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Business savings

Our guide to business savings accounts

Article author's profile picture
Written by  Maddie Rajah
5 min read
Updated: 03 Aug 2023

Running a business isn’t easy, especially if you have to manage staff, clients and cash flow. A good current account can help your business operate more efficiently. So, too, can a business savings account.

Business Savings Easy Access Accounts

Aldermore

Easy Access Account

  • Interest Rate (AER)

    3.25%

  • Access Type

    Easy Access


What you'll need to open your account:

• Your business details (name, address and company registration number if you have one)
• The sort code and account number for your business bank account (your nominated account)
• Date-of-birth and addresses of all business owners
• A mobile phone number that can receive text messages
• You must be a UK-based business in which all directors and beneficial owners are aged 18 or over
• Minimum deposit requirement is £1,000. Maximum balance is £1,000,000


Great for

  • You can make additional deposits at any time
  • You can open and manage your account online

But be aware that

  • If you've opened an easy access account you can close it at any time with no notice or penalties
  • Interest is paid gross without the deduction of income tax
  • The interest rate is variable. Aldermore can increase or decrease the rate for any of the reasons set out in their Business Savings Terms and Conditions

Allica Bank

Easy Access Savings Account (Issue 1)

  • Interest Rate (AER)

    3.65%

  • Access Type

    Easy Access


• Minimum deposit of £20,000 and maximum of £100,000

• Must be based in the UK

• Business must be registered on Companies House

• Must have a UK business bank account


Great for

  • Flexible saving. Withdraw any time
  • Apply online
  • Eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme

But be aware that

  • You will need to nominate another UK bank account in the same business name that will be used to fund your Allica Bank savings account. Allica Bank will send your money to this account if you choose to make a withdrawal

NatWest

Business Reserve

  • Interest Rate (AER)

    1.46%

  • Access Type

    Easy Access


  • Interest rates vary based on deposit amount as below:

Deposit amount: £0-£999,999 AER%: 1.46% Gross Rate % p.a.:1.45%

Deposit amount: £1m - £9,999,999 AER%:1.71% Gross Rate % p.a.:1.70%

Deposit amount: £10m+ AER%:1.92% Gross Rate % p.a.:1.90%

  • If your business doesn't have an account with Natwest and your turnover is under £2m, you'll need to arrange a callback so they can get key business information to make your application quicker.

  • If your business doesn't have an account with Natwest and your turnover is over £2m, you'll need to call us.

  • If your business is based in Scotland and you don't currently hold an existing NatWest business or personal account, please apply with Royal Bank of Scotland or give them a call on 0345 600 2230.


Great for

  • Access to your business savings instantly
  • Make as many withdrawals as you need without penalties
  • Earn interest daily on your savings and receive it on the last business day of every month

But be aware that

  • Interest rates are subject to variation
  • Gross Rate is the interest rate you are paid without the deduction of UK income tax. Annual Equivalent rate (AER) is a notional rate of interest used for interest bearing accounts, which illustrates the rate if paid and compounded each year

RBS

Business Reserve

  • Interest Rate (AER)

    1.46%

  • Access Type

    Easy Access


  • Interest rates vary based on deposit amount as below;

Deposit amount: £0-£999,999 AER%: 1.46% Gross Rate % p.a.:1.45%

Deposit amount: £1m - £9,999,999 AER%:1.71% Gross Rate % p.a.:1.70%

Deposit amount: £10m+ AER%:1.92% Gross Rate % p.a.:1.90%

  • If your business doesn't have an account with RBS and your turnover is under £2m, you'll need to arrange a callback so they can get key business information to make your application quicker.

  • If your business doesn't have an account with RBS and your turnover is over £2m, you'll need to call us.

  • If your business is based in Scotland and you don't currently hold an existing RBS business or personal account, please apply with Royal Bank of Scotland or give them a call on 0345 600 2230.


