CompanyName of AccountAERMinimum DepositType of AccountCompensation scheme (see below)
12 Month Fixed Term Deposit Account 12.50%£10,000Telephone
Post
FSCS
Fixed Term Deposit
(Expected profit rate)
2.17%£1,000Internet
Post
FSCS
Fixed Deposit2.02%£1BranchFSCS
Fixed Rate Deposit1.92%£1,000Branch
Post
FSCS
1 Year Fixed Rate Savings Account1.85%£1,000Internet
Telephone
Post
FSCS
Customised Fixed Rate Business Savings Account1.85%£1,000InternetFSCS
Business 1 Year Bond1.85%£5,000Branch
Post
FSCS
Hampshire Trust Bank1 Year Business Bond (Issue 24)1.85%£5,000PostFSCS

Disclaimer: All rates are subject to change, please check with the bank or building society before investing.

See more for businesses

Business Deposit Accounts

SIPP Zone

How your pension can help your business

Applicable compensation scheme

The accounts featured in the above table are covered by a number of different compensation schemes.

For banks and building societies who are members of the Financial Services Compensation Scheme (FSCS) you should check whether your business meets the qualifying criteria. The following information is taken from the FSCS website:

FSCS was set up mainly to assist private individuals, although some smaller businesses are also covered. Larger businesses are generally excluded, although there are some exceptions to this (for example for claims in respect of certain compulsory insurances). Our rules tell us which claims are eligible and form part of the FSA’s Handbook of rules and guidance, under Redress, Compensation.

As an indicative guide only, for the purposes of deposit and investment claims, smaller companies are protected. A smaller company must meet two of the following criteria (as set out in section 247 of the Companies Act 1985 or section 382 of the Companies Act 2006 as applicable):

  • Turnover: not more than £6.5 million
  • Balance sheet total: not more than £3.26 million
  • Total number of employees: not more than 50

The same levels of compensation apply whether the claimant is a private individual, small business, or a small company.

More information about the various compensation schemes can be found by clicking on the links below:

Financial Services Compensation Scheme
Isle of Man’s Depositors’ Compensation Scheme
Guernsey Banking Deposit Compensation Scheme
Eligible Liabilities Guarantee Scheme

One Year Fixed Rate Business Deposit Account

A One Year Fixed Rate business savings account will provide a set rate of interest for one year and can be an excellent way of improving on the uncompetitive interest rates offered by most business current accounts.

In common with personal accounts business Fixed Rate savings accounts generally pay a higher rate of interest the longer you are prepared to tie up your savings. Businesses should be careful though not to tie up money they may need access to as most Fixed Rate business accounts do not allow early access to the capital.

Fixed Rate business deposit accounts are available for a variety of different terms, from very short periods, for example as little as a week, to longer terms of up to five years.