the phone and in-branch only.
• No minimum or maximum balance needed.

Website: Co-operative Bank Business Savings Accounts
Read the full Co-operative Bank Business Account review.

13. Clydesdale Bank

• Instant access, fixed term, and notice available.
• Withdraw from notice accounts with 15-120 days’ notice.
• No minimum opening deposit for instant access.
• £500 or £5,000 minimum opening balance for notice and fixed term.

Website: Clydesdale Bank Business Savings Accounts
Read the full Clydesdale Bank Business Account review.

14. Allied Irish Bank

• Fixed term and instant access available.
• Earn from 0.05% to 0.50% AER.
• Can only open an account in-branch.
• Fixed account saves money for up to 24 months.

Website: Allied Irish Bank Business Savings Accounts
Read the full Allied Irish Bank Business Account review.

Best Savings Account For Small Business

15. ICICI Bank UK

• Easy access and fixed savings accounts in dollars or sterling.
• Save with just £1.
• Access and manage your account in-branch or through the post.
• 0.60-1.00% AER (variable) available.
• Save from 6 months to 5 years.

Website: ICICI Bank UK Business Savings
Read the full ICICI Bank UK Business Savings Account review.

16. Masthaven

• Fixed accounts only. Money stays locked away while you’re saving.
• Save over 6 months to 5 years. You can choose a pre-set period or choose your own.
• Earn 1.80-2.35% AER.
• Average score of 4.6/5 on Feefo.

Website: Masthaven Business Savings
Read the full Masthaven Business Savings Account review.

17. Nationwide

• Easy access, notice, and fixed rate accounts available.
• Manage your savings online and on the app 24/7.
• Earn 0.65-1.25% AER.
• Earn more if you lock your money away for 6 months to 1 year.
• Access your money with 45-125 days’ notice with the notice account.
• £5,000 minimum opening balance (you won’t earn any interest if your balance falls below £5,000).

Website: Nationwide Business Savings
Read the full Nationwide Business Savings Account review.

18. Virgin Money

• Earn 1.01-1.75% AER.
• Easy access and fixed rate for 1 year account available.
• Manage everything online.
• £1 minimum deposit.
• Includes free access to Virgin Money Lounges with refreshments, Wi-Fi, newspapers, etc.

Website: Virgin Money Business Savings
Read the full Virgin Money Business Savings Account review.

19. Cynergy Bank

• Fixed and client deposit accounts available.
• Save for 1, 2, or 3 years.
• Earn up to 1.65% AER.
• £10,000 minimum deposit.
• Apply by post, manage your account online.

Website: Cynergy Bank Business Savings Accounts
Read the full Cynergy Bank Business Bank Account review.

20. State Bank of India (UK)

• Instant access account only.
• Earn up to 1.00% AER.
• Manage everything in-branch, online, and in the post.
• Annual fee applies, unless your balance is £10,000 or more.

Website: State Bank of India UK Business Savings
Read the full State Bank of India UK Business Bank Account review.

21. United Trust Bank

• Fixed rate and notice accounts available.
• Earn 1.50-1.95% AER.
• Must give notice of 100-200 days to withdraw from the notice account.
• Save for 1 or 2 years fixed term.
• Minimum deposit of £5,000.
• Faster payments cost £5, CHAPS cost £23.
• BACS and cheques are free.

Website: United Trust Bank Business Savings
Read the full United Trust Bank Business Savings Account review.

22. Charity Bank

• Support UK-based charities and community enterprises while you save.
• Easy access, notice, and fixed rate accounts available.
• Earn 0.65-1.50% AER.
• Save for 1 year with the fixed account.
• 100-day notice period for the notice account.
• £1,000 minimum deposit
• Manage your account by post, email, and phone.
• 5.00% tax relief available with the CITRA 9th Issue (Business) account.

Website: Charity Bank Business Savings
Read the full Charity Bank Business Savings Account review.

23. Hampshire Trust Bank

• Notice and fixed rate accounts available.
• Earn 1.35-2.10% AER.
• 30, 60, and 90 days on notice accounts.
• Save for 1-3 years with the fixed account.
• 4.6/5 average rating on Feefo.
• Gold Trusted Service Award 2019 from Feefo.
• Manage your account by post, email, and phone.
• £5,000 minimum deposit.

Website: Hampshire Trust Bank Business Savings
Read the full Hampshire Trust Bank Business Savings Account review.

24. Kent Reliance

• Easy access only.
• Takes just 10 minutes to open an account online.
• Earn 0.90% AER.
• £1,000 minimum deposit.
• Manage your account easily online.

Website: Kent Reliance Business Savings
Read the full Kent Reliance Business Savings Account review.

25. Cumberland Building Society

• Instant access, notice, and fixed term available.
• Earn 0.45% to 1.05% AER.
• Save with the fixed term account for up to 2 years.
• Give 40 days’ notice on the notice account.
• Secure a higher interest rate if you’re an internet banking customer.
• Minimum opening balance of £100.

Website: Cumberland Building Society Business Banking
Read the full Cumberland Building Society Business Bank Account review.