Great for

  • Access to your business savings instantly
  • Make as many withdrawals as you need without penalties
  • Earn interest daily on your savings and receive it on the last business day of every month

But be aware that

  • Interest rates are subject to variation
  • Gross Rate is the interest rate you are paid without the deduction of UK income tax. Annual Equivalent rate (AER) is a notional rate of interest used for interest bearing accounts, which illustrates the rate if paid and compounded each year

Tide

Tide Business Savings account

  • Interest Rate (AER)

    4.33%

  • Access Type

    Easy Access


  • The account can be opened in the Tide banking app or on Tide.co

  • You need to have an active Tide Business Account to open a Tide Instant Saver Account

  • UK resident aged 18 or over

  • The account can be opened by sole traders and limited companies

  • The minimum opening deposit is £1 and can be made by online transfer from your main Tide Platform account

  • You can only add funds into your Tide Instant Saver Account by transferring them from your main Tide Business Account


Great for

  • Your money is protected up to a total of £85,000 by the Financial Services Compensation Scheme
  • Earn 4.33% AER interest on your business savings with the Tide Instant Saver Account – get access to them at any time
  • Interest on account balance paid monthly and no limits or fees on withdrawals

But be aware that

  • Interest rates are subject to variation
  • Depending on personal circumstances, you may have to pay tax on the interest to HM Revenue & Customs
  • Withdrawals from your Tide Instant Saver Account can only be made online and into your main Tide Business Account
Barista

Business Savings Fixed Rate Accounts

Aldermore

1 Year Fixed Rate Savings Account

  • Interest Rate (AER)

    4.60%

  • Access Type

    Fixed


What you'll need to open your account

  • Your business details (name, address and company registration number if you have one)

  • The sort code and account number for your business bank account (your nominated account)

  • Date-of-birth and addresses of all business owners

  • A mobile phone number that can receive text messages

  • You must be a UK-based business in which all directors and beneficial owners are aged 18 or over

  • Minimum deposit requirement is £1,000. Maximum balance is £1,000,000


Great for

  • Your money is protected up to a total of £85,000 by the Financial Services Compensation Scheme
  • Available to UK businesses without the need to change your existing bank current account
  • There are no charges for standard account services

But be aware that

  • No withdrawals, transfers out or closures permitted before the maturity date
  • If you do not advise Aldermore of your maturity instructions, your account will roll into another Fixed Rate Account of the same term or similar term
  • Interest is paid gross without the deduction of income tax

Aldermore

6 month Fixed Rate Savings Account

  • Interest Rate (AER)

    4.05%

  • Access Type

    Fixed


What you'll need to open your account

  • Your business details (name, address and company registration number if you have one)

  • The sort code and account number for your business bank account (your nominated account)

  • Date-of-birth and addresses of all business owners

  • A mobile phone number that can receive text messages

  • You must be a UK-based business in which all directors and beneficial owners are aged 18 or over

  • Minimum deposit requirement is £1,000. Maximum balance is £1,000,000


Great for

  • Your money is protected up to a total of £85,000 by the Financial Services Compensation Scheme
  • Available to UK businesses without the need to change your existing bank current account
  • There are no charges for standard account services

But be aware that

  • No withdrawals, transfers out or closures permitted before the maturity date
  • If you do not advise Aldermore of your maturity instructions, your account will roll into another Fixed Rate Account of the same term or similar term
  • Interest is paid gross without the deduction of income tax

Allica Bank

6 Month Fixed Term Savings Account

  • Interest Rate (AER)

    4.80%

  • Access Type

    Fixed rate


• Minimum deposit of £20,000 and maximum of £2,000,000
• Must be based in the UK
• Business must be registered on Companies House
• Must have a UK business bank account


Great for

  • Apply online
  • Eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme

But be aware that

  • You will need to nominate another UK bank account in the same business name that will be used to fund your Allica Bank savings account. Allica Bank will send your money to this account if you choose to make a withdrawal
  • No withdrawals, transfers out or closures permitted before the maturity date

Allica Bank

12 Month Fixed Term Savings Account

  • Interest Rate (AER)

    5.10%

  • Access Type

    Fixed Rate



• Minimum deposit of £20,000 and maximum of £2,000,000
• Must be based in the UK
• Business must be registered on Companies House
• Must have a UK business bank account


Great for

  • Apply online
  • Eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme

But be aware that

  • You will need to nominate another UK bank account in the same business name that will be used to fund your Allica Bank savings account. Allica Bank will send your money to this account if you choose to make a withdrawal
  • No withdrawals, transfers out or closures permitted before the maturity date

