Business Deposit Accounts: 4 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:
Four Year Fixed Rate Business Deposit Account
For business owners searching for a better rate of interest on any capital held in their business a Fixed Rate account is one option.
A fixed rate business account pays a set rate of interest, which can never be changed, for an agreed period of time. Generally, the longer a business is prepared to commit their capital, the higher the interest rate will be. However, care should be taken not to tie up money which may be needed in the short term, as most fixed rate business accounts to not allow early access to the savings.
The table above shows the banks and building societies offering Four Year Fixed Rate accounts for businesses. Other fixed rate periods are available and can be viewed by clicking here .