26. Redwood Bank

• Notice and fixed rate accounts available.
• Access your cash with 35 or 95 days’ notice.
• Earn 1.60-2.00% AER.
• £10,000 minimum deposit.
• Awarded Best Business Fixed Rate Bond Provider 2019.
• Apply online in 15 minutes.

Website: Redwood Bank Business Savings
Read the full Redwood Bank Business Savings Account review.

27. Shawbrook Bank

• Notice and fixed rate accounts available.
• Earn 1.00-1.25% AER.
• £5,000 minimum balance.
• Save your money for up to 1 year with the fixed account.
• Access your cash with 100 days’ notice.
• Not available to charities or trusts.

Website: Shawbrook Bank Business Savings
Read the full Shawbrook Bank Business Savings Account review.

28. Cambridge Building Society

• Easy access, notice, and fixed accounts available.
• Manage your account online and on the app.
• Withdraw from easy access account up to twice a month.
• Earn 0.25-1.40% AER.
• Fixed account saves money for 1 year.
• £1,000 minimum investment.
• 100 days’ notice to withdraw from notice account.

Website: Cambridge Building Society Business Savings
Read the full Cambridge Building Society Business Savings Account review.

29. OakNorth

• Easy access, notice, and fixed accounts available.
• Manage your account online.
• Earn 0.51-1.61% AER.
• Average Feefo rating of 4.5/5.
• £10,000 minimum balance.
• Your business must have been registered in the UK for at least 2 years to qualify.

Website: OakNorth Business Savings
Read the full OakNorth Business Savings Account review.

30. Triodos Bank

• For businesses or charities
• Offer instant access or notice period accounts
• Open with deposits from £1,000
• Only lend money to organisations that are making a positive impact for people and planet
• Also offer fixed term deposit accounts with deposits from £10,000
• Interest rates on fixed term deposits up to 0.40% gross/AER on 12 month accounts
• Transparent on who they lend the money to

Website: Triodos Bank Savings
Read the full Triodos Bank Business Savings Account review.

31. Cater Allen Private Bank

• One savings account available. Can be fixed or easy access, depending on how you want to use it.
• Make unlimited withdrawals without penalty with 30 days’ notice.
• Make one withdrawal of up to £2,500 without notice each calendar year.
• Manage your account online, over the phone, and through the post.
• Earn 0.25% AER.
• £5,000 minimum balance.
• Part of the Santander Group.

Website: Cater Allen Private Bank Business Savings
Read the full Cater Allen Business Savings Account review.

32. Saffron Building Society

• Easy access and fixed savings accounts available.
• Charity and community account available.
• Interest rates from 0.10% to 0.45% AER.
• Fixed term up to 12 months.
• Branches in the south east of England only.
• Some accounts managed online, others in-branch and through the post.
• Development finance also available.

Website: Saffron Building Society Business Savings
Read the full Saffron Building Society Business Savings Account review.

33. Cambridge & Counties Bank

• Save your business’ spare cash for 5 years.
• No withdrawals allowed until account matures.
• 1.30% Gross/AER Fixed.
• Invest between £10,000 and £500,000.
• Open to sole traders, limited companies, charities, and clubs.
• ‘Best Business Fixed Rate Bond Provider’ at the Savings Champion Awards 2020.

Website: Cambridge & Counties Bank Business Savings
Read the full Cambridge & Counties Bank Business Savings Account review.

34. Mansfield Building Society

• Notice savings accounts only (40, 90, or 180 days).
• Save £1,000+.
• Access and manage your account in-branch or through the post.
• 0.20-0.50% AER/Gross.
• Maximum investment of £250,000.
• Open to limited companies, sole traders, partnerships and unincorporated businesses.

Website: Mansfield Building Society Business Savings
Read the full Mansfield Building Society Business Savings Account review.

Why open a business savings account?

Having savings can help your business prepare for future investments, secure the future, and make it easier to afford essentials. Opening a dedicated savings account is a good idea because you can earn interest on your balance, meaning your business’ cash earns while it sits there doing nothing.

How do business savings accounts work?

The more you save and the longer for, the more interest you’ll earn on your balance. Savings accounts are usually instant access, notice, or fixed term.

Instant access accounts are exactly what they sound like – you can withdraw and pay in anytime. Notice accounts require you to give a period of notice before you withdraw, often a few weeks. Fixed term accounts usually have a higher interest rate than easy access accounts, but you can’t withdraw any of the cash until the fixed period ends.

What are the differences between a business savings account and a business bank account?

A savings account is designed specifically for depositing money for later, whether you’ll need it in a couple of weeks or a couple of years. A current account is for everyday business spending and earning.

Current accounts don’t usually earn interest on the balance. If they do, the rate will often be a lot lower than the rate you’d get with a savings account.

How to open a business savings account.

You can often apply for a business savings account online, but depending on the account and the provider, you might be restricted to applying over the phone or in person. You’ll often need to deposit an amount to open your account, which can range from just £1 to several thousand pounds.

What interest rates do business savings accounts currently offer?

