Company Name of Account AER Minimum Deposit Type of Account Compensation scheme (see below)
Customised fixed Rate Business Savings Account 2.05% £1,000 Internet FSCS
3 Year Fixed Rate (Loyalty) 1.85% £10,000 Branch
3 Year Fixed Rate 1.80% £10,000 Branch
Disclaimer: All rates are subject to change, please check with the bank or building society before investing.
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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:
Three Year Fixed Rate Business Deposit Account
A Fixed Rate business savings account is one option for business owners looking to get a better interest rate on any capital they may have accumulated in their business.
All business owners know that their business current account will pay an uncompetitive rate of interest; unless any savings are needed in the short term, alternatives should be considered.
Notice business accounts are open ended, but require a set notice period to be given if the savings are to be accessed without penalty. A Fixed Rate business account pays a set interest rate for a specific period of time with the interest rate generally rising the longer the savings are tied up for.
The table above shows the interest rates applicable to Three Year Fixed Rate business deposit accounts.
Business owners should take care not to tie up capital which they might need access to as most fixed rate business savings accounts will not allow early access.