Business deposit accounts

[RYH64E]

I've got a very large balance in my ltd company current account, far more than the business needs for general cashflow, and have just woken up to the fact that I'm not only getting no interest at all but am being charged substantial amounts of money in account fees. Does anyone have any suggestions as to who is offering decent rates on business deposit accounts?

[PurpleMoonlight]

Nobody is.

[berlintaxi]

Depends if you want to access it or not, Aldermore are about the best.

[williamp]

There might be some Bonds worth investing in, but remember your will pay tax on profits. It **MIGHT** be worth taking the money out, pay the tax, then investing them in ISA's where they wont be taxed and the interest rate is slightly better (better still, invest in cars)

See professional advice regarding this to see if it is really worth it. And don't tell any leftie friends as its tax planning, which they don't like these days...

[RYH64E]

williamp said:

There might be some Bonds worth investing in, but remember your will pay tax on profits. It **MIGHT** be worth taking the money out, pay the tax, then investing them in ISA's where they wont be taxed and the interest rate is slightly better (better still, invest in cars)

See professional advice regarding this to see if it is really worth it. And don't tell any leftie friends as its tax planning, which they don't like these days...

It most definitely would not be worth taking the money out and paying the tax, it would be a huge amount of tax.

Long term plan is to cash out and take advantage of entrepeneurs tax relief, short term is to find a safe place to deposit some money that's otherwise doing nothing.

[RYH64E]

berlintaxi said:

Depends if you want to access it or not, Aldermore are about the best.

The rates at Aldermore look suspiciously good... I'm not keen on depositing a load of money with a bank I've never heard of.

[berlintaxi]

Had deposits with them for the last 6 years never had an issue.

[Vixpy1]

Commercial property

[RYH64E]

Vixpy1 said:

Commercial property

Got two already, don't want any more.

[Jockman]

Residential Property?

[RYH64E]

Jockman said:

Residential Property?

Not looking for investments, just somewhere safe to park some money that's doing nothing. Looks like Nationwide offer 1.1%, it's not much but would be worth over £10k per year, which is worth having.

[Jockman]

Take out as Director's Loan - invest in the best personal accounts whilst paying interest to the Company - pay back before year end ??????

Yeah, ok, I'm clutching at straws

[anonymous-user]

RYH64E said:

Not looking for investments, just somewhere safe to park some money that's doing nothing. Looks like Nationwide offer 1.1%, it's not much but would be worth over £10k per year, which is worth having.

That's quite interesting. Although my free cash is a lot less, I'm not getting anything either from HSBC so I may look at that.