Here’s How One Company Made £14,000 a Year in Interest
Many profitable businesses are holding on to extra cash, but far too often that money is stuck in a standard current account earning no interest. That’s exactly what happened with one of our customers. Their story shows just how easy it can be to make your company’s money work harder.
The Situation: A Profitable Company, But No Interest Earned
This business was doing well, growing steadily and making a profit. But they had one issue: their extra cash was sitting in their current account, earning absolutely nothing.
Like many businesses, they were focused on day-to-day operations and hadn’t had time to think about how to manage surplus funds.
The Solution: Simple Advice, Big Results
We saw an opportunity for them and pro-actively gave them a call. We explained that recent interest rate increases from the Bank of England meant it was now possible to earn a decent return, even from instant-access savings accounts. They had worked hard to build their company, earn profits, shouldn’t their money be working too?
We helped them:
- Understand the opportunity: business savings accounts now pay interest, even on easy-access accounts.
- Showed them websites: that compare company bank account interest rates.
- Appropriate checks: always make sure you complete appropriate due diligence before moving any money.
- Made them aware of online websites: that can monitor multiple different company bank accounts.
- Protect their money: we told them about the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 per bank.
- Take action: they opened a few simple savings accounts with different banks and moved some of their surplus funds into them.
The Result: extra £14,000 in Annual Interest
The company is now earning around £14,000 every year, just from interest on money they were already holding.
No extra work, no risk-taking, just better use of the tools already available.
What the Customer Said
“It was simple to set up some new business savings accounts and start earning interest the right away.”
Could Your Business Do the Same?
If your company is sitting on extra cash, it might be time to take a closer look at where that money is kept.
Here’s our quick advice:
- Check your current balance: Do you have surplus cash that doesn’t need to be spent immediately?
- Explore business savings accounts: Even instant-access options can offer good returns right now.
- Protect your funds: Make sure you’re within the FSCS limits for each bank (£85,000 per institution).
- Check you are happy with those new banks: always complete appropriate due diligence to make sure everything is legitimate, before moving any money.
Don’t let your cash sit around doing nothing, even a small step now could bring better returns later.
Get in Touch with GreenStones
Not sure where to start? The GreenStones team is here to help. We’ll guide you through the options and help you make sure your company’s money is safe and earning what it should.
Call us today on 01733 371180 or email us at advice@greenstones.co.uk
Let’s make your money work harder, so you don’t have to!