Best Business Savings Accounts (UK - 2024)

If you’re a UK business owner, and have excess business cash on hand you want to make sure it’s working for you. That means looking for the best business savings rates in an account where you can leave your funds - either with instant access when you need it, or for a fixed term. There’s no single best business savings account - which works for you will depend on your specific needs.

This guide will help you to compare business savings accounts to find your fit. We'll cover some of the options for the best business savings accounts in the UK, and we’ll also touch on reasons why you may want to look at a non-banking alternative like Wise Business Interest.

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Best business saving accounts

You probably already know the importance of having a dedicated business current account, separated from your own personal finances. In fact, for many UK businesses, this is mandatory. But what about business savings?

Leaving excess cash in your normal business account may mean you don’t earn interest - or at least, you don’t earn as much as you could. Instead, simply transferring your excess cash to one of the best business savings accounts for instant access could mean you can still get your funds when you need them - and earn interest while you’re not using the money.

The best business savings accounts in the UK may be from banks or from non-bank alternatives like Wise. Banks offer a full suite of business services, and while digital providers like Wise might not have all the same options available, many do have some great interest features. For example, with Wise, you can earn interest on balances held in GBP, USD and EUR - a service not always available from UK bank instant access accounts.

Here’s a preview of the banks and providers we'll review in this best savings account for business guide:

• Tide
• Revolut Business
• Wise Business
• Barclays
• HSBC
• Natwest
• Virgin Money

Best business savings account: overview

Let’s start with an overview to compare the providers and banks we’ve selected on somme important features:

Bank	Trustpilot score	Savings account rate	Monthly fee
Tide1	4 star, Good review from 20,000+ reviews7	3.55% AER	None
Revolut Business2	4.2 star, Great review from 160,000+ reviews8	2.25% AER to 3.51% AER depending on plan	£0 - £79 per month depending on plan14
Wise Business	4.3 star, Excellent review from 232,000+ reviews9	4.49% on GBP balances; 5.06% on USD balances; 3.44% on EUR balances	None
Barclays (Business Premium Account)3	1.6 star, Bad review from 10,000+ reviews10	1.51% to 1.96% depending on balance	Must be linked to a business current account, which has fees of 8 GBP or 8.5 GBP/month15
HSBC (Kinetic Account)4	1.9 star, Poor review from 9,000+ reviews11	Varied depending on balance and tenure	None
Natwest5	No claimed profile	1.46% - 1.92% (Instant Access)	None
Virgin Money6	2.6 star, Poor review from 8,000+ reviews12	3.55% (Business Access Savings Account) 13	None

*Data correct at time of research - 12th September 2024. Interest is variable and changes frequently - check the provider website for the latest details

Compare business savings accounts: criteria

Next, let's look at the options from these banks and non-bank alternative providers in more detail. The comparison criteria we'll cover for all providers through the article include:

• Eligibility
• Rates
• Assets availability
• Related fees

Let’s dive right in.

Tide business saving account

Tide offers UK business customers a good selection of account products including the free Tide business account, savings account, Plus account, Pro account and Cash Back account. You can also get help to register your UK business, with invoicing and accounting, or to take payments using payment links.

Tide savings accounts are available for customers who already have the Tide business account - but the good news is that there’s no monthly fee with the basic version of the Tide business account.

Here’s a summary:

• Eligibility: UK residents, 18 or over, with a Tide Business account
• Rates: 3.55% AER
• Assets availability: Instant access
• Related fees: Tide Business account basic plan has no monthly fee, low transaction and ATM fees

Check our full Tide business savings account review

Revolut business saving account

Revolut business customers in the UK can pick from several different plans which have their own pricing and features. You can pick an account which has no ongoing charges or upgrade to a plan which has monthly fees but which may have more features and higher no-fee transaction limits. The levels of interest you can earn will also vary depending on the plan you pick.

Revolut business accounts offer multi-currency features, ways to pay and get paid in foreign currencies, linked cards, and some no fee weekday currency conversion with the Revolut exchange rate.

Here’s a summary:

• Eligibility: Resident in the UK, Switzerland or EEA, with an active registered business in an eligible country - not available to sole traders
• Rates: 2.25% AER to 3.51% AER depending on plan
• Assets availability: Instant access
• Related fees: 0 GBP - 79 GBP/month depending on plan; transaction fees may apply depending on how you use your account

Before you open a Revolut business savings account check out this review

Wise Business Interest

Wise Business offers powerful multi-currency accounts for businesses, which can hold and exchange 40+ currencies, and come with ways to send payments to 160+ countries. You’ll also be able to order debit or expense cards, and access local and SWIFT account details to get paid in multiple currencies by customers, PSPs and marketplace sites.

There’s a one time fee to open a Wise account but then no ongoing charges. You can earn interest on balances in GBP, EUR and USd, making this a good choice for businesses which trade internationally and retain multi-currency balances.

Here’s a summary:

• Eligibility: Eligible business types, with account holders resident in a country supported by Wise - including UK, EEA, US and many other countries and regions globally
• Rates: 4.49% on GBP balances; 5.06% on USD balances; 3.44% on EUR balances. Capital at risk. Current rates do not guarantee future growth.
• Assets availability: Instant access
• Related fees: No monthly fee, one time account opening fee of £60, currency conversion from 0.33%

Get started with Wise Business 🚀

Barclays business savings account

As a major UK bank, Barclays has a suite of products available for businesses who need to manage their money or save. For this comparison we selected their instant access saving product which has variable interest depending on the balance you hold in your account. However, you can also get fixed term and notice deposit accounts if you don’t need instant access to your excess business cash.

