A new name to the business savings market and an eye-catching entrance to boot.
The latest provider to be added to our extensive database of savings information and with some top deals aimed solely at businesses, BFC Bank leapt straight into our business best buy tables.
Offering fixed term deposits for 3 months, 6 months and 12 months – with rates up to a mouth-watering 2.50% gross/AER – for small to medium-sized businesses with annual turnover or assets of up to €50 million and up to 250 employees - the provider stands ahead of the pack.
The rates on offer are as follows – find out more and apply;
3 Months Fixed Term Deposit – 1.75% gross/AER* - Market leading rate ✔️
6 Months Fixed Term Deposit – 1.99% gross/AER* - Market leading rate ✔️
12 Months Fixed Term Deposit – 2.50% gross/AER* - Market leading rate ✔️
It is worth noting that these rates are head and shoulders above the competition, with the 12 month rate more comparable with a three or five year bond and both the 3 and 6 month rates giving the best of the rest for 12 months or longer a run for their money. Simply put, these are great rates in today’s savings market.
>> Business fixed rate bond best buy tables
But who is BFC Bank, what is its background and should businesses be giving these accounts a try in search of better returns?
First and foremost, BFC Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). BFC Bank is a member of the Financial Services Compensation Scheme (FSCS), so funds placed with the provider would be covered up to £85,000 per business, should the provider cease trading.
Therefore, you can rest assured that the provider is subject to the same rules and regulations and the same level of protection is in place as any other provider that features in our best buy tables.
>> For more information on the FSCS, download our free guide
While BFC Bank is a new name to the savings market, the bank actually received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) in the UK in September 2016. So, the bank has actually been operating in the UK for over two years.
BFC Bank’s original incarnation was the Bahrain Financing Company, which was founded in Bahrain in 1917 – celebrating its centenary last year, so there is quite a bit of history behind it.
It is worth noting that applications are made through the post and you would phone or email the provider initially to get the application form and to make sure that your business is eligible.
Taking a look at the application form and requirements, everything looks standard and pretty straightforward, so we are not anticipating too many issues here. However, please let us know if you have any thoughts on the application process.
Ultimately, the proof is in the pudding, so any feedback you have around your initial dealings with the provider will be gratefully received. Send any specific feedback to info@savingschampion.co.uk or why not leave a review on our website to help us provide insight to your fellow business savers.
Of course, those looking for more access to their business savings will need to look elsewhere, as the provider has not branched out into other areas of the savings market (yet).
If this is the case, take a look at our business easy access and notice account best buy tables.
>> Notice account best buy table
So, with some of the very best fixed term deposits available at the moment, despite being a lesser-known name in the savings market, BFC Bank could certainly be worth considering.
At the end of the day, the bank is subject to the same regulations and the same level of protection is in place as the larger brands, so it may be time to consider a well-informed leap of faith in search of a better return.
If you need any further help with finding the accounts that are most suitable for the needs of your business, please call us on 0800 011 9705 to speak to one of our expert savings specialists.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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