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UK SMEs urged to settle for more

New research from Cambridge & Counties Bank reveals that around a third (30%) of business deposit accounts are paying 0.1% Gross/ AER or less on balances of £25,000, highlighting the real opportunity for UK businesses to shop around.

The niche bank reveals that in the current low yield environment there are now only seventeen providers offering businesses an interest rate of more than 1% Gross/AER or more on balances of £25,000, a figure which has fallen by around two thirds (64%) from the number available back in December 2015.

Mike Kirsopp, Chief Executive Officer said: “There is a significant spread of rates on the market so businesses have a great opportunity to shop around to get a better return on their deposits. It’s all too easy to stick with the same old bank but we’d urge SMEs to make it their New Year resolution to settle for more and take advantage of the higher rates that are available on the market”.

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