Best business savings accounts

A business savings account enables businesses to securely save surplus cash and earn interest on the balance. Like personal savings accounts, they come in instant access and fixed-term versions - the right choice depends on whether you need flexibility to withdraw funds or are happy to lock money away for a higher rate.

A business savings account works like a personal savings account: you deposit surplus business funds and earn interest on the balance. The key difference is that the account is held in the company’s name and is separate from your business current account. Some accounts offer instant access; others lock your money for a fixed term in exchange for a higher interest rate.

A business savings account is used to safely put surplus money aside for future use. The money saved can be used for anything, whether it's investing in new equipment, paying taxes, expanding your business or as an emergency fund.

Yes, it's a good idea to have a business savings account that's separate from your business current account. At the very least, your savings account can be a contingency fund for emergencies which has the benefit of earning interest.

The best corporate savings account depends on your business size, how much cash you have to save and how quickly you might need access to it. Larger organisations may be able to access accounts with higher minimum deposits and better interest rates. Our rankings above show which business and corporate savings account providers our customers rate most highly for rate, service and accessibility.

A business instant access savings account lets you deposit and withdraw money when you need it, making it suitable for cash you might need at short notice, such as an emergency fund or money set aside for tax. A fixed-term business savings account locks your money away for a set period (typically 3 months to 5 years) in exchange for a higher, guaranteed interest rate. It’s better suited to surplus cash you don’t need immediately.

Yes, sole traders can open a business savings account, though the range of accounts available can vary by provider. Some business savings accounts require you to have a business current account with the same provider. It’s always worth checking the eligibility criteria and whether you’ll need to provide proof of your business structure before applying.