UK SMEs urged to settle for more in 2017
New research from Cambridge & Counties Bank reveals that around a third (30%) of business deposit accounts are paying 0.1% Gross/AER or less on balances of £25,000, highlighting the real opportunity for UK businesses to shop around.
The fast growing niche bank reveals that in the current low yield environment there are now only seventeen providers offering businesses an interest rate of more than 1% Gross/AER or more on balances of £25,000, a figure which has fallen by around two thirds (64%) from the number available back in December 2015.
Mike Kirsopp, Chief Executive Officer at Cambridge & Counties Bank, said: “There is a significant spread of rates on the market so businesses have a great opportunity to shop around to get a better return on their deposits. It’s all too easy to stick with the same old bank but we’d urge SMEs to make it their New Year resolution to settle for more and take advantage of the higher rates that are available on the market”.
Following the August rate cut by the Bank of England, the average rate available for accounts with a balance of £25,000 has continued to decline to 0.41% Gross/AER. This is 38% down from the start of the year and means that UK SMEs are missing out on an estimated £4732 million of interest.
Cambridge & Counties Bank is offering SMEs a highly competitive deal with the 1 Year Fixed Rate Business Bond offering 1.30% Gross/AER on balances of between £10,000 and £3 million.
Mike Kirsopp, chief executive at Cambridge & Counties Bank, continues: “SMEs have around £69 billion in deposit accounts(3) and much of this is in low interest paying accounts meaning they are missing out on literally hundreds of millions of pounds a year in interest. The latest figures also show business deposits were up 3% since the start of 2016, but too many businesses are getting a raw deal
“Demand clearly exists for something better and we are delighted with the market response to our business deposit accounts. Ninety-nine percent (99%) of our new savings customers’ state they would recommend us, and the reasons they give are that we have simple and straightforward processes and people in our UK offices ready to respond if they are needed. This, combined with the bank being covered by the Financial Services Compensation Scheme, results in a safe and easy way for organisations to save, which is proving very popular.”
Rod Grinsted, Director of property consultancy Saltire Project Services comments: “Like many businesses, we had been with the same bank since the beginning, which in our case was ten years ago. We were getting virtually nothing having our money in a current account so we moved it to a Cambridge & Counties Bank business bond to access a significantly better rate. Having previously been reluctant to move bank by the laborious nature of the process, I was amazed at how quickly the application was processed and the superb communication from the bank.
“Other financial institutions appear to be trying to move into the digital era, with varying degrees of success. Cambridge & Counties are certainly leading in customer service in my experience.”
Cambridge & Counties Bank business deposit accounts are also open to a wide range of other organisations such as charities, clubs, associations, societies and Parish Councils – many of whom find it difficult to secure a good return on their short to medium term savings.
Industrial Technology - NEWS
Other News from Industrial Technology - NEWS
- Visit our virtual exhibition stand
- Smart factories will boost global economy
- UK Robot Pioneers win Queen’s Award for Enterprise for Innovation
- AMRC gets a kick out of luxury footwear carrier project
- With demonisation, the devil is in the detail
- Cinderella, pancetta, and the great Brexit debate
- Data is the 21st century industrial battleground
- Arsene Wenger and the future of the EU
- UK SMEs confident about growth prospects
- Star Wars lessons for product development
- UKIVA announces new machine vision conference
- Machined in Birmingham, headed for Mars
- Somewhere over the rainbow, way up high
- To the infinitesimally small, and all the way back
- Is the rise of storage units costing us dear?
- Just how green is a new green product?
- Total value of UK goods exports to reach £445bn in 2026
- Is there another sad passing still to come?
- Understanding the true impact of Brexit
- The importance of good communications
- Making the most of your unique selling points
- Be absolutely sure you get your point across
- From the local bus to the global adventure...
- The gap between R&D and production
- The lobster, the cat and the wardrobe
- Britain 'must invest in design skills' to drive forward in Industry 4.0, manufacturing experts warn
- Game of Thrones and a lesson for engineers
- Talk about productivity is just being negative
- The true colours of British politics
- Atomic batteries to power, turbines to speed
- Zen and the art of jimmying out the backup battery
- The perils of riding the change curve
- Crowd funding the UK's space industry...
- Dad's Army, and the art of recycling...
- The next best thing to reinventing the wheel
- You've made your bed, now you have to lay in it...
