Business Savings Accounts

If you regularly have credit balances on your bank account then you'll need to choose the best business savings account to make your money work harder rather than simply leaving it in your current account.

Most business current accounts only pay 0.10% so it's wise to ensure you set up some form of savings account to at least double this amount. Below are the rates from the major banks that offer business banking.

HSBC Business Bank Account

HSBC offer the standard 0.10% on credit balances and have various other accounts that can earn additional interest but you may need to tie your money up for an extended period. With base rates low the banks are not going to give their business customers too much over base.

There are a few more specialist type of deposit accounts available.

More information at HSBC Business Savings Accounts

Barclays Business Banking

Barclays offer the standard 0.10% on credit balances on current accounts but also have various instant access savings account products for businesses. Again the rate of interest is going to be low as the base rate is at a record low. Best speak with them first to see what's on offer and if there are any longer term deals on offer.

More information at Barclays Business Savings Accounts

Natwest Business Banking

Natwest generally pay 0.10% interest on current and savings accounts so it's best to check out all of their savings accounts and move your spare money to the right place. The rates across the board are low so if you bank with Natwest it's probably not worth worrying too much of what savings account your business has.

More information at Natwest Business Saving and Investing

Lloyds TSB Business Bank Accounts

Like with all other banks Lloyds TSB only pay 0.10% gross on deposits although there are additional accounts to make your money earn a little more.

The rates are low across all product ranges so it's best to put your efforts into running your business rather than where your credit reserves are deposited with Lloyds.

We couldn't find any accounts with Lloyds TSB that paid more than 0.10% unless you had a balance of £250,000 and had a turnover of at least £2 million - so the moral here is if you want to earn anything half decent is to search other banks online.

More information at Lloyds TSB Savings and Deposit rates for businesses

Santander Savings Accounts

Santander offer 0.25% interest on credit balances for current account holders with turnovers of less than £250,000 but have various offers as follows. The bonus saver accounts offer more than most other banks.

More information at Santander Savings Products