Business Deposit Accounts: 1 Year Fixed Rate
Applicable compensation scheme
The accounts featured in the above table are covered by a number of different compensation schemes.
For banks and building societies who are members of the Financial Services Compensation Scheme (FSCS) you should check whether your business meets the qualifying criteria. The following information is taken from the FSCS website:
FSCS was set up mainly to assist private individuals, although some smaller businesses are also covered. Larger businesses are generally excluded, although there are some exceptions to this (for example for claims in respect of certain compulsory insurances). Our rules tell us which claims are eligible and form part of the FSA’s Handbook of rules and guidance, under Redress, Compensation.
As an indicative guide only, for the purposes of deposit and investment claims, smaller companies are protected. A smaller company must meet two of the following criteria (as set out in section 247 of the Companies Act 1985 or section 382 of the Companies Act 2006 as applicable):
- Turnover: not more than £6.5 million
- Balance sheet total: not more than £3.26 million
- Total number of employees: not more than 50
The same levels of compensation apply whether the claimant is a private individual, small business, or a small company.
More information about the various compensation schemes can be found by clicking on the links below:
One Year Fixed Rate Business Deposit Account
A One Year Fixed Rate business savings account will provide a set rate of interest for one year and can be an excellent way of improving on the uncompetitive interest rates offered by most business current accounts.
In common with personal accounts business Fixed Rate savings accounts generally pay a higher rate of interest the longer you are prepared to tie up your savings. Businesses should be careful though not to tie up money they may need access to as most Fixed Rate business accounts do not allow early access to the capital.
Fixed Rate business deposit accounts are available for a variety of different terms, from very short periods, for example as little as a week, to longer terms of up to five years.