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Make your business cash work as hard as you do

Published on 20th August 2009

If you contract through a One Man Ltd company then its almost certain that you have a business current account that is earning little to no interest. Interest rates on commercial accounts are especially woeful at present but an innovative product from a large High Street institution offers Contractors the chance to earn a far higher rate of return on your deposits.

If you regularly leave money in your business current account then you will be losing out on the interest that a savings account could offer yet the idea of managing several accounts and transferring sums between them can be daunting for a busy Contractor. The new Business Fund Deposit Account that we have found offers Contractors the opportunity to benefit from a consistently high interest rate with easy, flexible transfers.

How does the account work?

The Business Fund Deposit Account allows you to transfer funds to and from your existing current account automatically by direct debit and electronic transfers. This offers a hassle free way to make the most of your money because you can move fund backwards and forwards with the minimum of effort and you only need £500 to open the account.

Once your account and direct debit has been set up, you simply call to transfer funds as and when you need to. If you set up the account to require signatures for security then you can transfer funds via post and you can always draw a cheque from your existing current account.

For many Contractors, transferring money into a savings account is only worthwhile if you can access the money when you need it. The good news is that the Business Deposit Account offers small businesses the chance to save at a higher interest rate whilst still retaining the ability to access funds at short notice. Once requested via telephone or post, your funds will be transferred back into your existing business current account using electronic transfer which is both quick and easy.

What are the advantages?

The consistently high interest rates are guaranteed to fall no lower than 0.25% below base rate until 31/12/2012. This way you know that if the base rate begins to rise then your interest rate will rise with it and your savings won't be left gathering dust at a lower rate.

It is rare to find a business savings account with a competitive rate that offers hassle free access to your money. Rates start at 1.75% AER for balances over £500. For those who can afford to tie up funds for a year a term deposit is available at 3% which in the current low interest rate environment are both very competitive for corporate funds.

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