To open a Barclays business savings account you’ll usually need a Barclays business current account which may come with its own fees. Fees do vary depending on the features you need, but can be around 8 GBP a month.

Here’s a summary:

• Eligibility; Business owners with an eligible Barclays business current account
• Rates: 1.51% to 1.96% depending on balance
• Assets availability: Instant access (other products are also available, which may not have instant access)
• Related fees: You must have an eligible current account which has a fee of 8 GBP or 8.5 GBP a month depending on plan

Read our Barclays business account review here

HSBC business savings account

HSBC has lots of different business account products and services - but we've picked out the Kinetic account for this comparison as it’s suited to sole traders and single shareholder businesses, making it great for people just setting out. Kinetic accounts have no ongoing fees, and you’ll be able to earn interest on any excess cash you have. The interest is set based on the balance of your account and how long you leave the money there - essentially rewarding you for leaving more money, for longer, in the account.

If you’re not eligible for Kinetic - or if you’re looking for something different for your business finances, check out the other account products HSBC has on offer.

Here’s a summary:

• Eligibility: Sole traders and single shareholder businesses in the UK
• Rates: Varied depending on balance and tenure (Kinetic account)
• Assets availability: Instant access (other products are also available, which may not have instant access)
• Related fees: Kinetic accounts have very few fees - other products have different costs

Read our HSBC business account review here

Natwest business savings account

Natwest offers business accounts including savings products to businesses registered in the UK. While many savings accounts are only available if you also manage your day to day business finances with the same bank, Natwest has an instant access account which does not need you to have another Natwest product. This could be a flexible option if you would like to deposit some of your business funds in a different bank to your primary account.

Here’s a summary:

• Eligibility: UK resident business customers - you do not need another Natwest business account to apply
• Rates: 1.46% - 1.92% for instant access account
• Assets availability: Instant access (other products are also available, which may not have instant access)
• Related fees: No monthly fee

Read our Natwest business account review here

Virgin Money business savings account

You can open a Virgin Money Business Access Savings Account even if you don’t have a current account with Virgin. This means you can save separately to your business current account, from just 1 pound through to a balance of 1 million pounds. Eligibility rules do apply, making this a suitable account for small and medium size enterprise owners with fewer than 250 employees.

Here’s a summary:

• Eligibility: Business Access Savings Account is available for eligible UK business owners, other accounts may require you to have further products from the same provider
• Rates: 3.55%
• Assets availability: Instant access
• Related fees: Business Access Savings Account has no other fees

Check our Virgin Money business account review here

FAQs - Business saving accounts

Can a Ltd company have a savings account?

Yes. Businesses in the UK can choose to open a savings account from a bank or a non-bank alternative. Different accounts are available with their own interest earning opportunities, eligibility rules and fees.

How to choose a business savings account?

Different business savings accounts have their own features so you’ll need to compare a few to decide which is best for you. Important factors include eligibility, rates of interest, how easily you can access your funds, or if they need to be blocked for a while and whether there are any other account fees to pay.

Do you pay tax on a business savings account?

Business income earned from interest in a savings account may be taxable and as such you may need to declare it to HMRC when you file your tax return. Get professional advice if you’re unsure on the rules around paying tax on business savings account interest.

Can I put business savings in a personal account?

It’s best to keep your personal and business finances separate - and sometimes this is mandatory. This makes it far easier to track your business performance, pay taxes and keep on top of your company admin.

Are business savings protected by FSCS?

Whether or not business savings are protected by FSCS will depend on the bank or non-bank provider you pick. Reputable services will make it very clear to prospective customers whether funds qualify for FSCS cover or are protected through some other means such as safeguarding.

Discover Wise Business Interest

Open a Wise Business account to hold and exchange 40+ currencies, send payments to 160+ countries, and get debit or expense cards for you and your team. You’ll also be able to get local and SWIFT account details to receive payments in multiple currencies by customers, PSPs and marketplace sites.

Receive your business funds in whichever currencies you need - and you may earn interest on your foreign currency balances, too.

Wise Business Interest pays variable interest on balances in pounds, US dollars and euros. At the time of research, this means you could earn: 4.49% on GBP balances; 5.06% on USD balances; and 3.44% on EUR balances.

Capital at risk. Current rates do not guarantee future growth. Variable rate is based on 7 day performance as of 10 Aug 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds.

Get started with Wise Business 🚀

Having a business savings account allows you the best possible chance to protect unused business cash from being eroded by inflation and increasing prices. Put your money into an interest earning account to let it grow, while you wait until the right time to use it. Choose from our selection of the best business savings accounts in the UK to see if any suit your needs - and remember to compare both bank services and non-bank alternatives, such as Wise.

Sources used in this article:

1. Tide business saving account
2. Revolut business saving account
3. Barclays business savings account
4. HSBC Kinetic Account
5. Natwest business savings account
6. Virgin Money business savings account
7. Tide Trustpilot
8. Revolut Trustpilot
9. Wise Trustpilot
10. Barclays Trustpilot
11. HSBC Trustpilot
12. Virgin Money Trustpilot
13. Virgin Money Business Access Savings Account
14. Revolut Business plans
15. Barclays current account prices

Sources last checked 25-Sep-2024