What is a business savings account? How it differs from a current account
By SendPay Business · · 2 min read
- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
A business savings account is a separate account where a company or sole trader keeps money it doesn't need day to day, usually earning interest. The business current account is still where payments come in and bills go out.
The main types
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Easy access
move money in and out when you like, usually at a lower rate.
Notice
give a set warning, such as 35 or 95 days, before taking money out.
Fixed term
lock money away for a set period, such as a year, at a fixed rate.
How interest is shown
Savings rates are usually quoted as AER, the annual equivalent rate, which shows what you'd earn over a year once any compounding is counted. It lets you compare accounts that pay interest monthly with ones that pay yearly.
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What it does
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Protection
Money in a savings account at a UK bank or building society is usually covered by the Financial Services Compensation Scheme, up to its limit per person per firm. Check with the provider, as e-money accounts are protected differently, by safeguarding rather than the FSCS.
Where SendPay fits
SendPay platforms give your customers GBP, EUR and USD accounts with transfers, cards, payment links and invoicing, under your own brand and powered by licensed partners.
How it works
Money on its way- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
How much should I save each month?
Work out the monthly amount to reach a goal by a set date.
Savings goal calculator →What is a business bank account?
The account a business uses day to day.
What is a business bank account? →What is a central bank base rate?
The rate that steers savings and loan rates.
What is the base rate? →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.