Are you pondering over what to do with your business savings?
We know saving money, both personally and professionally, can be challenging. In 2018 we conducted some research into our nation’s savings habits and it turns out that saving isn’t a financial priority for many UK adults. So if people are struggling to save in their personal lives, what does that mean for new businesses, entrepreneurs and even established businesses who would like to save for the future?
Saving can feel like an uphill struggle when balancing your financial priorities as a business, so to lend a helping hand we’ve put together some helpful information to take the complication out of choosing the right savings account for your business…and to help your business get the most out of it!
Choosing the right savings product
So what do you need to make sure you know before opening an account?
If you are looking for higher interest rates, a fixed term bond may be the right option. Interest rates are generally higher with this kind of account. However, money is locked away for a set period of time with penalties if you need to withdraw early. If you don’t think this will be a problem and you’re happy to lock away savings and let the interest do the work, this could be the right account for your business.
How much flexibility do you need with your account?
This leads nicely onto your next need-to-know. Before you use a savings rate to decide upon the best account to meet your needs, you need to understand how flexibility you require. If you think your business may need immediate access to money then an instant access account could be the most appropriate. The interest rates tend to be slightly lower. However, it would normally pay a higher rate than a current account and offers the flexibility and peace of mind that if you ever did need to dip into your savings, you can without any penalties.
I’m a business and I need somewhere to put my savings… The Cambridge can help!
Our savings products range from our Easy Access Business Saver which allows up to two withdrawals a month without notice, to the Notice Business Saver offering flexibility and access your money. Should unexpected expenses come up, you choose to give notice or pay an interest penalty fee. For businesses which won’t need access to savings the 1 Year Fixed Rate Business Bond means money is invested for a fixed term at an interest rate that won't change.
Going that extra mile is what we’re all about at The Cambridge, and we look to offer the same personalised approach to our business savers as we do to our personal savers and mortgage customers. Ease of doing business with us is key, so all of our business account customers can manage their account online, over the phone or by coming into branch and talking to one of our savings experts. And even better, you know that in saving with us, you are investing in your local community.
If you would like to know more about any of our business savings accounts, give us a call on 0345 601 3344 or come and discuss your savings options with one of our savings experts at your nearest branch.
Send me details
of the Being savvy with your business savings
We promise not to give your email to anyone else