More than a quarter of Scottish SMEs don’t know what interest rate they receive on their savings, a new study has found
New research from Aldermore bank shows more than one-quarter of SMEs (27%) don’t know what interest rate their business is currently receiving on their surplus funds. A further 26 per cent admit their business receives 0 per cent interest.
The research, which surveyed more than 1,000 British SMEs and follows a similar survey to last year, also shows eight in ten (80%) Scottish SMEs who have a business savings account hold it with the same provider as their business current account.
More widely, of those businesses with surplus funds, over four in 10 (46 per cent) hold the majority of their surplus funds in a business savings account, whereas 34 per cent keeps their funds in a business current account. The most recent figures from the BBA shows cash held by SMEs in current and deposit accounts totals £163.5 billion*.
Simon Healy, managing director of Savings at Aldermore, said: “Business savings play an important role for SMEs in covering unexpected bills, future investment and general cash flow. It is therefore important businesses make the most of their money and shop around for the best rate. While it is understandable that SMEs prefer to keep their surplus funds with the same provider as their business current account, in reality they are not making the most of their hard earned money.
“Opening a business savings account can be hassle free, at Aldermore you can open one within 15 minutes. Our business savings rate checker service allows SMEs to quickly establish if there is a better home for their surplus cash without the need to change their business current account.”