Business Easy Access
| Provider | Rate | Min/Max Deposit | Opening Account | Accessing Account | Interest Options | Eligibility | SG Verdict |
|---|---|---|---|---|---|---|---|
|
0.70% | £500 / No Maximum | Branch | Branch |
| - Ltd Company - LLP - Not for profit - Partnership - Plc - Sole Trader - Charities - Client Monies - Clubs - Executors |
Al Rayan Bank is a Sharia Bank and operates under Islamic Finance principles. The rate offered represents an expected profit rate, rather than a fixed interest rate. The Bank has always delivered it’s expected profit. |
|
0.50% | £1,000 / £1m | Branch | Branch |
|
- Sole trader - Partnership - Limited Partnership - LLP - Ltd Company |
Aldermore was formed in 2009 and is now part of South African banking group FirstRand. It manages over £10bn of savings. |
|
0.40% | £5,000 / £500,000 | Branch | Branch |
| - Limited Company - Limited Liability Partnership - Not for profit organization - Partnership - Public Limited Company - Sole Trader - Accountants - Associations - AVC Trustees - Charities - Churches - Clubs - Co-operatives - Embassies - Estate Agents - Executors - Financial Intermediaries - Friendly Societies - Pension Fund Managers - Schools/Colleges - Scottish Solicitors - Social Enterprises - Solicitors - Trade Union |
This account is quite restrictive as only £20,000 can be withdrawn per calendar year by a maximum of two withdrawals without notice or penalty. After this, no further withdrawals are permitted until 1st January the following year. A third withdrawal results in automatic closure of the account. There is a local version of this account, which pays a very attractive 0.90%, but this is only available for Buckinghamshire based businesses. |
|
0.50% | £1,000 / £1m | Branch | Branch |
|
- Maximum of 3 Directors who are also major (25%+) shareholders
- Ltd companies only |
This rate was introduced on 19th June 2020, having been held at 0.90% since 2017. Kent Reliance are part of One Savings Bank, which has recently completed a merger with Charter Court Financial Services (which includes Charter Savings Bank) and now looks after combined savings balances of £16.3bn. |
|
0.50% | £1,000 / £5m | Branch | Branch |
| - Limited Company - Accountants - Estate Agents - Schools/Colleges - Solicitors - Must be UK registered business - Maximum of 4 signatories
|
Monmouthshire Building Society is based in Newport and was founded in 1869. It looks after £818m of savers deposits |
|
0.45% | £10,000 / £500,000 | Branch | Branch |
| - Ltd Company - Limited Partnership - LLP - Charity - Must have UK business current account - All signatories must be UK resident taxpayers |
Very competitive rate from Essex based Saffron, who look after £850m of savings and are one of the top 20 building societies, by size, in the UK |
|
0.50% | £1,000 / £1,000,000 | Branch | Branch |
| - Limited Company - Limited Liability Partnership - Partnership - Sole Trader - Must be UK registered business |
Essex based Shawbrook launched in 2011 but didn’t launch this first business easy access account until November 2019. It went straight to the top of our best buy tables, and stayed there, until pipped by Saffron in April 2020. |
|
0.50% | £5,000 / £5m | Branch | Branch |
| - Ltd Company - LLP - Not for profit - Partnership - Plc - Sole Trader - Maximum turnover of business is £2m
|
TSB was relaunched in 2013 as part of a separation of part of the Lloyds Banking Group. Since June 2015, it has been part of Spanish Banking Group Sabadell and has around 500 branches across the UK |
|
0.40% | £1,000 / £1m | Branch | Branch |
| - Sole trader Must be UK registered business. Directors and owners must be UK resident |
Virgin Money entered the business savings market in January 2018, and launched a best buy rate in May 2018. They've historically been very competitive however they cut their rate to 0.40% in April 2020. |