Savings Account paying some interest

[samuel5]

Our business account pays no interest. We have money sitting there that we do not need to use yet, may as well have it working for us!

Not accessing it for 3 months is ok for us, best rate I can see is Virgin Money that pays 4.05%pa for money locked away for 95 days at a time.

Anyone getting better than this and who with please?

 

[samuel5]

Also, personal accounts pay better interest - what is stopping me opening a personal account that pays the highest interest, taking directors' loans and depositing it into the personal account paying them back each year, leaving me with the interest?

 

[WaveJumper]

Have you checked out a Business Money Market Account with your local bank depending on funds held you may find you get a better rate but still have instant access

 

[hikiwari]

My accountant said to me that I can transfer the money from my Ltd co business account a day into the new FY and as long as it's back in my business account the day before FY end, he doesn't care where it's been.

 

[MyAccountantOnline]

Our business account pays no interest. We have money sitting there that we do not need to use yet, may as well have it working for us!

Not accessing it for 3 months is ok for us, best rate I can see is Virgin Money that pays 4.05%pa for money locked away for 95 days at a time.

Anyone getting better than this and who with please?

It might not be something which you want to do or is relevant but it's worth bearing in mind HMRC pay interest on tax paid early - the current rates are here https://www.gov.uk/government/publi...ents/rates-and-allowances-hmrc-interest-rates

Newcastle building society is currently paying 4.1% on a limited company 90 day notice savings account.

 

[Nick@Daydot]

This is aimed at consumers - may be of use. Search for 'MSE top savings accounts'

 

[DontAsk]

This is aimed at consumers - may be of use. Search for 'MSE top savings accounts'

But be sure to use other sites such as "finder", as not all sites list all the best rates.

 

[hikiwari]

My accountant said to me that I can transfer the money from my Ltd co business account a day into the new FY and as long as it's back in my business account the day before FY end, he doesn't care where it's been.

As i said, put it in a personal consumer account for eleven and a half months of your FY.
Chase instant access 4.1%

 

[AndreasC]

My accountant said to me that I can transfer the money from my Ltd co business account a day into the new FY and as long as it's back in my business account the day before FY end, he doesn't care where it's been.

No you're accountant is wrong and I would be concerned using them. If you borrow money from a company you have to pay the company interest (or it is a benefit in kind to that value) s.t. amounts etc https://www.gov.uk/directors-loans/you-owe-your-company-money

There are a few business savings accounts paying 4+%. Have a look online and keep it in the company

 

[hikiwari]

No you're accountant is wrong and I would be concerned using them. If you borrow money from a company you have to pay the company interest (or it is a benefit in kind to that value) s.t. amounts etc https://www.gov.uk/directors-loans/you-owe-your-company-money

There are a few business savings accounts paying 4+%. Have a look online and keep it in the company

OK, thanks. I stand corrected. I'll take it up with my accountant.

 

[PeterTaylor]

Aldermore bank had competitive rates

 

[samuel5]

It might not be something which you want to do or is relevant but it's worth bearing in mind HMRC pay interest on tax paid early - the current rates are here https://www.gov.uk/government/publi...ents/rates-and-allowances-hmrc-interest-rates

Newcastle building society is currently paying 4.1% on a limited company 90 day notice savings account.

Thanks for this, so if we pay our corp tax early HMRC pay us 4.25% interest?

 

[UKSBD]

It might not be something which you want to do or is relevant but it's worth bearing in mind HMRC pay interest on tax paid early - the current rates are here https://www.gov.uk/government/publi...ents/rates-and-allowances-hmrc-interest-rates

Newcastle building society is currently paying 4.1% on a limited company 90 day notice savings account.

Can a business deliberatly pay early?
If a business sent £100,000 to HMRC and said it was for corporation tax would they pay 4.25% on it up until the date it is actually due?

Does that apply to overpayments too
If a business sent £100,000 to HMRC and said it was for corporation tax but the actual corporation tax bill was £20k would they get the 80k back on the day it is due with 4.25% interest on the £100k for the hole period HMRC were holding it?

Sounds better than most business savings rates

 

[RandyMarsh]

Our business account pays no interest. We have money sitting there that we do not need to use yet, may as well have it working for us!

Not accessing it for 3 months is ok for us, best rate I can see is Virgin Money that pays 4.05%pa for money locked away for 95 days at a time.

Anyone getting better than this and who with please?

I have instant access business savings with Aldermore at 3.2%

 

[hikiwari]

Can a business deliberatly pay early?
If a business sent £100,000 to HMRC and said it was for corporation tax would they pay 4.25% on it up until the date it is actually due?

Does that apply to overpayments too
If a business sent £100,000 to HMRC and said it was for corporation tax but the actual corporation tax bill was £20k would they get the 80k back on the day it is due with 4.25% interest on the £100k for the hole period HMRC were holding it?

Sounds better than most business savings rates

Hello @MyAccountantOnline . Can you answer this please? Thanks.

 

[potato632]

wise.com/gb/business/interest

Earn returns on GBP, USD and EUR by opening a Wise account and investing in a fund that holds government-guaranteed assets. Spend any time, all while you grow. Capital at risk.

*Growth is not guaranteed and your money is at risk if governments default or interest rates go negative. Variable rates are based on 7 day performance as of 20 September 2023. See the past performance of each fund below.

Currently about 5% interest, it's paid out daily and no need to lock your money away.

 

[Mark T Jones]

Allica are currently advertising 5% on business accounts.

 

[MyAccountantOnline]

Allica are currently advertising 5% on business accounts.

I see that's for fixed term deposits with a minimum deposit of £20k - 12 months for 5.1% and 24 months for 5.05%