Company Name of Account AER Minimum Deposit Type of Account Compensation scheme (see below)
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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:
Two Month Fixed Rate Business Deposit Account
A short term Fixed Rate business deposit account can provide a better rate of interest than a normal business current account, on capital which a business can afford to put aside for a period of time without access.
As the name suggests a fixed rate account pays a set rate of interest for a specified period of time.
The table above shows Two Month Fixed Rate accounts for businesses, meaning that money will be tied up for a period of two months, without access. Businesses therefore need to be careful not to put money in Fixed Rate accounts, which they will need access to before the account matures. These types of accounts rarely allow access during the period of the fixed rate.