After conducting research into SME saving behaviour, Aldermore has discovered that the majority of British businesses are earning 0.5 per cent interest or less on their surplus funds. This means thousands of small firms could be missing out on ways to grow their savings, particularly since four out of ten businesses admit to leaving their surplus funds within their business current account.
In response to these findings, the Bank has launched a new SME Rate Checker, using independent data from Savings Champion to help businesses identify their current interest rate and whether they could be earning a better return on their savings with Aldermore.
The Bank’s Managing Director of Savings Simon Healy explains why the Bank has developed this innovative tool and how it will combat the challenges that prevent many SMEs from making the most of their surplus funds.
- What were the main findings from the research Aldermore has conducted into SME savings behaviour?
- What do you think prevents SMEs from making the most of their savings?
- What progress is being made to make it simpler for SMEs to capitalise on their surplus funds?
- Why is it important for SMEs to check they are getting the best rate on their surplus funds?
- Why has Aldermore decided to launch an SME Savings Rate Checker tool to support small businesses?
- How does Aldermore’s new SME Savings Rate Checker work and what does it mean for small businesses?