Bank interest rates

Businesses Urged To Unlock Extra £473m In Interest

Businesses Urged To Unlock Extra £473m In Interest

UK small businesses are being urged to shop around for better banking deals and avail of an extra £473m worth of interest. A new study from Cambridge & Counties Bank has revealed that 30% of all business deposit accounts pay just 0.1% interest or less on balances of £25,000 – suggesting millions of small firms are getting a raw deal. Following the August rate cut by the Bank of England, the average rate available for such accounts has declined to 0.41%, 38% down from the start of the year – representing a missed opportunity for small businesses. UK small enterprises currently hold an estimated £69bn in deposit accounts, with business deposits up 3% from last year. Mike Kirsopp, chief executive officer at Cambridge & Counties Bank, said: “There is a significant spread of rates on th... »

Quarter of UK Businesses Not Prepared for Rise in Bank Interest Rates

Majority of companies preparing for a rise in interest have factored a rise of only .25% Research shows that 26.5% of UK businesses have not factored the rise of bank interest rates into their financial planning. The report, which was commissioned by Company Watch and consisted of 500 UK businesses, revealed that of those businesses that have factored interest rate rises; the biggest group at 40% are prepared for an increase of just .25%, followed by 30% who are predicting a .75% rise and finally 25% are factoring a .5% rise in their business’ financial plan. The survey, which was conducted by market research group OnePoll, also asked correspondents how they planned to cover increased charges. While 70% are currently in discussion with banks to lock-in current debt terms, 30% stated that t... »