Business Deposit Accounts: 14 Day Notice
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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:
14 Day Notice Business Deposit Accounts
Businesses need to save just like individuals do. So, a business should shop around to get the right savings product to suit their business savings needs.
Most business owners know that business current accounts pay no, or a very low level of interest, it therefore it makes sense to open a savings account dedicated to businesses.
One type of business savings account that can get a business a better interest rate is Notice Accounts.
A 14 Day Notice Business account means that a business has to give 14 days’ notice in advanced to access any of the capital in the account. Although, a business can usually access the capital during the notice period, but will receive a penalty charge.