The current uncertainty in the economic and political environment following last year’s Brexit vote has had a significant impact on business savings in the country. The national average on business savings has dropped a staggering 20%. However, it seems that smaller businesses are still investing a good amount of their funds in cash savings, having only dropped 5% from last year.
The good news is that we do also see an increase in business savings in parts of the country. In the East of England SMEs have increased their savings by 9% from 2016, making them once again the top savers in the country.
SMEs understand the importance of having cash readily available for regular payments. Most of the time their cash savings will remain in a savings account that business owners and managers will have most likely chosen based on their rates and the kind of returns they can make on their money. The problem is that SMEs don’t have the time and resources to be able to shop around for the best rates on a regular basis, missing the chance to truly maximize their returns. This is where the founders of Akoni realized the need to create a service that gives SMEs the same chance as larger corporations, to maximize their returns, without having to sacrifice the time they need for running and developing their business.
As the Director of Savings at Hampshire Trust Bank, Stuart Hulme, said: “Rather than stockpiling cash in current accounts, SMEs should consider shopping around for a business savings account that provides a better rate of return, enabling them to make more of their hard-earned cash.”
For more detailed statistics read more here.
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