Is Your Business Missing Out On Thousands Of Pounds?

27th February 2024

The rates paid on business savings accounts are at their highest in years. It's no surprise then that we've had many businesses asking if they can improve the interest they can earn on their company cash. Is your business missing out?

Competition has been strong in the business savings markets and new providers to the market have bolstered this competition.

According to a recent report from Allica Bank, SME's (small to medium sized enterprises) have £273 billion of cash on deposit - and £149 billion of this is sitting in current accounts earning nothing! If the interest on your company's savings could pay a staff member's salary, would you ignore it?

Although some money will of course need to remain in the current account for day to day expenses, considering there are business easy access accounts earning at least 4% and fixed rate bonds paying more than 5%, SMEs are potentially missing out on billions of pounds in interest, collectively. What could your business do with an extra £5,000 a year? That's what you could be missing if your business has £100,000 unnecessarily languishing in a current account or a poor paying savings account.

Check out Top Tips to help your business earn more