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Savings

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  • 11-08-2011 9:45am
    #1
    robinph
    Moderators, Science, Health & Environment Moderators, Sports Moderators Posts: 24,098 Mod ✭✭✭✭


    Why are the savings accounts for business interest rates so rubbish?
    Looks like you can get a slightly better interest rate in the Irish banks (just had a quick look on AIB to compare), but in the UK the "High Interest" business savings account I'm being offered is 0.02%. Personal savings accounts at the same bank are at least 2% or greater, would be better rates out there obviously once you lock it in for a time or some other special accounts.

    But what is the reasoning behind not having a better rate for business accounts? Do they not want my the businesses money?


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    #2
    RedXIV
    Registered Users Posts: 8,438 ✭✭✭RedXIV


    Off the top of my head I'd guess that most business accounts are expected to have alot more money in them than personal accounts. If you've got a fairly successful company, you could be putting away thousands a week which would add up fairly rapidly and as such the interest would be huge.

    But thats just an idea I had, no idea if its true :)


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    #3
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    probably a very stupid idea but could you not transfer the cash to yourself under the guise of a directors loan, and pay it back to the company 364 days later and avail of the interest rates in a personal account for that period ?

    I don't think you'd be breaking any laws


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