SMEs could be missing out on millions of pounds of savings interest due to a lack of knowledge surrounding business savings accounts.
In fact, new research by the Bank revealed that 23 per cent of SMEs receive no interest at all on their savings, while almost a quarter don’t know what interest rate their business currently receives.
The research also found that many SMEs are failing to shop around in order to get the best deal, while around 40 per cent of companies hold their surplus funds in their current account rather than a business savings account.
SMEs that take time to research the variety of accounts available to them could benefit from higher rates of interest, which is why Aldermore Bank has recently launched an SME rate checker to allow time-poor SMEs to access the information they need to make the best choice for their funds.
The infographic below looks in further detail at the results of the Aldermore research.
To learn how business savings accounts can help SMEs to grow their funds over time, please get in touch with the team at Aldermore.
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