How to open and manage a business savings account

Opening a business savings account

When opening a business savings account, it is important to consider how you’d like to save your money. You may need to think about the amount of interest you’d like to earn, and how accessible you want your savings to be.

Opening and managing a business savings account is simple and straightforward. It can vary depending on the provider and type of account you choose. Common steps include:

1. Choosing the right business savings account

There are a number of different business accounts available for you to choose from. Each one is slightly different, so you'll have to see which best suits the needs of your business. They include: 

Instant access accounts

  • An instant access business savings account* allows you to access your funds freely while also earning interest.
  • Typically, this account offers more options for deposits and withdrawals, and variable interest rates. Depending on your provider, rates may be lower in comparison to other types of account. 

Notice accounts 

  • Notice accounts* allow you to access your funds after giving notice. With Natwest, you’ll need to provide notice within 35 to 95 days of needing the money, but you'll get a better interest rate than an instant access savings account.

Fixed Term 

  • If you're looking to earn higher interest on your savings and don't need to access your funds regularly, a fixed term savings account* could be suitable. This account gives you a fixed rate for a set period. However, you won’t be able to access your funds without paying a penalty.

2. Check your eligibility

To open a business savings account, you may need to meet certain eligibility criteria. Every provider is different so remember to refer to the product information for specific eligibility requirements. 

3. Gather your company information

To formally open an account, you’ll need to provide some information about your company. Every provider is different, but you’ll typically need to give the:

  • name of the business
  • business address
  • company registration number

4. Make an official application

Depending on the provider and the type of savings account you want, you may be able to start the formal application process online. You might also be able to apply by telephone or by visiting your local branch.

During the application process, you may be asked some personal questions. This is to make sure that the savings account you’re applying for is right for you. These may relate to: 

  • your business turnover
  • whether you’re an existing customer
  • whether the account is for a new or existing business
  • whether the account will hold money for a third party.

When applying for a business savings account, it’s important that you remain as open and honest as possible to avoid potential problems or delays.

5. Wait for a decision

Sent off your application? You’ll just need to wait while your provider:

  • confirms your details
  • reviews your application
  • completes any background checks.

After that, they’ll be in touch with their decision. Timescales can vary between different providers. However, if you’ve been approved, you’ll usually be able to start paying into your account that same day.

If your application is declined, it’s likely that you didn’t meet the necessary criteria. In most cases, your bank will provide you with an explanation of why this happened. 

Common questions

Interested in one of our savings accounts?

Get started with your application today. 

Related content

Want to learn more about business savings? Check out our helpful guides for small businesses: 

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* Specific account eligibility criteria and conditions apply

Contact us

Want more support with business savings accounts? 


Chat to us online using our digital assistant Cora available 24/7.


For basic banking support, you can contact us on 0345 711 4477 – call centres are open 24/7.


If you have lending and other specialist business banking enquiries, our team is available Monday to Friday, 9am to 5pm.

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