CompanyName of AccountAERMinimum DepositType of AccountCompensation scheme (see below)
Fixed Deposit0.75%£0BranchFSCS
Business Term Deposit0.65%£5,000Branch
Business Term Deposit0.65%£5,000Branch
6 Month Flexible Term Saver0.55%£5,000InternetFSCS
Business Fixed Term Deposit0.45%£10,000InternetFSCS
6 Month Fixed Term Deposit0.40%£5,000BranchFSCS

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

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Business Deposit Accounts


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

Six Month Fixed Rate Business Deposit Account

Businesses can get a better rate of interest than their current account usually offers by considering other types of business deposit account such as a fixed rate.

The longer a business is prepared to tie up capital the better the rate of interest will be.

The table above shows Six Month Fixed Rate business savings accounts, which will generally pay a higher rate of interest than a normal business current account. Although, businesses need to be mindful that they will not be able to access their capital during the period of the fixed rate and be happy to tie up their funds for the duration of the fixed rate.

Other types of business savings account are available, including Instant Access accounts, Notice accounts, and Fixed Rate accounts with shorter and longer maturity dates.