Who can open a business savings account?
As the name indicates, a business savings account is available for businesses and commercial enterprises with spare cash. As long as you can afford to wait a set period of time before accessing the funds and have a minimum deposit ready (with Hodge the minimum deposit is only £1,000), any company with surplus cash can take advantage of a savings account. If you’re looking after the budget of a charity, club, society or trust, make sure you check out our non-personal savings account options instead.
About our Business Accounts
With your financial obligations taken care of and your day-to-day operations covered, it’s time to see what funds your business has got left. When you draw the line at the end of the financial year, you may discover your business has produced excess cash. Which means you’ve now got to decide: should you invest your hard-earned money, or save it for that rainy day?
If reinvesting your extra funds seems too much of a risky bet for your company to take, or isn’t right for you just now, a better solution might be leaving them in a business savings account, where your money can grow in a safe way. With prior planning, you can use it right when you need it.
Here’s how saving money for business works and what you need to know to make sure you’re leaving your money in the best hands possible. The best business savings account for your company, might be here at Hodge. Keep reading to find out more.
Business savings account products
Depending on how long you can wait before accessing your savings, and whether you’re after a better interest rate or you value more easy access to your funds, here are the Hodge savings options to consider.
Fixed Rate Business Bond Accounts
If you can lock your money away for a set amount of time, fixed bonds are the business saving accounts that may not only give you a higher interest rate than our Notice Business Account, but also the peace of mind of knowing exactly how much you’ll be earning at the end of the term. With both longer- and shorter-term fixed rate business bonds available, at Hodge you’ll find the solution that suits your business the best.
Notice Business Accounts
For companies looking for more flexibility in the way they manage their money, notice business accounts offer a happy middle ground. The interest earned on these business savings accounts is variable and might not give you the same return on investment as fixed bonds. But, you’ll get access to the funds when you need it, provided you give us prior notice.
At Hodge, you can choose between 1-month notice accounts and 100-days notice accounts. And if you want immediate access to your cash, we also offer a no-notice business savings account.