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Business Savings Accounts - BFC Bank?

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    Business Savings Accounts - BFC Bank?

    Hello,

    I've been doing some research into business savings accounts as a way to build a bit of cash on company profits (and to ensure that these are protected across institutions by the FSCS). I will be keeping a good chunk of cash in the account for tax and unexpected payments etc. For the remainder it seems logical to deposit in something that can increase in value over time.

    I've come across B.F.C. Bank. They offer a 12 month fixed term business savings account with 2.5% interest. This is quite a bit above what other institutions are offering. The closest alternative I've found is Aldermore's business savings account that offers 2.25% with 5 years fixed term. Thing is, the BFC 2.5% savings account cannot be accessed online.

    I'm a little nervous and want to see if anyone has had any experience dealing with BFC? My alternative is Aldermore. So any feedback on them will be gratefully received too.

    Thanks all

    #2
    Aldermore is mentioned regularly on here and from what I remember quite a few people use them. Dunno about BFC.

    In google type the following.

    aldermore site:forums.contractoruk.com

    You'll get all the threads where Aldermore is mentioned.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      Banks

      Not come across BFC before but their basic requirements page states a min turnover of £5m (Link).

      Aldermore tend to be frequently mentioned, quick comparison on the Link here as well.

      Comment


        #4
        Originally posted by Dom at Fox Bartfield View Post
        Not come across BFC before but their basic requirements page states a min turnover of £5m (Link).
        .
        Looking at the state of their website I don't think I'd touch them with a bargepole either.

        Fixed Term Deposits - BFC Bank
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          Looking at their accounts, they made a loss of £6million last year, an improvement on the previous year when it was £6.5million

          https://document-api-images-prod.s3....5b5ec34494a041
          …Maybe we ain’t that young anymore

          Comment


            #6
            Originally posted by Dom at Fox Bartfield View Post
            Not come across BFC before but their basic requirements page states a min turnover of £5m (Link).

            Aldermore tend to be frequently mentioned, quick comparison on the Link here as well.

            I've been in touch with them and they've lifted the £5million turnover requirement. The website is due to be updated.

            They are also registered with the PRA and thus covered by the FSCS. Saying that I think it's the fact that there's no online access to the account, the bank is very new and I can't find any real reviews online that's making me nervous.

            Comment


              #7
              Originally posted by northernladuk View Post
              Looking at the state of their website I don't think I'd touch them with a bargepole either.

              Fixed Term Deposits - BFC Bank

              Ha, yes it isn't the slickest of websites...

              Comment


                #8
                Originally posted by lumalist View Post
                ...the bank is very new ...
                They've been around since 2003, although only changed their name to BFC Bank in 2016.
                …Maybe we ain’t that young anymore

                Comment


                  #9
                  Originally posted by WTFH View Post
                  They've been around since 2003, although only changed their name to BFC Bank in 2016.
                  Interesting. What were they called before?

                  Comment


                    #10
                    Originally posted by lumalist View Post
                    Interesting. What were they called before?

                    EZREMIT and BFC Exchange.
                    …Maybe we ain’t that young anymore

                    Comment

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