A fraction of North West SMEs have savings accounts

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Less than a quarter of North West Small and Medium-sized Enterprises have a business savings account, according to research released by Aldermore.

The research also found that only three in ten believe their bank understands their business banking needs.

The main findings from the North West include:

* Only 24 per cent of SMEs have a business savings account;

* Thirty two per cent of businesses said they are interested in learning more about business savings accounts;

* More than a quarter believe an interest rate increase by the Bank of England would have a positive effect on their business; and

* Thirty five per cent said they would be more inclined to save more in the event of an interest rate increase over the coming 12 month.

Commenting on the findings, Simon Healy, Managing Director of Savings at Aldermore said: “It is concerning that only a minority of small and medium-sized businesses in the North West have a savings account, as surplus funds provide protection against unforeseen cash flow issues which can create real problems. It is important to ensure that any surplus funds are working as hard as business owners do.

“There are significant differences in the interest rates available on deposit accounts and it is important that businesses do not lose out on maximising the return they get on their surplus funds.”