Shawbrook witnesses significant increase in SME deposits off back of BBA statistics
29 July 2013
Challenger bank Shawbrook has seen a huge increase in business deposits over the past two years reflecting the recent statistics published for the first time by the British Bankers’ Association (BBA).
The BBA statistics show the amount of money small and medium-sized businesses (SMEs) hold in banks across Britain increased by £7.2bn between 2011 and 2012.
As a no-gimmick UK bank, protected by the Financial Services Compensation Scheme, Shawbrook offers two business savings accounts. A 100-day notice account offers a rate of 2.00% GROSS/AER and a longer one-year fixed deposit business account also pays 2.00% GROSS/AER. With consistently good rates for businesses Shawbrook has proved that it is committed to supporting SMEs.
“Despite a minimum balance requirement of just £1,000, the average balance on our business account is over £82,000,” said James Blower, Shawbrook Bank’s Director of Savings.
“It makes a lot more sense to make your money work a little harder for you by opening a business savings account. The BBA research has shown that businesses are missing out on thousands of pounds in interest by leaving their cash in their high street business banking accounts – many of which pay no or minimal interest,” said Mr Blower.
“One benefit of Shawbrook is that businesses don’t need to move all their banking to us. We are happy just to have their savings and will still reward them with market leading rates. As we lend only in the UK, you also know your money is being used solely to help support other UK SMEs and individuals, he said.
“There seems to be a fear amongst SMEs that they will be refused credit or other services if they move their surplus cash away from their business account provider, but this is not the case,” said Mr Blower.