The recent dramatic cut in interest rates has left many savers out in the cold. However businesses seem to be getting a very raw deal from banks at the present time.
Not only are business owners finding it hard to get credit to help with cash flow, but they are also getting a miserly return on deposits held with the major banking institutions.
It is not uncommon to get 0.1% p.a on deposits in business savings accounts.
If you are able to do some research you might bee surprised at the rates some banks are offering. Scottish Widows Bank (which is part of Lloyds TSB) is offering savings rates to businesses of 2.25% p.a up to 2.5% p.a.
It is interesting to see that Lloyds TSB is not able to offer the same terms as Scottish Widows. Scottish Widows also has its own banking licence. Therefore the Financial Services Compensation Scheme limits for Scottish Widows Bank is separate to Lloyds TSB.
For further information and to download the Business Deposit Application form please click here. If you would like to set up an account please complete the application form and send it direct to Scottish widows.
