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Business Savings Accounts

Virgin Money

1 Year Business Fixed Rate Savings Account – Issue 33
FSCS ?
Virgin Money

£1

Open with

1 year

Term

 

Virgin Money

Business Access Savings Account – Issue 7
FSCS ?
Virgin Money

£1

Open with

Instant access

Term

Top up or access your savings instantly whenever you like.

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  • Compare Business Savings Accounts

    Opening a business savings account is a way for you to earmark certain funds for a future project, allowing you to expand your operation in the years to come. Putting money aside in this way will ensure you can earn additional interest and stop these additional funds getting eaten up by day-to-day running costs.

    As a business owner, your income and revenue streams are vital for the continued operation of your business, but putting some of that aside will also give you the benefit of a cash injection down the line. This could be anticipating a quiet seasonal period, or you could even be saving for better equipment, staff training or refurbishment of your premises.

    What is a business savings account?

    A business savings account is a way for a sole trader, small business, start up or limited company to put additional funds aside for the future, in exactly the same way as an individual savings account. You can deposit a lump sum and then keep on topping up the account every month, allowing you to earn interest until you decide to withdraw your funds.

    Depending on the type of business savings account you choose, you will have to keep your savings untouched for a set period. After this period has elapsed (for example 1 year), you can then withdraw your business savings and spend as you wish.

    How does a business savings account work?

    • Choose from an easy access, notice or fixed term business savings account
    • Deposit a lump sum and keep adding to it on a monthly basis
    • Earn interest on the amount, this is paid back into the account regularly
    • Withdraw when you are ready to do so, but you may have to wait until your set period has elapsed

    Like many other savings accounts, you will have to make a minimum deposit in order to open your business savings account. You will then be able to make regular payments into the account, which will increase your total savings and subsequently, how much interest you will earn.

    You can usually choose from a few types of business savings account, indicating how long you will have to wait before you can withdraw from the account. Easy access or Instant access means you can dip in and out of the account when you like, Notice will have a set ‘notice period’ you will have to wait and Fixed rate will allow you to withdraw once the set period (usually from 1 year) has elapsed.

    How to open a business savings account

    If you would like to open a business savings account, you will usually be able to complete the process by filling in a form online with all the relevant information required by the provider. This can include your business address, Companies House registration number and other important details. You may also have a credit check prior to being accepted.

    Make sure to look out for the following details when comparing business savings accounts:

    • Type of business savings account – choose from an easy or instant access account, notice account or fixed rate account
    • Interest rate – this will indicate how much you could potentially earn on top of your savings
    • Minimum deposit amount – you will have to deposit a minimum amount to open the account
    • Withdrawal terms – this will indicate how long you will have to wait before you can withdraw your savings

    With all of these details at your fingertips, you should be able to find the best business savings account for you, by using our detailed comparison tables.

    Who we work with

    We work with a number of providers to deliver a wide selection of savings accounts for you to choose from, enabling you to find the best option for you, whether it’s a cash ISA, investment ISA, peer-to-peer savings account or otherwise.

    Each of our providers are screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best savings product from a reputable source.

    You can find out more about our lenders and providers here

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