Are you getting enough for your money?

July 12, 2015 by Andy Crow @ Chorus Business Advisers

Are you getting enough for your money?

Small Businesses could be missing out on millions of pounds of savings interest due to a lack of knowledge surrounding business accounts. Whilst there are a number of services that your bank offers the one you probably use most is your current account.

Research shows that probably most businesses are earning nothing on their money. The Big Four banks HSBC, RBS, Lloyds and Barclays all offer 0 % interest, whilst Santander offers 0.25% on current accounts. It was also revealed that over half of smaller businesses are totally unaware what interest rate their business currently receives. In an attempt to break the monopoly, some of the new Challenger Banks are offering far more attractive rates and are creating real competition. For example Aldermore Bank is offering 1.1% on their current account.

A similar story exists with the other types of Business Savings Accounts, with interest rate ranges from 0.25%- 2.25% available from the multitude of institutions offering Business facilities. Even with the recently announced change from £85000 to £75000 guarantee on all regulated accounts, a little financial planning and structuring of payments could save your company thousands of pounds by using new to the market and relatively unknown institutions.

So why not take a little time to shop around and see what is best for you. Alternatively contact Chorus Business Advisers who can help you make the right choices for your business and offer a free consultation for their services. . Please call 0845 8671263 or email info@chorusadvisers.co.uk for more information.