This could be buying new materials like stationary, maintenance of equipment or upgrading a certain space. Either way it takes hard work to get where you are so doesn’t that mean your money should put the same amount of effort in? Sometimes, the bigger picture is lost as UK small and medium sized businesses are collectively missing out on over £1 billion^ in savings interest a year, all because their lazy money isn’t working hard enough.
In fact, 34%* of businesses have no idea what rate of interest their surplus cash is earning. Out of those that do know, 43% are receiving paltry rates of between 0% and 0.5%. By waking your lazy money up, you could earn up to £880+ a year for your business, money which can be put towards future growth.
Business savings accounts offer various advantages such as generating revenue to invest in your team, providing training to boost their skills or simply rewarding their efforts. There’s also the opportunity to increase cash flow by putting aside savings to pay for taxes whist earning valuable interest at the same time.
Check out these 5 reasons to get lazy money working harder for your business
By making your lazy money work harder you could spend the extra interest on your employees, reinvesting in the business or paying your tax. The below infographic will give you some ideas of what you could buy if your lazy money was working harder.
Running a business is about sacrifice and diligence, so why shouldn’t you reap the rewards of having surplus cash? By opening transferring to a business savings account with Aldermore you’ll be able to turn lazy money into easy money.
^Calculated using the following sources: The most recent figures from the BBA show cash held by small and medium sized businesses in current and deposit accounts totals £162.1 billion (BBA: Bank support for SMEs - 1st Quarter 2016). With an average rate paid of 0.69% on all live business accounts including current, variable and fixed accounts (SavingsChampion.co.uk- March 2016) and rates available for fixed term bonds in excess of 1.50% (Business Moneyfacts 25/07/2016).
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,008 Small Business Decision Makers. Fieldwork was undertaken between 4th - 12th April 2016.
+Based on £80K invested at 1.10% Gross / AER in an easy access business savings account with Aldermore versus keeping it in a current account paying 0%.
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