For many businesses, the time taken to find the best interest rates for their working capital, will cost more than the extra income itself – as a result their banks are likely to benefit, paying little or no interest.
But surely it’s worth at least looking to see how much more you can earn, especially when there are innovative options that can minimise the administrative burden and offer competitive rates.
One such solution is Octopus Cash.
This is a one-year fixed term savings service that makes choosing and moving your business's cash far more stress free.
Octopus Cash works with a selection of challenger banks, offering some very competitive rates on business one year fixed rate bonds.
In fact, on a deposit of £250,000 you would currently earn as much from the Octopus Cash option, as you would by opening three different one year fixed rate bonds from the open market.
But with the Octopus option, you need only make one application – the service will spread your money for you, to keep it safe under the Financial Service Compensation Scheme (FSCS) protection limit of £85,000 per business, per banking licence.
At the end of the 12 month term, you can either close the account or let it roll over into the best new rates from your selected providers that are available at the time.
Why not give us a call, so that we can tell you how much more you could be earning on your business's cash that is languishing in the bank. And if the Octopus option is not the most appropriate, we’ll let you know.
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