A business savings account is a savings account that is available to sole traders, limited companies or partnerships rather than to private individuals.

Because the accounts are available to organisations, rather than individuals, there are slightly different ways in which account opening and withdrawals are managed.

Business savings accounts work differently from personal savings accounts to help protect the organisations, their staff and customers from fraud. For example, not only will we need to see documentation confirming the business owner(s), we will also need to see proof that the people operating the account have the right permissions to do so. This is explained further in the product details and application form.

A business savings account is also separate from a business current account and businesses will need to have a business current account in order to open a business savings account with us as all withdrawals are sent to your business current account.

When a business applies for a savings account, we will require certain documentation to confirm that the people operating the account have the right permissions from the business to do so.

The documentation depends on the type of business and could include either a resolution from the Board of Directors or a signed mandate. We’ll also need to see proof of identity and proof of residency of the individuals operating the account and any other beneficial owners, for example, those with significant shareholdings. We will also need to see proof of the business current account you are nominating for withdrawals i.e. a copy of a recent bank statement.

We have a dedicated Savings Business Development Manager who can help you through the entire process. If you would like to talk to someone about our business savings accounts please email business@mansfieldbs.co.uk.

Subject to product terms and availability, we can accommodate a maximum deposit of up to £1 million per account.

All of our business savings accounts can be viewed through our Mansfield Online portal.

We can accept online transactions on savings accounts where the account is set up and operated exclusively online. However, businesses wanting to operate an account exclusively online have to accept that we will only recognise a single account signatory i.e. we cannot accommodate two signatories online.

For businesses requiring a minimum of two signatories, withdrawal requests will be by post or branch, with the funds withdrawn by electronic transfer or cheque payable to the business bank account.

Business savings accounts can offer a more stable return on investment compared to stocks and shares because the capital is not at risk to fluctuations in the stock market.

In a business savings account, up to £85,000 is covered by the Financial Services Compensation Scheme (FSCS) provided you meet the FSCS eligibility. You can find out more here https://www.fscs.org.uk/making-a-claim/claims-process/small-business/.

Business savings accounts can also offer a range of access options to suit your business needs – these often provide more interest if you’re happy to tie your money up for longer. Whether it’s notice accounts or fixed term bonds, meaning you can plan your investments to meet your businesses financial needs.

Opening a business savings account can be a little more complicated than for a personal savings account because we have to do checks on the business as well as the individuals that own or run the business. Businesses have to provide appropriate documentation and this can take a little time to get together. If there is a change of personnel or ownership of the business it can also be a little more complicated to make the changes than it would for a personal savings customer.

If your business requires two or more signatories to make a withdrawal, you will need to operate the account in branch or by post as our online system will only recognise a single account signatory. If you operate the account online you will need to make sure that you have appropriate controls in your business to manage/mitigate any potential risks as our system will only accept a single account administrator.

The Financial Services Compensation Scheme (FSCS) only covers up to £85,000 of your savings, provided you meet the FSCS eligibility. Should you want to save more than this amount, the excess could be at risk if the financial provider fails. You can find out more here https://www.fscs.org.uk/making-a-claim/claims-process/small-business/.