Best Startup Savings Account Rates I’ve Seen In The UK Since 2005 🌶️🌶️🌶️
Update 02/09/24
Rates have gone down sligtly but there still tons of startup savings accounts over 4% about.
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I’m writing this because I’ve just opened a business savings account for Startupmag at 4.33% AER. And I’m honestly quite happy with myself 😊.
This is the first time I’ve ever seen such a good rate for an easy access savings account for my business... read more.
So I've decided to dig deeper and list all the business savings accounts offers I could find so I don't miss anything.
I’m using this for me, but I hope you find this useful too:
High interest business savings accounts
Savings accounts (easy access, notice accounts, fixed term)
| Bank | Account Type | Interest (AER) | Paid | Minimum | Maximum |
|---|---|---|---|---|---|
| Cambridge & Counties Bank | 12M Fixed | 5.1% | Monthly/Annually | £10000 | 3000000 |
| Allica Bank | 180 Day Notice | 5.01% | Annually | £20,000 | 2000000 |
| Cambridge & Counties Bank | 24M Fixed | 4.9% | Monthly/Annually | £10000 | 3000000 |
| Allica Bank | 12M Fixed | 4.81% | At Maturity | £20,000 | 2000000 |
| Allica Bank | 95 Day Notice | 4.75% | Annually | £20,000 | 2000000 |
| Dudley Building Society | 12M Fixed | 4.75% | Annually | £1000 | 1000000 |
| Dudley Building Society | 24M Fixed | 4.75% | Annually | £1000 | 1000000 |
| Cambridge & Counties Bank | 6M Fixed | 4.75% | Monthly/Annually | £10000 | 5000000 |
| Allica Bank | 6M Fixed | 4.6% | At Maturity | £20,000 | 2000000 |
| Virgin Money | 95 Day Notice | 4.6% | Monthly | £1 | na |
| Virgin Money | 120 Day Notice | 4.59% | Monthly | £1 | na |
| Shawbrook | 12M Fixed | 4.56% | £5000 | 2000000 | |
| Cambridge & Counties Bank | 95 Day Notice | 4.55% | Monthly/Annually | £10000 | 3000000 |
| Shawbrook | 100 Day Notice | 4.51% | £5000 | 200000 | |
| TSB | 12M Fixed | 4.5% | Annually | £1 | 5000000 |
| Virgin Money | 12M Fixed | 4.5% | At Maturity | £5000 | 25000000 |
| Dudley Building Society | 90 Day Notice | 4.4% | Annually | £1000 | 1000000 |
| Cambridge & Counties Bank | 36M Fixed | 4.4% | Monthly/Annually | £10000 | 3000000 |
| Cambridge & Counties Bank | 72M Fixed | 4.4% | Monthly/Annually | £10000 | 3000000 |
| Shawbrook | Easy Access | 4.36% | £1000 | 85000 | |
| Dudley Building Society | 30 Day Notice | 4.3% | Annually | £1000 | 1000000 |
| TSB | 18M Fixed | 4.3% | Annually | £1 | 5000000 |
| Recognise Bank | 12M Fixed | 4.25% | Monthly/Annually | £1000 | 250000 |
| Nationwide Commercial | 12M Fixed | 4.25% | Monthly/Annually | £5000 | 1000000 |
| Virgin Money | 18M Fixed | 4.25% | At Maturity | £5000 | 25000000 |
| Shawbrook | 24M Fixed | 4.21% | £5000 | 2000000 | |
| Dudley Building Society | Easy Access | 4.15% | Annually | £1000 | 1000000 |
| TSB | 24M Fixed | 4.15% | Annually | £1 | 5000000 |
| Cambridge & Counties Bank | 31 Day Notice | 4.05% | Monthly/Annually | £10000 | 3000000 |
| Allica Bank | Easy Access | 4.01% | Annually | £20,000 | 2000000 |
| Cynergy Bank | Easy Access | 4% | Monthly | £1 | 10000000 |
| Aldermore | 12M Fixed | 4% | Monthly/Annually | £1000 | |
| Virgin Money | 24M Fixed | 4% | At Maturity | £5000 | 25000000 |
| Shawbrook | 45 Day Notice | 3.76% | £5000 | 2000000 | |
| Virgin Money | 65 Day Notice | 3.71% | Monthly | £1 | na |
| Virgin Money | 30 Day Notice | 3.61% | Monthly | £1 | na |
| Aldermore | 6M Fixed | 3.6% | Monthly/Annually | £1000 | |
| Tide | Easy Access | 3.55% | Monthly | £1 | na |
| Virgin Money | Easy Access | 3.55% | Monthly | £1 | 2000000 |
