UK SMEs can ill-afford to miss out on interest for their hard-earned savings. Are the Big Six simply hoping SMEs are so used to years of low interest rates that they simply won't realise they are losing out? Or do they hope the perceived complexity of moving SME accounts will help them retain SME clients, even with dismal savings rates? SMEs account for 60% of UK employment - they deserve better. Well done to Allica Bank for your ongoing crusade to raise awareness - and for providing better savings options for SMEs. #corebanking #cloudbanking #bankingtechnology #fintech #datadrivencore #agileinnovation #GreatBritishSavingsSqueeze Steve Round Matthew Breadon
📣 The Great British Savings Squeeze campaign launched to demand change to the business savings market in the UK. It found that small businesses lose out on £9 billion a year in savings interest because the big banks aren’t offering them the interest rates their hard work deserves. That's money that could have gone a long way in helping SMEs manage their costs or invest in growth this year. Throughout 2024 we’ve tracked the rates available to UK SMEs from the big banks on their instant access savings and compared this to the best rate on the market to see what interest businesses are missing out on. Let’s take a look back at what we’ve unearthed ⬇️ #businessbanking #GreatBritishSavingsSqueeze #savings #SMEfinance
