To be eligible for a Business Savings Account, your business must
- be either a Sole Trader, Partnership, Limited Liability Partnership (LLP) or Limited Company (Ltd), and
- A small to medium sized enterprise with fewer than 250 employees and a total balance sheet of less than £36.5m and / or a turnover or less than £42.5m, and
- the income it generates must be from operational activity and not “passive” income.
If your business doesn’t meet these criteria, unfortunately you won’t be eligible to apply for an Recognise Business Savings Account.
"Passive Income" is defined as money that you earn without working for it. Examples include dividends from investments, interest from savings accounts, royalties, etc. As such, our Business Savings Accounts are not suitable for companies with a passive income.
Small to medium enterprise eligibility
To be eligible for a Business Savings Account, your business needs to meet the EU definition of a small to medium sized enterprise.