Business Notice Accounts
<p>We found <strong>109 PRODUCTS </strong>in total, of which <strong>23 have links to providers</strong></p>
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Cynergy Bank Business Notice Saver (Issue 3)
Cynergy Bank Business Notice Saver (Issue 3)
Cynergy Bank Business Notice Saver (Issue 3)
4.02%
Business Variable
95 Day
Yearly
Online
Online, By Mail
Allica Bank 180-Day Notice Savings Account (Issue 1)
Allica Bank 95-Day Notice Savings Account (Issue 1)
OakNorth Bank Business Notice Tracker Account
Recognise Bank Business 180 Day Notice Account - Issue 1
Redwood Bank 95 Day Business Savings Account (Issue 20)
Recognise Bank Business 120 Day Notice Account - Issue 1
Cambridge & Counties Bank 120 Day Business Notice Account Issue 3
Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme up to a maximum level of protection of £85,000 per business per institution. The deposits of most non-financial services businesses are covered up to the £85,000 limit.
DisclaimerThe list of notice business accounts providers on this page is a selection of services available and gives you an idea of the kind of options available. You can find out more about the individual products by visiting any of the providers listed. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfactscompare.co.uk will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfactscompare.co.uk recommends you obtain independent financial advice.
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A business notice account is a type of savings account that allows businesses to earn interest on their surplus funds.
While businesses can withdraw from the savings held in these accounts, they will need to serve a set number of days’ notice before withdrawing any money.
Notice periods can range from seven days to 180 days or more.
Businesses will have to make a minimum deposit when opening a notice account, which could range from £1 to a few thousand pounds to more than £20,000.
Once open, businesses can usually add to their savings when they choose, as with a standard easy access account.
And, like other savings accounts, they will earn interest on the money they deposit.
However, the main feature that makes notice business accounts different to other savings accounts is the withdrawal process. Instead of accessing funds immediately after requesting a withdrawal, businesses will need to wait a certain amount of time before their funds are released.
This is known as the notice period and could be as little as a few days to as long as several months.
A business notice account can be useful for businesses who want the option to access their savings but won’t need to use the money in an emergency.
For example, a business may use a notice account to store funds that they will use to expand their operations or buy some new equipment, as they will be able to time their withdrawal so they have their money when they need it.
Business notice accounts often pay higher rates than easy access accounts, which can make them a more appealing option if you already have some money put aside that you can turn to in an emergency.
Furthermore, unlike business bonds, you can typically add to your savings whenever you choose. This means you can continue to grow your savings pot and earn a competitive rate of interest on it.
And, even though you need to wait a notice period when withdrawing your funds, you can still access your savings without penalty when you need them. However, you need to plan your withdrawals carefully to make sure your money is released in time.
One of the main drawbacks of a business notice account is that you have to wait a number of days or months before you receive the money you want to withdraw.
This means these accounts aren’t very convenient if you want to access your savings quickly, to cover an unexpected emergency expense, for example.
Furthermore, these accounts pay a variable rate of interest, which means providers could cut rates. As a result, you could get a smaller return on your savings than first thought, unlike a fixed bond which offers a guaranteed interest rate and return on your money.
Businesses can withdraw money from a notice account, but they won’t receive their money straightaway.
Instead, businesses will have to wait a specified notice period before they can access the money they’ve withdrawn.
Bear in mind that providers may only allow one notice period to run at any one time, so you would have to wait to receive your money before requesting another withdrawal.
Many business notice accounts won’t allow you to access your money before the required notice period.
This means, if you’ve taken out an account with a 180-day notice period, for example, you will need to wait 180 days after requesting the withdrawal before you can use your money.
Because business notice accounts are a type of savings accounts and not an investment, your money isn’t at risk.
Furthermore, most business accounts are protected by the Financial Services Compensation Scheme (FSCS). This means your deposits (up to a maximum of £85,000 with each financial institution) are protected if a provider goes bust, for example.
Bear in mind this limit applies to each banking licence, so any providers that share a licence will share the limit. See our guide on who owns whom.
If your business is a separate legal entity (such as a limited company) you will have a separate £85,000 limit for your business alongside an £85,000 limit for your personal savings.
However, if you’re a sole trader or partnership, you will only have one £85,000 limit across your business and personal savings with each provider.
Yes, most notice business accounts are available to a range of organisations, including self-employed sole traders, micro businesses and private limited companies.
This depends, as each provider has their own minimum deposit requirements. There are notice accounts available for businesses that ask for a minimum deposit of just £1, but others may require £20,000 or more.
At the time of writing, many of the top business notice accounts pay in excess of 4.00% AER. You will often find the highest-paying accounts are the ones with the longest notice period. See our chart above for the most up-to-date list of the current interest rates available.
A longer notice period often equates to a higher rate. However, this isn’t always the case as some providers choose to be more competitive and offer shorter notice periods to secure business deposits. To make sure you’re getting the best interest rate, or at least a competitive rate, it’s a good idea to regularly compare business notice accounts on our chart.
Business notice accounts come with a variety of notice periods, which you can view on our charts. Notice periods of 90 and 180 days are common for the highest-paying accounts, but there are shorter and longer periods available.
A corporate notice account is similar to a business notice account. However, while standard business savings accounts are typically available to most UK businesses, providers usually reserve their corporate savings accounts for bigger businesses with a higher turnover and a larger sum of money to deposit.
Yes, you can often deposit into a business notice account without restriction. So, whether you want to make ad hoc contributions or deposit a regular sum each month, a business notice account can allow you to do this.
Business notice accounts aren’t fixed bonds so there’s no penalty for closing them. However, you will typically still need to wait the specified notice period before receiving the money left in the account; you may not be able to get it any earlier than this.
The key difference is how quickly you receive your withdrawal. While an instant access account will release the requested sum straightaway, you need to wait a specified period before receiving the money you withdraw from a notice account.
A business bond will offer you a fixed rate of interest for a fixed duration of time, whereas notice accounts usually have a variable rate of interest. This means the savings provider can change this rate at any time (subject to giving you written notice of the change in advance).
Moreover, while notice accounts allow further deposits and withdrawals, you can’t usually add money to a fixed bond during the term or make any withdrawals.
You may also be interested in comparing business bonds and business easy access savings accounts.