Top UK Business Savings Accounts 2024: Fixed vs Flexible Terms

The best business savings accounts in the UK in 2024. Fixed rates vs flexible, minimum terms, any other requirements to consider. When choosing a business savings account, there are several factors to think about. Fixed rates offer stability, ensuring you know exactly how much interest you'll earn over a set period. However, they often come with minimum terms, meaning your money is locked in and not easily accessible. On the other hand, flexible accounts allow you to access your funds whenever you need them, but the interest rates might be lower. Let's explore some popular options for business savings accounts: Starling Bank Starling is a mobile banking app offering business accounts. It stands out because there are no subscription costs, even for business accounts, and it provides 247 support. You can make fast payments with no charge for standing orders. Starling also boasts some of the best reviews in the banking market, making it a favourite for many businesses, including SaaSy. However, there are some downsides. Certain features are only available through the business toolkit, and cash deposits at post offices carry a charge. Since Starling is purely online, there are no physical branches. Additionally, Starling spaces don't pay interest on business accounts. Zempler Bank (formerly Cashplus) Zempler is another mobile banking app with business account options. One of its main advantages is that accounts are FSCS protected, and most accounts are opened on the same day as the application. You might also have access to overdraft and credit facilities with a business account. On the downside, Zempler does not allow you to cash in cheques or send international payments. There are no physical branches, and customer service is not available 247. Revolut Revolut offers a free account to sole traders and provides 247 customer support both online and through the app. You can hold an account in GBP, euros, and dollars, which is great for businesses dealing with multiple currencies. However, Revolut's deposits are not protected by FSCS. You cannot deposit cheques or cash into the account, and there are no physical branches. Additionally, you cannot access overdraft or credit facilities with a business account. Conclusion Each of these options has its strengths and weaknesses. Starling is great for those who want no subscription fees and excellent support but don't need physical branches or interest on savings. Cashplus offers quick account setup and FSCS protection but lacks cheque and international payment capabilities. Revolut is ideal for sole traders dealing with multiple currencies but does not provide deposit protection or physical banking options. These suggestions are suitable because they provide a range of options to suit different business needs, from no fees and excellent support to multicurrency accounts and quick setup times. By considering your specific requirements, you can find the best business savings account for your needs in 2024.