Business Savings Accounts - BFC Bank? Business Savings Accounts - BFC Bank?
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  1. #1

    Nervous Newbie


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    Default 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. #2

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    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.
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  3. #3

    Still gathering requirements...

    Dom at Fox Bartfield's Avatar
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    Default 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.
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    Quote 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
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  5. #5

    Prof Cunning @ Oxford Uni

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

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  6. #6

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    Quote 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.

  7. #7

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    Quote 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...

  8. #8

    Prof Cunning @ Oxford Uni

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    Quote 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.
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    Quote 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?

  10. #10

    Prof Cunning @ Oxford Uni

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    Quote Originally Posted by lumalist View Post
    Interesting. What were they called before?

    EZREMIT and BFC Exchange.
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