Managing the cash that sits outside the day-to-day running of a business is a practical consideration for independent retailers. Progressive Building Society offers a local option for businesses with reserves to manage, from funds that need to remain readily available to money that can be set aside for longer-term plans.
As Northern Ireland’s largest locally owned building society, Progressive has been offering mortgage and savings products since 1914. Its business savings range offers different access options, including instant access accounts, 90-day notice accounts, variable-rate bonds and fixed-rate bonds. Accounts can be opened from £1, giving businesses flexibility to match the product to the purpose of their funds rather than taking a one-size-fits-all approach.
For a retailer, that could mean retaining access to a cash buffer for stock, seasonal trading or an unexpected cost, while placing surplus funds in an account with a longer term. Fixed-rate bonds are available over a range of terms, while notice and instant-access options can suit businesses that may need their money back faster. Terms, access rules and rates vary by account, so it’s worth considering how quickly the funds may be required before choosing a product.
The Society complements product choice with local, person-to-person support. Eligible businesses can open relevant accounts by post or in person, with 11 branches located across Northern Ireland. They can also speak to a dedicated Business Relationship Manager for guidance. Online business accounts are also available to eligible Northern Ireland solicitors and credit unions.
More information on Progressive’s full range of business savings accounts, including who is eligible, current rates and account terms, is available at theprogressive.com/savings/business-savings-accounts.
