Signing up to a business savings platform can give your company access to a much wider range of savings rates with zero faff while maximising FSCS protection. Here are our picks of the UK's top platforms.
Leaving your company’s cash reserve in a standard, zero-interest business current account means you’re not allowing this money to contribute to all the effort you make running a business day-to-day.
If your business is holding onto tax money, emergency reserves, or capital for a future expansion, a business savings platform allows you to spread your funds across multiple banks to max out interest rates and ensure complete FSCS protection, all through a single dashboard.
Here are the four main factors to consider when choosing one:
Supported accounts.A lot of business savings platforms only partner with a select group of challenger banks or building societies. Check exactly how many partner banks a platform connects to so you can maximize your interest
FSCS protection.To protect your balance under the full FSCS limit per banking license, you’ll want to split cash across multiple providers. Look for a platform with built-in allocation tools or balance alerts.
Minimum deposit requirements. Some business savings platforms cater to large corporates and ask for an eye-watering starting. If you run a smaller SME or startup, make sure the platform allows lower minimum deposits.
Platform fees. Most platforms don’t charge an upfront fee to businesses because they take a tiny cut directly from the bank’s wholesale interest rate. However, others charge an annual account management fee or transfer fee.
What is a business savings platform?
A business savings platform (or cash deposit marketplace) is a digital portal that connects your business with dozens of partner banks offering various savings accounts.
Instead of going through the soul-destroying process of filling out Know Your Customer (KYC) forms and anti-money laundering paperwork for 5 different banks, you fill out one application with the platform. Once approved, you can move your company’s funds between competing banks and rates with a few clicks.
What are the pros and cons of using a business savings platform?
Pros
Maximise interest with minimal effort by easily moving cash across banks.
Simplified FSCS protection by spreading cash reserves across multiple banking licenses.
Single point of admin making everything easier to manage.
Reduce counterparty risk by not storing all your corporate eggs in one basket.
Cons
Many dedicated business platforms require a high minimum initial deposit.
Not all platforms cover every bank.
Slightly lower net yields than direct applications because platforms take a small cut.
Bottom line
Holding too much cash in a zero-interest current account hurts your bottom line. Business savings platforms give you the flexibility, security, and yield of a multi-bank strategy without the operational nightmare of managing multiple logins and paper trails.
If your business holds over £50,000 in cash, using the best business savings platform possible is one of the easiest financial wins available.
Frequently asked questions
Yes, provided the individual banks holding your deposits are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). Eligible UK businesses can claim up to £120,000 in FSCS protection per banking license if an individual partner bank fails.
Yes! While some cash marketplaces target mid-market or large corporations, several platforms cater specifically to sole traders and small SMEs with lower minimum deposit thresholds.
Business interest is paid gross (without tax deducted). Your company will need to declare interest income as part of its annual Corporation Tax return (or Self Assessment if you operate as a sole trader).
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Kate Steere is an editor and money expert at Finder, specialising in banking, savings and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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Easy access business savings accounts offer maximum flexibility for companies that want to earn interest on surplus cash but are the right type of account for your business.
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