A new study from Aldermore has found that 34% of small and medium-sized enterprises are unaware of what interest rate their business is receiving in surplus funds.
The survey, which more than 1,000 British SMEs took part in, found that 55% aren’t reviewing savings regularly, which is lower than the 62% last year.
Also found was that 47% of SMEs feel that potential returns aren’t putting the work into, with many calling it too much of a hassle to shop around and find the best deals.
There are 46% of businesses with surplus funds that hold its majority in a business savings account, while 34% keep funds in a business current account. Figures from BBA revealed a total of £163.5 billion worth of current and deposit accounts of SMEs.
Managing Director of savings at Aldermore, Simon Healy, commented: “While it is understandable that SMEs prefer to keep their surplus funds with the same provider as their business current account, in reality they are not making the most of their hard-earned money.”
Mr Healy said that business savings play a huge role for SMEs as it can cover unexpected bills, general cash flow and future investment.
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