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Clients Account

We are being evicted from our clients' account because Lloyds don't want to carry an account with many thousands in it unless we have our business banking with them.  It's taken them about 10 years to notice that the business current account has moved on but the interest rate is non-existent. 

Anyone got any recommendations of where I might put a chunky capital sum (£20-80K) that actually pays interest of 2% or more?  It seems as if the rates shrink as soon as it's mentioned that it's a business clients' account.  I can get good rates of interest as an individual, but it doesn't really look right to have an a clients' account in the name of M Morrison, masquerading as personal savings.

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24th Sep 2010 11:43

HSBC

We don't have a client account, but we have a reserve account that pays interest. I don't know the current rate (oops! naughty! I should know how much, or how little, they are giving me!!!!!)

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24th Sep 2010 14:12

Banks?

I'm not too sure whether any bank knows what a client account is.
 

Sandander decided 18 months ago to revirt my client account in to a general bank account, until I informed them of the Legal issues surrounding a client account, IE it is not my money and therefore cannot be associated with me. It took me about 3 months until the quangos changed it back to a client account, or at least put client account in the title. The interest rate is not worth having at sandander. It would appear that HSBC do not understand the difference either, looking at the recent post to your issue.

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24th Sep 2010 14:18

Tricky one

I wouldn't hesitate to recommend HSBC (I think they are the best of a pretty bad bunch) in all areas except for paying  interest.  £1m+ gives about 0.08% at the moment, the figures you quote would get you about 0.04% with them.  Of the big high street banks I think you might get a better deal at Barclays.

Santander seem to be paying the highest rates at the moment, but I have no idea about them or even if they offer a 'client' account.

It seems the only way to get anything decent with interest is if you are prepared to lock the money away for a long time or take a bit of a risk with it, neither of which you can really do with client's money.

 Edit: clearly Santander do offer a client account (see above post), but they too do not get a ringing endorsement do they?

 

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25th Sep 2010 01:08

bank of Ireand

 try the Bank of Ireland

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