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Banking

Cater Allen introduces new business account

A firm has launched a new business account product.

A firm has launched a new business account product.

Companies searching for alternative business banking options in the UK may wish to note that one lender has introduced a new business account.

In news which may also interest organisations with Santander business savings, Cater Allen – part of the Spanish financier group – has launched a two-year term deposit especially for firms, which pays a gross annual equivalent rate of three per cent.

Both new and existing clients of the lender are eligible to take out this account – as long as they have a minimum initial deposit of £50,000 – while customers are also offered the flexibility of being able to choose whether they receive their interest monthly or annually.

Jackie Brown, head of banking and savings at Cater Allen, remarked the product has been designed to “appeal to clients looking for a fixed rate of interest and the security provided by a guaranteed return”.

Meanwhile, it was announced last week that companies with business accounts from the Royal Bank of Scotland and NatWest can now access their products through the Post Office.

Figures have shown that Legal & General is gaining more business customers.

More companies in the UK may be actively taking out business accounts following the global economic downturn, if new figures are to be believed.

According to data released today (November 9th 2010) by Legal & General, many organisations appear to be looking into the option of comparing savings on the best deals available to them.

In news that may also be of note to individuals with Legal & General ISAs, the lender has revealed that the amount being saved with it by businesses based in the UK increased by 43 per cent in the third quarter of 2010 in comparison with the corresponding period last year.

Meanwhile, the amount of cash being stored away by firms from overseas also went up by 11 per cent over the duration of the same timeframe.

Tim Breedon – chief executive of the group, which operates worldwide in nations such as the US and Germany – said: “These results demonstrate that we are successfully delivering both improvements to cash generation and growth in sales.”