"I welcome today's figures as I believe it shows SMEs understand the importance of savings and creating a cash buffer for their businesses.
"But it is disappointing to see that more than half of this money (£84.6bn) is kept in SMEs current accounts, particularly among smaller businesses. Our recent research showed just under a third of SMEs have a business savings account, the number for sole traders is even lower at just 16 per cent. Instant access to cash may be essential for some businesses, but it is important to stress that collectively they are potentially losing out on millions of pounds each year on interest payments. Aldermore believes that it is vital that small and medium-sized businesses ensure that any surplus funds are made to work as hard as they do."
Notes to editors:
The full BBA statistics can be found here.
Aldermore’s research into the savings and banking habits of SMEs, 'Saving SMEs' was published in November 2014.
For further information, journalists can contact:
Adam Taylor, Cicero Group
Phone: 020 7297 5971
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