Business Saving Account Recommendations

[BeastCoast]

As per title, looking for recommendations for both Instant & Fixed Term savings accounts, based on interest rate and ease of use.

We've been using Tide for a few years but they have started limiting rates unless you pay a monthly fee (£70!)

We've used Allica in the past who seem to be good - Anyone know how solid and reliable they look long term?

[roundincircles]

I use the Flagstone platform for a couple of businesses, easy to use platform, gives plenty of options, ability to switch to better rates easily, and manage FSCS coverage depending on your risk appetite.

Would recommend them.

[PurpleFox]

I use Kent Reliance for business savings. Instant access and easy to use. No fee and interest paid monthly.

Rate has recently gone down of course 🙄

[BeastCoast]

PurpleFox said:

I use Kent Reliance for business savings. Instant access and easy to use. No fee and interest paid monthly.

Rate has recently gone down of course ?

Thanks for the recommendation. They have good rates but their reviews are awful, seems customer service has been outsourced abroad. What's your experience like?

[PurpleFox]

Never had a problem but never needed to call customer services.

I have three savings accounts with them for different businesses, simple stuff and just savings, money transferred in from the business account and transferred back always to the same account. I don't need to make payments to anyone else etc. Their website is simple enough and you get texts / emails to say they have received your deposit etc. Everything happens in a timely manner and opening the account was easy and quick.

Might be different if you had more complex needs or replied on their branch facilities etc.

[Am2050]

Recently opened a Cynergy business saver which was a relatively painless process opening and depositing.
Only gripe is a lack of a Xero feed but my activity with that account is limited so doing it manually isn’t too bad.

[sleepezy]

I've used the following:

Aldermore - easy
Saffron - OK but a bit of a painful system and reverts away from internet to sort out issues quickly which is painful
Redwood - OK but from memory opening was a chore
UTB - OK but opening was a chore, they've recently opening up an online access system which should make life easy
Kent Reliance - fine, note their rates are generally lower than the others
Shawbrook - fine
Recognise - fine
Newcastle - fine (from memory same system as Kent)
Cynergy - good
Cambridge & Counties - OK
Tide - easy but noted comments above re rates availability
Hampshire Trust - OK

The only one I had a problem with, and couldn't get on with at all is Allica and their horrendous ID checking system

Flagstone platform (and my preference Insignis Cash) have their advantages and disadvantages as has been discussed before - although I note that Insignis made a (small) profit in the last set of reported accounts so they may have built sufficient client base.

[Mr Overheads]

Nudge on this topic.

My main Business current account is with Starling who don't do savings.

Flagstone looks good - but as it's not a bank itself and is just a conduit to other banks, doesn't feel secure/safe

Ideally just want a simple online/app based decent savings account for putting quarterly VAT / Annual Corp Tax cash into and transferring out when needed.

Used Virgin Money last year and the process is so painful.

[jeremyc]

Nationwide? I don't have direct experience of their business accounts, but their consumer banking is painless (online, by telephone and in-branch).

However, as the acquired of Virgin Money, it's not clear whether these are just the same rebranded offerings.

[LeighW]

Mr Overheads said:

Nudge on this topic.

My main Business current account is with Starling who don't do savings.

Flagstone looks good - but as it's not a bank itself and is just a conduit to other banks, doesn't feel secure/safe

Ideally just want a simple online/app based decent savings account for putting quarterly VAT / Annual Corp Tax cash into and transferring out when needed.

Used Virgin Money last year and the process is so painful.

I use Cynergy for mine.

https://www.cynergybank.co.uk/business/business-sa...

[Abc321]

I use Tide where I can and have opened a saver which is 2.45%. I note your mention of having to pay the £70 fee and have seen the same.

Sorry to hijack a thread but how difficult (logistically) is it to change bank accounts for companies? I know personal current accounts, all DD's and standing orders get moved automatically. is it the same for ltd companies? Also the headache of past clients paying into old bank account, etc.

[HoHoHo]

I have a lot in Flagstone and each account is no more than the FSCS limit so the money is totally protected - personally I don’t see a problem.

I also have some long term investments with various banks but again no more than £85,000 in each account.

[pghstochaj]

We have a small limited company and use capital on tap.

[Mr Overheads]

HoHoHo said:

I have a lot in Flagstone and each account is no more than the FSCS limit so the money is totally protected - personally I don t see a problem.

I also have some long term investments with various banks but again no more than £85,000 in each account.

Just in process of opening a Flagstone account. But they want the ID documents (Driving licence, passport, utility bill, tha tsort of stuff) sending by normal email. Normally banks etc insist on using secure portals or 3rd party ID verification sites.

Doesn't feel very secure sending ID documents by email. If my phone is stolen say (going to London next week!) and they access my emails the thief could easily get the ID documents.

I've proposed sending them by Dropbox secure transfer and I'll call the account manager to give them the password to access verbally, and link will expire in 24hours from sending. Will see what they say.

EDIT: They said yes to a secure dropbox transfer. That's refreshing a bank that can work with you on process. Meanwhile I have 1p in a Virgin Business Account because they want loads of forms filling in AND a wet signature to close it, won't accept Docusign. It was opened with digitally signed documents. Told them to keep the 1p.

Edited by Mr Overheads on Thursday 5th March 13:31

[M1AGM]

pghstochaj said:

We have a small limited company and use capital on tap.

+1

[cronie007]

I ran into something similar recently. Tide was fine at first, but once they started pushing the paid tier the value dropped a lot. A colleague of mine has been using Allica for a while and says the rates are still decent and the platform is pretty stable, though it feels more focused on established businesses than small accounts. One thing that helped me was also checking smaller challenger banks because sometimes they quietly offer better fixed term rates without big fees. It really depends how often you move money around and whether you care more about flexibility or just locking a higher rate.