TSB Bank

1 Year Business Fixed Rate Bond

  • Interest Rate (AER)

    4.30%

  • Access Type

    Fixed Rate


  • Minimum deposit of £1 and a maximum balance of £5m

  • You must be a UK resident with the Business registered and based in the UK

  • Applicant(s) must be at least 18 years old

  • You'll have a 14-day window to deposit funds into your account. No withdrawals can be made during the fixed term, exceptions apply


Great for

  • Guaranteed return on up to £5m
  • You do not need a TSB Business Current Account to open and manage your account 24/7 through Internet Banking
  • No fees for standard account services

But be aware that

  • Interest will be paid annually on the anniversary of the account being opened. If the term is less than 1 year, interest is paid at the end of the term
  • At the end of the term interest will be paid into your Matured Funds account, unless you renew the money in your account into a new Fixed Rate Bond
  • The Annual Equivalent Rate (AER) shows what the interest would be if the interest was paid and added to the account once each year. It lets you compare savings accounts easily

TSB Bank

18 Month Business Fixed Rate Bond

  • Interest Rate (AER)

    4.00%

  • Access Type

    Fixed Rate


  • Minimum deposit of £1 and a maximum balance of £5m

  • You must be a UK resident with the Business registered and based in the UK

  • Applicant(s) must be at least 18 years old

  • You'll have a 14-day window to deposit funds into your account. No withdrawals can be made during the fixed term, exceptions apply


Great for

  • A guaranteed return on up to £5m
  • You do not need a TSB Business Current Account to open and manage your account 24/7 through Internet Banking
  • No fees for standard account services

But be aware that

  • Interest will be paid annually on the anniversary of the account being opened. If the term is less than 1 year, interest is paid at the end of the term
  • At the end of the term interest will be paid into your Matured Funds account, unless you renew the money in your account into a new Fixed Rate Bond
  • The Annual Equivalent Rate (AER) shows what the interest would be if the interest was paid and added to the account once each year. It lets you compare savings accounts easily

TSB Bank

2 Year Business Fixed Rate Bond

  • Interest Rate (AER)

    3.90%

  • Access Type

    Fixed Rate


  • Minimum deposit of £1 and a maximum balance of £5m

  • You must be a UK resident with the Business registered and based in the UK

  • Applicant(s) must be at least 18 years old.

  • You'll have a 14-day window to deposit funds into your account. No withdrawals can be made during the fixed term, exceptions apply


Great for

  • A guaranteed return up to £5m.
  • You do not need a TSB Business Current Account to open and manage your account 24/7 through Internet Banking.
  • No fees for standard account services.

But be aware that

  • Interest will be paid annually on the anniversary of the account being opened. If the term is less than 1 year, interest is paid at the end of the term.
  • At the end of the term interest will be paid into your Matured Funds account, unless you renew the money in your account into a new Fixed Rate Bond.
  • The Annual Equivalent Rate (AER) shows what the interest would be if the interest was paid and added to the account once each year. It lets you compare savings accounts easily.

Business Savings Notice Accounts

Allica Bank

95 Day Notice Savings Account

  • Interest Rate (AER)

    4.53%

  • Access Type

    Notice Account


• Minimum deposit of £20,000 and maximum of £2,000,000
• Must be based in the UK
• Business must be registered on Companies House
• Must have a UK business bank account


Great for

  • Apply online
  • Eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme

But be aware that

  • You will need to nominate another UK bank account in the same business name that will be used to fund your Allica Bank savings account. Allica Bank will send your money to this account if you choose to make a withdrawal

Allica Bank

180 Day Notice Savings Account

  • Interest Rate (AER)

    5.01%

  • Access Type

    Notice Account


• Minimum deposit of £20,000 and maximum of £2,000,000
• Must be based in the UK
• Business must be registered on Companies House
• Must have a UK business bank account


Great for

  • Apply online
  • Eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme

But be aware that

  • You will need to nominate another UK bank account in the same business name that will be used to fund your Allica Bank savings account. Allica Bank will send your money to this account if you choose to make a withdrawal

NatWest

Liquidity Manager 35 Days notice

  • Interest Rate (AER)

    3.25%

  • Access Type

    Notice


  • Minimum deposit amount: £0+

  • Gross Rate % p.a: 3.20%

  • If your business doesn't have an account with Natwest and your turnover is under £2m, you'll need to arrange a callback so they can get key business information to make your application quicker.

