Cambridge & Counties Bank

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... »