| Aldermore | Easy Access | 3.5% | Monthly/Annually | £1000 | |
| Virgin Money | 6M Fixed | 3.38% | At Maturity | £5000 | 25000000 |
| Nationwide Commercial | 35 Day Notice | 3.35% | Monthly/Annually | £5000 | 1000000 |
| Recognise Bank | Easy Access | 3.15% | Monthly/Annually | £1000 | 250000 |
| Oxbury | 95 Day Notice | 2.86% | Monthly/Annually | £1000 | 1000000 |
| Oxbury | 35 Day Notice | 2.81% | Monthly | £1000 | 1000000 |
| Oxbury | Easy Access | 2.76% | Monthly | £1000 | 500000 |
| Co-operative Bank | 95 Day Notice | 2.51% | Every 6 months | £0 | |
| Cynergy Bank | Current Account | 2.5% | Monthly | £1 | 25000 |
| Revolut Business | Easy Access | 2.25% | Daily | £1 | 500000 |
| Nationwide Commercial | Easy Access | 2.25% | Monthly/Annually | £5000 | 1000000 |
| Co-operative Bank | 35 Day Notice | 2.13% | Every 6 months | £0 | |
| Virgin Money | 3M Fixed | 1.91% | At Maturity | £5000 | 25000000 |
| Co-operative Bank | Easy Access | 1.63% | Every 6 months | £0 | |
| TSB | Easy Access | 1.5% | Monthly | £5000 | 5000000 |
| TSB | Easy Access | 1.35% | Monthly | £0 | 4999 |
| Virgin Money | Easy Access | 1.35% | Quarterly | £1 | na |
What is an easy access account?
An easy access business savings account is perfect for businesses that need to keep their cash flow flexible. Unlike other savings accounts that might lock your money away for a set period, this type lets you withdraw funds whenever you need without any penalties. This can be really handy for handling unexpected expenses or taking advantage of new opportunities as they come up.
The interest rates on these accounts are usually a bit lower than what you'd get with fixed-term accounts, but they're typically better than those of a regular business current account.
What is a notice savings accounts?
A notice savings account is a type of savings account that’s a bit different from the instant access ones because it requires you to give advance notice—usually around 30 to 120 days—before you can withdraw your money. This kind of account is great for businesses that can plan their cash requirements ahead of time.
The benefit of sticking to these rules is that notice accounts often offer higher interest rates compared to instant access accounts. This means the longer you’re willing to wait to access your money, the more you might earn from it. It’s a good middle ground if you want to earn more on your savings but don’t want to lock your money away for years like you would with a fixed-term deposit.
What is a fixed term savings accounts?
A fixed term business savings account is a special type of savings account where you agree to lock away your money for a set period of time, which could range from a few months to several years. The idea is that in exchange for committing your funds for this duration, the bank offers you a higher interest rate than you’d typically get from more accessible savings accounts.
This kind of account is a great fit if your business has extra cash that you know you won’t need for a while. Since you won’t be able to access the money without facing a hefty penalty, it encourages long-term saving and can be a smart move to maximize earnings on your surplus funds.
Startupmag publishes general business information and is not a lender, advisor, insurer or broker and as such is not regulated or authorised by the Financial Conduct Authority.
This information is not financial advice and/or recommendations. Startupmag strives to keep its information accurate and up-to-date. However, always check the financial institution, service provider or specific product's site for terms & conditions.
