HBOS boosts rate for small business savers

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Interest will be paid at 5.5%, 0.25% above the Bank of England base rate, and the account does not impose the usual conditions of a £10,000 deposit and transaction charges.

It is the first time that HBOS has offered businesses a deposit account that pays interest above the Bank of England base rate and comes as banks desperately try to increase the number of customers depositing money with them.

Banks and building societies are struggling to raise funds and are cutting back on mortgage lending and other loans, particularly to risky customers.

John Kerr, head of products at HBOS, owner of Halifax and Bank of Scotland, said that "following the credit crunch, it is a far more competitive marketplace". He added: "We wanted to make sure there's enough clear blue water between us and the competition."

Research by Business Moneyfacts showed small businesses are getting a "raw deal" from banks who pay interest well below the Bank Rate.