Interest rates can vary dramatically, depending on the type of savings account you open. You’ll often get a higher interest rate if you save for a fixed period, compared to instant access. Rates can be as low as 0.10% and go up to 1.00-2.00%.

How long do you have to keep money in a business savings account?

How long you save for is entirely up to you. To earn the best return, it makes sense to save for at least a year. If you want to keep your money accessible, an instant access or notice account is the best option. This means you can save your money for as long as you want.

Who offers the best business savings account?

The best business savings account for your business depends entirely on how much you want to save and how much access you need. If you’re looking for the highest possible return, the account with the highest interest rates will be the best choice.

* Please note we have an affiliate relationship with Aldermore. This comes at no cost to you but we thought you should know.

Saving for a rainy day is a phrase we are accustomed to hearing when it comes to our own personal finances, but not one we would think about when it comes to business.

But business savings accounts help many companies and sole traders weather difficult financial times. It’s clear that there are benefits to having a business savings account, but which is the best company savings accounts to opt for?

Why might a business want a savings account?

There are many reasons why it makes sense for a business to have a pot of savings:

• Buffer income volatility – whether you are a limited company or a sole trader, every business is subject to ever-changing trading conditions. The most recent issue many businesses have faced is the coronavirus pandemic. Even with Government help, many businesses found trading conditions so difficult that they become insolvent. Whilst a savings pot may not stave off such large trading threats, it will and can go some way in helping a business survive difficult conditions. It also means that if sales are slow and income is affected, a business sales account can provide a welcome buffer.
• Buffer unexpected costs – overheads do not remain the same, and if they rise unexpectedly, a savings pot could help buffer these unexpected costs.
• Ring fence money for tax and VAT liabilities – ringfencing money to pay upcoming tax and VAT bills is easier with a savings account. By using accounting software, you can automatically calculate the size of both or either of these bills and put this money aside. It also means that as you save this money, you accrue interest, a welcome added bonus.

What are the different options for business savings accounts?

Best Business Savings Accounts For Small Business

There are different business savings accounts that a startup can easily use to give their business a stable financial foundation.

Like all savings pots, there are different issues that you need to consider. By doing so, you’ll find the business savings vehicles that your business needs:

• Accessing your money – some business savings accounts are built for long term returns which means getting access to your money is not instant. Other saving pots do have instant access, but the pay off is a lower return.
• Interest rates – any money that your business puts aside needs to work hard, and that comes in the way of interest. Longer terms savings vehicles have a higher interest rate as do some business savings accounts that are deemed ‘riskier’. Other business savings accounts that have instant access will have a lower interest rate.

Understanding which is the best instant access, fixed interest rate or higher interest rates business savings account for your business is essential.

Current business saving accounts

The interest rates and products on offer can change without notice. Always check the current business savings rates and products on offer from each bank before you commit

A business savings account can really help a business to build a stable financial base. It allows surplus income to be saved and earn you interest at the same time. But like all business accounts, you need to make sure you choose the right product for your business, including how quickly you can access the money.

Business savings accounts FAQ

Yes, in fact, from a financial planning point of view, a business savings account is a great way of ringfencing money as well as earning extra income too. There is a huge range of savings vehicles for business from high-interest business savings accounts to fixed-term products that can yield a high-interest rate, but limits access to your money.

A business that has a savings account affords itself extra protection against a range of financial issues such as managing dips in income, as well as putting aside sums of cash to meet tax and VAT liabilities. Company savings accounts also allow a business to put aside surplus cash and earn money through interest payments. It gives an extra sense of security that should there be a rainy day for the business to endure, that there is a pot of cash to draw on.
There is no doubt that a business savings account is part of prudent financial planning for any business, no matter their shape or size.

Best Business Savings Accounts Nerdwallet

Savings operate in a similar way for businesses as they do for personal customers. The amount a business saves depends on a variety of factors:
• Leave a buffer in the current account – a business should maintain an operating buffer in their current account so that overheads and bills are met from month to month. This is especially important if you place savings into a fixed term, no access savings vehicle.
• Meet current debt obligations – it is important that a business not only keep a buffer in their current account but are able to easily meet their overheads and bill payments.
But, as a small business, you can put away the money that you need to meet tax or VAT liabilities.
If you use a piece of accounting software, such as Xero or QuickBooks, it can automatically calculate how much your tax and/or VAT liability will be. This means you can move this amount to a savings account. You’ll just need to make sure that you can access the money when you need to in order to pay your liability.
In other words, a business shouldn’t place itself into financial difficulties in order to save but can be used to save the amount you will need to pay in tax or VAT every quarter or annually.

Best Business Savings Accounts 2017

Best Business Savings Accounts 2020

A high-interest business savings account will yield a higher return, and this can be maximised in a number of ways:
• The amount you save
• The length of time you save it for
• Whether it is an instant access or notice account
The best business deposit accounts are ones that are fixed term. But what this means is that the money you place into the savings account is locked away for a period of time. This could be for 6 months or as long as 5 years.
Banks change interest rates too, and so there may be times when interest rates significantly increase, just as there are times when interest rates can be low.