  • If your business doesn't have an account with RBS and your turnover is over £2m, you'll need to call them.

  • If your turnover is over £2m, you'll need to give them a call on 0345 711 4477 so we can get the key business information to speed up your application.


Great for

  • Interest is calculated on your daily balance and applied on the last Business Day of each month
  • No minimum or maximum balances apply
  • No early withdrawals

But be aware that

  • Interest rates are subject to variation.
  • Gross Rate - the interest rate you are paid without the deduction of UK income tax. Annual Equivalent rate (AER) - this is a notional rate of interest used for interest bearing accounts, which illustrates the rate if paid and compounded each year.
  • It helps you to compare the effective rates of credit interest on different accounts. Early withdrawals from the Liquidity Manager Notice Accounts are not permitted.

NatWest

Liquidity Manager 95 Days notice

  • Interest Rate (AER)

    4.25%

  • Access Type

    Notice


  • Minimum deposit amount: £0+

  • Gross Rate % p.a.: 4.17%

  • If your business doesn't have an account with Natwest and your turnover is under £2m, you'll need to arrange a callback so they can get key business information to make your application quicker.

  • If your business doesn't have an account with Natwest and your turnover is over £2m, you'll need to call us.

  • If your business is based in Scotland and you don't currently hold an existing NatWest business or personal account, please apply with Royal Bank of Scotland or give them a call on 0345 600 2230.


Great for

  • Interest is calculated on your daily balance and applied on the last Business Day of each month
  • No minimum or maximum balances apply

But be aware that

  • Interest rates are subject to variation
  • Gross Rate is the interest rate you are paid without the deduction of UK income tax. Annual Equivalent rate (AER) is a notional rate of interest used for interest bearing accounts, which illustrates the rate if paid and compounded each year
  • Early withdrawals from the Liquidity Manager Notice Accounts are not permitted

RBS

Liquidity Manager 35 Days notice

  • Interest Rate (AER)

    3.25%

  • Access Type

    Notice


  • Minimum deposit amount: £0+

  • Gross Rate % p.a.: 3.20%

  • If your business doesn't have an account with RBS and your turnover is under £2m, you'll need to arrange a callback so they can get key business information to make your application quicker.

  • If your business doesn't have an account with RBS and your turnover is over £2m, you'll need to call them.

  • If your turnover is over £2m, you'll need to give them a call on 0345 711 4477 so we can get the key business information to speed up your application.


Great for

  • Interest is calculated on your daily balance and applied on the last Business Day of each month
  • No minimum or maximum balances apply
  • No early withdrawals

But be aware that

  • Interest rates are subject to variation. Gross Rate - the interest rate you are paid without the deduction of UK income tax.
  • Annual Equivalent rate (AER) - this is a notional rate of interest used for interest bearing accounts, which illustrates the rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
  • Early withdrawals from the Liquidity Manager Notice Accounts are not permitted.

RBS

Liquidity Manager 95 Days notice

  • Interest Rate (AER)

    4.25%

  • Access Type

    Notice


  • Minimum deposit amount: £0+

  • Gross Rate % p.a: 4.17%

  • If your business doesn't have an account with RBS and your turnover is under £2m, you'll need to arrange a callback so they can get key business information to make your application quicker.

  • If your business doesn't have an account with RBS and your turnover is over £2m, you'll need to call us.

  • If your business is based in Scotland and you don't currently hold an existing RBS business or personal account, please apply with Royal Bank of Scotland or give them a call on 0345 600 2230.


Great for

  • Interest is calculated on your daily balance and applied on the last Business Day of each month
  • No minimum or maximum balances apply

But be aware that

  • Interest rates are subject to variation.
  • Gross Rate is the interest rate you are paid without the deduction of UK income tax. Annual Equivalent rate (AER) is a notional rate of interest used for interest bearing accounts, which illustrates the rate if paid and compounded each year.
  • Early withdrawals from the Liquidity Manager Notice Accounts are not permitted.