- Building a new industry from what we do best...
- The robot revolution that never quite happened...
- Space 1999 and the lack of UK innovation...
- Putting the cost of the HS2 link into perspective...
- Additive manufacture has designs on metal...
- Four good reasons to embrace marine energy...
- Manufacturing output up as demand improves...
- What every small business could learn from football...
- The six little words every girl longs to hear...
- Getting to the bottom of government energy policy...
- Celebrating excellence in UK manufacturing...
- A design that's the best thing since sliced bread...
- When energy talk is more than just hot air...
- Do we need an in/out referendum on Europe?
- Is the talk about wind power just hot air?
- Where is the outlet for our industrial good news?
- Cucumber, side salads and innovative functionality...
- Challenging problems need innovative solutions...
- Where is this picture of recession coming from?
- Is government policy hurting UK manufacturing?
- Mourning the demise of the humble vol au vent...
- Inaugural Manufacturing Pool
- Learning the lessons of messing with vampires
- Hairdressing and the UK economy: discuss...
- Any alternative to carbon capture and storage?
- Real opportunities for UK businesses
- For the eco aware, blue is the new green...
- Are you making the most of your eco-credentials?
- The accidental route is as valid as the planned...
- Should you aim to be the leanest and fittest?
- Celebrating great new ideas and inventions...
- Entrepreneurialism and the role of Jane Austen...
- Mourning the passing of the humble sugar cube...
- The benefits of capital investment projects...
- A toast to history's most important car...
- Do we have the appetite to chase the dream...
- The path to faster than light space travel...
- Put the money where it'll do the most good...
- Ramping up production for a royal wedding...
- There are always more questions than answers...
- Shoes and bags and a girl's first love...
- Will you please stop the incessant screaming...
- A successful business within anyone's reach...
- Towards the goal of perfect imperfection...
- Wasted opportunities to save some money...
- Beginning is quite often the hardest step...
- Shuffle the deck and play the green card...
- It's all a question of how we manage change...
- A dark tale of blood, lust and chocolate...
- Wobbly picture? Do not adjust your set...
- The internet: friend or foe? Discuss...
- Anything different simply isn't tennis...
- So, who was this Guy Fawkes chap anyway...
- Same old rhetoric, but no real change...
- Michael Jackson, Madonna and global warming...
- Why is it that we have such a fascination with misery?
- Out with the old and in with the new...
- At the end of the day, Brian, it's a game of two halves...
- Are the politicians simply shedding crocodile tears...
- The benefits of putting a new spin on an existing idea...
- We're all just three square meals away from revolution...
- All the talk of wind power may be little more than hot air...
- A little recognition for our manufacturing base, please...
- Between the extreme views is the true picture...
- Casting rigidity aside to think outside of the box...
- Exploiting the little bit of lunacy that's within us all...
- Reaping the benefits of a semi-bespoke design...
- Funding the re-invention of forgotten technologies...
- Patents, IP and good old fashioned commercialisation
- Are manufacturing and engineering out of balance?
- Rising to the challenge of like-for-like comparison...
- Could women step up to fill the engineering skills vacuum?
- Balancing the conflicts in industrial design...
- It was never like that back in my day...
- Etiquette and the art of innovative manufacturing...
- Do androids dream of electric sheep...
- Particles, string theory and successful manufacturing...
- Who's your best friend in the design department?
- Measuring the environmental costs of going green...
- The balance between real success and expectations
- Working towards a high value, innovative future...
- Extreme solutions only deliver bigger problems in the long term
- Balancing real analysis with the urge to tinker...
- There's a 'hole' lot of inefficiency out there...
- To everything, there is a season (turn, turn, turn)
- What happens if we stop worrying about safety...
- Unravelling the mysteries of travel through time and space
- Meeting standards is no guarantee of safety...
- Taking the lead from the biggest and the best...
- The dawning of the age of Aquarius - let the sun shine in
- 60 years ago today, Sergeant Pepper taught the band to play
- The difficulty of finding financial assistance...
- Are we ready for a vastly expanded European Union?
- Think globally, but don't forget local differences...
- To boldly go where very few have gone before...
- The danger of playing the numbers game...
- The death knell of the car manufacturing industry...
- Rising to the challenge of climate change...
- The worrying trend in automation applications...
- Caught up in the thrill of the online auction...
Latest news about Features, exhibitors & specials
