Best Shawbrook Bank Business Banking
About Shawbrook Bank
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How it worksShawbrook is a specialist savings and lending bank that offers a number of products from business savings accounts to loans and property finance. With over 425,000 customers, Shawbrook wants to help power ingenuity and help UK businesses grow by making them more from their money.
See our full Shawbrook business savings review of features, interest rates and how they compare against other savings accounts.
Shawbrook Bank pros & cons
Pros of Shawbrook
- Multiple accounts to choose from
- Instant access, notice & fixed accounts
- Low deposit requirements
- Deposits protected by the FSCS
- Access whenever, wherever online
Cons of Shawbrook
- No branches for those that prefer in-person banking
- Only have one easy access account per business
- No mobile banking app
- Do not offer a business current account
Shawbrook Bank business savings
Shawbrook have five business savings accounts available, allowing you to choose the way you save.
There's a choice of an easy access account, two notice accounts and two fixed term accounts, with interest rates ranging from 3.76% to 4.56% AER.
Here's a summary of Shawbrook's business account rates and limits:
| Account name | Easy Access Business Account | 45 Day Business Notice | 100 Day Business Notice | 1 Year Fixed Rate Business Savings Bond |
| Account type | Easy | Notice | Notice | Fixed term |
| Interest rate (AER) | 4.36% | 3.76% | 4.51% | 4.56% |
| Minimum deposit | £1,000 | £5,000 | £5,000 | £5,000 |
| Maximum balance | £85,000 | £2,000,000 | £2,000,000 | £2,000,000 |
Eligibility
To be eligible for a Shawbrook business savings account you must:
- Have a UK business current account in the same name
- Be a limited company registered with Companies House, or
- Be a sole trader or partnership
- Be based in the UK
- Be 18 or older
Opening an account
Here's how to open an Shawbrook business savings account:
- Head over to their website to get started & choose an account
- Complete their online application - Shawbrook will confirm your eligibility
- Verify your ID - you'll need to upload a picture ID and a video of yourself
- Once approved you can start saving
Shawbrook Bank reviews
Shawbrook has an excellent 4.6-star rating on Trustpilot, from over 12,600 reviews, with 85% rating them 5 stars.
Information correct as of 12th September 2024.
Frequently asked questions
It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for Shawbrook Bank:
If you maintain within the account limits and requirements you can have as many Shawbrook notice and fixed rate accounts as you need, but you can only have one easy access account.
Yes, eligible deposits with Shawbrook are safe under the FSCS up to the value of £85,000.