Compare instant access business savings accounts

Easy access business savings accounts allow your company to earn interest on spare cash, but you might not always get the best rate.

If your business has surplus funds, you might be considering moving them into a business savings account so the money can earn interest. There are several different options available, depending on how much access to the money you need, and whether you're comfortable locking it away. Easy access savings accounts offer the most flexibility, but that means you won't get market leading rates. So, shopping around to get the very best deal you can is really important.
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Name Product Interest rate and type Interest paid Invest Term Open via Incentive Table product description Apply link
OFFER
Tide – Tide Instant Saver
4.33% AER variable
Monthly
From £1
Instant access
Open via: website, mobile app
Flexible and easy access to savings with no limits or fees on withdrawals.
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Allica Bank – Allica Bank Savings Pot
Allica Bank – Allica Bank Savings Pot
4.33% AER variable
Monthly
£1 - £5,000,000
Instant access
Open via: website, mobile app
To be eligible for the 4.33% savings rate, a minimum balance of £50,000 is required in your Allica Business Current Account.
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Aldermore – Easy Access Account Issue 9
3.66% AER variable
Monthly
£1,000 - £1,000,000
Instant access
Open via: website
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Aldermore – Easy Access Account Issue 9
3.66% AER variable
Anniversary of account opening
£1,000 - £1,000,000
Instant access
Open via: website
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OFFER
Revolut Business Savings
3.51% AER variable
Daily
Up to £2,000,000
Instant access
Open via: mobile app
Add or withdraw money with zero restrictions, whenever you need to, instantly.
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OFFER
Monzo Business Savings
1.6% AER variable
Monthly
Up to £100,000
Instant access
Open via: mobile app
A free business account with a linked savings pot.
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Saffron BS – Business Bonus Saver - Limited Edition
3% AER variable
Yearly
£5,000 - £5,000,000
Instant access
Open via: branch, website, post
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Saffron BS – Business Online Saver Issue 2
4.05% AER variable
Monthly
£5,000 - £5,000,000
Instant access
Open via: website
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Saffron BS – Business Online Saver Issue 2
4.05% AER variable
Yearly
£5,000 - £5,000,000
Instant access
Open via: website
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Shawbrook Bank – Easy Access Business Account - Issue 12
4.01% AER variable
Monthly
£1,000 - £85,000
Instant access
Open via: website
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Allica Bank – Easy Access Savings Account (Issue 1)
Allica Bank – Easy Access Savings Account (Issue 1)
4.01% AER variable
Anniversary of account opening
£20,000 - £100,000
Instant access
Open via: website
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Shawbrook Bank – Easy Access Business Account - Issue 12
4.01% AER variable
Anniversary of account opening
£1,000 - £85,000
Instant access
Open via: website
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OFFER
Cynergy Bank – Business Saver Issue 5
4% AER variable
Monthly
£1 - £10,000,000
Instant access
Open via: website
Open a Business Saver account in as little as 10 minutes to enjoy a great interest rate with flexible access to your money.
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Virgin Money – Business Access Savings Account Issue 33
3.8% AER variable
Monthly
£1 - £2,000,000
Instant access
Open via: website
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Dudley Building Society – Club and Community Saver Issue 2
Dudley BS – Club and Community Saver Issue 2
3.75% AER variable
Yearly
£1,000 - £1,000,000
Instant access
Open via: branch, post
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What is an easy access business savings account?

Instant access or easy access business savings accounts are one type of savings vehicle available to companies.
Typically, these products have no limitations on how you can access the money. However, that doesn’t necessarily apply to all accounts of this type. Some may limit you to a certain number of withdrawals each year, so check the terms and conditions carefully. Others may have a minimum withdrawal amount, such as £500.

The added flexibility of instant access business savings accounts does come at a price. You’ll earn less interest than you would with fixed-term savings.

However, these products are great if you think you might need to release some of your spare cash for emergencies. Or you want the security of knowing that you can dip in and out whenever you want.
Easy access savings accounts are typically available to all types of businesses, whether you’re a sole trader, a limited company or even a charity.

Some accounts will let you start saving from just £1, while others will have higher minimum deposits such as £1,000. Generally, to get the very best rates you need to save at least £1,000.

Meanwhile, some accounts will pay interest monthly, while others pay annually or on the anniversary of you opening the account. If you plan to make lots of withdrawals, monthly interest might suit you better.

Will I pay tax on my savings?

Yes, you have to pay tax on the interest you earn in business savings accounts.

Limited companies will pay corporation tax on any interest they earn, while sole traders pay income tax.

The headline rate you are offered is gross, so you will need to deduct tax from this. You’ll calculate how much you owe when you do your company financial accounts or annual self-assessment.

Are my savings protected by the FSCS?

The Financial Services Compensation Scheme (FSCS) protects UK savers if their bank or building society goes bust. However, protection for businesses is more complex. To qualify, you need to meet certain requirements.

The scheme says it “generally protects companies’ deposits”, meaning that easy access savings should be covered for eligible claims. It assesses eligibility under the Prudential Regulation Authority’s Depositor Protection Rules, in particular rule 2.

If a UK-authorised bank, building society or credit union fails, the FSCS will automatically compensate each eligible company depositor up to the £85,000 limit.

If your savings are greater than £85,000, you should consider splitting the money among different savings accounts for maximum protection.

Are there other alternative options?

Yes, there are several alternative options you might wish to consider. Usually, it makes sense to have a variety of accounts, some with easy access for emergencies, and others where your money is locked away in return for a better rate.

Notice business savings accounts: These accounts allow you to withdraw your money, but you must give an agreed amount of notice, such as 30, 60 or 90 days. While they’re less flexible than instant access options, they tend to pay more interest.

Fixed term savings accounts or business saving bonds: These accounts lock your money away for a set term, often 30, 60 or 90 days. In return, they pay you a significantly higher interest rate. However, the penalties for withdrawing money can be harsh. So you should only use this type of account if you’re sure you won’t need the money.

Pensions: Paying into your pension is a great way to save for your financial future, and there are significant tax advantages. Sole traders saving into a pension will get tax relief at their usual income tax rate. If you run a limited company and the business pays into your pension, you’ll save on corporation tax. Don’t forget pensions cannot usually be accessed till aged 55 – rising to 57 in 2028 – so only put money in your pension if you won’t need it until then.

Bottom line

Easy access business savings accounts offer maximum flexibility for companies that want to earn interest on surplus cash. However, these accounts tend to offer lower interest rates than fixed term products. You should shop around and compare products to find the best interest rate possible.

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Writer

Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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