The Best Business Savings Accounts for Growing Your Earnings

A Revolut account can meet all the financial needs of businesses of all sizes, from freelancers to large companies. Savings interest is paid daily at competitive rates with no restrictions on withdrawals. Easily set controls on who has access.

There are a ton of other features for Revolut Business users—multi-currency accounts including euros and US dollars, cards, spend management, payment gateways, analytics, invoices, payroll—the list goes on. The one downside is that savings aren’t available on the free plan.

Wise Business is not a typical business savings account. It's an all-around business account with the option to earn interest by investing in a fund of government-guaranteed assets. However, it could be the answer for people who work with international clients and sole traders.

The high-interest rate on three currencies, flexibility, and an array of business and budgeting tools make Wise Business worth considering. As Wise is not a bank, it doesn't have FSCS protection. However, your money is protected in partnership with Black Rock.

Tide provides services to small businesses and freelancers through its user-friendly app. You can do everything from your mobile—make payments, send invoices, build credit, apply for loans, get insights. And, of course, you can open a Tide Instant Saver Account.

It’s totally flexible with no withdrawal restrictions, and interest paid monthly. There are no monthly fees, but you’ll need a Tide current account in order to fund the Tide Instant Saver. You can view all your accounts and transaction history in the app.

Aldermore’s award-winning Easy Access Account has some of the highest interest rates on the market at 3.66% AER. This, combined with its flexibility and fee-free withdrawals at any time and without notice give it everything an easy-access business saver needs.

Simply apply online with a minimum deposit of £1,000. The bank also offers a fixed-rate business savings account with a competitive interest rate of 4.6%. Plus, Aldermore offers bespoke savings solutions for corporate deposits over £1 million.

The new Monzo Business Instant Savings Pots are great for small business owners or sole traders who want to manage everything in one intuitive app. With this package, you don’t get the highest interest rate. But you do get scheduled regular payments, tax pots and savings pots to review your business finances in one place. You'll also get some of the best tools among online-only banks.

However, you cannot have this as a separate account from Monzo Business, which does not have an overdraft. So keep that in mind if you’re thinking about switching.

Among Metro Bank’s business savings accounts are some accounts designed specifically for community groups and charities. Choose an instant access deposit account for full control over your funds or a fixed-term deposit account for higher interest rates if you don’t touch your funds for a year.

There are also business notice accounts with notice periods of 35, 60, 0r 95 days. Head into a store to start opening an account. There are no monthly or setup fees.

Fixed-Rate and Easy Access Virgin Money savings accounts let you deposit as little as £1 and require no more than that to open an account. For comparison, Aldermore requires £1,000 to open an easy-access saver.

When it comes to eligibility, companies with fewer than 250 employees and a total balance of less than £36.5 million or turnover of less than £42.5 million are considered SMEs and are eligible for a Virgin Money Business Savings Account.

You also get plenty of choice, with 4 types of notice accounts and 7 fixed-term accounts.

While any business or sole trader can open an instant access account at Lloyds, you’ll need at least £10,000 to open a fixed-term or notice account. You can choose a 32- or 95-day notice account with interest of 2.6% and 4%, respectively.

There are 3, 6, 9, and 12 month fixed-term accounts, as well as accounts with fixed maturity dates and interest up to 4.37%. Although you can only deposit a maximum of £5 million in these accounts, there are no such limits for instant access accounts. The monthly interest for instant access accounts depends on your balance, with balances of over £10 million earning 1.9%.

Pros

NatWest notice accounts are great for people who don’t want to get a fixed-rate savings account, but want a higher interest rate. The 95 Days Notice Liquidity Manager Account has one of the highest interest rates in this category, coming in at 4.25%. These are ideal for people who want to deposit large sums of money to a business savings account, but may need the money in the medium term or want to prevent impulse purchases.

Natwest business banking reaches its full potential once you combine business current and savings accounts and get a wide choice of free tools.

United Trust Bank Limited may still need to perfect its functionalities in terms of developing an app and improving online business banking. But it makes up for this with excellent customer support and highly competitive interest rates. It offers 8 different business bonds with fixed terms from 3 months to 5 years. They start at 4.99% AER—not bad at all.

You can also choose a tracker account or a 40, 100, or 200 day notice account. So if you have a business current account elsewhere, the interest rates certainly pay off.

Shawbrook’s interest rate on easy access business savings sets this account apart from the rest. If you have a smaller pot of money you wish to increase while keeping access, this is the account for you.

However, if you want to deposit sums above £85,000 and want instant access, you may want to look into Aldermore. Shawbrook's notice and fixed-rate accounts come with a much higher deposit limit. Plus the interest rates are some of the best on the market.

Recognise Bank offers tailored financing options for small businesses as well as savings accounts which have excellent reviews. Small businesses looking for a Business 95-Day Notice Account account can enjoy a high-interest rate of 4.3%. The notice accounts have notice periods of up to 180 days, and, unusually, as short as 7 days.

The main benefit of Recognise Bank is its efficiency. It offers a quick and simple online setup with regular deposits and great customer service.

The Barclays Business Savings Account is ideal for large corporations who want to keep large sums of money in a bank with a long history and market resilience. It is designed to handle large sums of money with its £50 million maximum balance.

Withdrawals aren’t restricted in size or frequency, and the same goes for deposits, making it perfect for larger businesses.