Can I open a savings account for my company?

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I am setting up a limited by shares company in Glasgow. I need to open a business bank account now. Do you generally get a savings account with business bank accounts, or is is more like a checking account? Ta

Answers

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Yes, you can open a savings account for your business. This type of account is similar to an ordinary savings account that you would open for yourself, but it is designed specifically to suit your business needs. They are often referred to as business deposit accounts.

It’s a really good idea to set up a business savings account if you have a considerable credit balance in your business current account. This money won’t be accruing very much, if any, interest whilst sitting in your current account so you should try to get the most out of it.

The majority of banks and building societies offer business savings accounts. If you have a business bank account already, you should have the option to set up a savings account with the same bank. Nevertheless, you should shop around first to see if anyone else is offering a better interest rate with the flexibility you require.

Before you set up a new savings account and transfer funds, check whether there are any restrictions on removing the money. If you need quick access to the funds in your savings account, you should select an easy access account. These will offer the lowest interest rates due to the flexible nature of withdrawals. Accounts with higher rates usually require a notice period for removing funds. A fixed term bond is also another option is you are prepared to lock your money away for a longer period of time.

a year ago
 

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