Shawbrook Bank announced the launch of a new Business Savings Easy Access account as it begins the roll‐out of its enhanced SME savings proposition.
Business customers will now have a wider range of savings products to choose from and new applications will benefit from an improved rate on Shawbrook’s existing 100-day notice account. This revamped product offering has also been supported by the roll‐out of a new digitised service to help SMEs manage their money.
The new Business Easy Access account offers an interest rate of 1.05% and Shawbrook has also increased the rates on its existing 100‐day notice account to 1.51%.
The expansion of its savings portfolio follows new research from the Centre for Economics and Business Research (Cebr), conducted on behalf of Shawbrook Bank, which found SMEs are choosing to keep their cash close at hand rather than depositing it into accounts for the longer-term.
Julian Hynd, Chief Operating Officer at Shawbrook Banks comments:
“Shawbrook has been focused on supporting UK SMEs with their funding and saving needs ever since its inception.
But as customers’ needs change over time, it is hugely important that we continue to review and improve the products and services we offer to our business customers. These new developments represent a natural evolution of our savings proposition and show that we remain fully committed to being the UK’s leading, specialist business bank.
Predominantly small businesses receive little relationship management from their business current account providers and as such don’t use their surplus cash in a way that could earn them extra money but instead leave it in current accounts which can earn no interest.
What we have found from our customers and from wider market research is that SMEs want more choice, more flexibility and better accessibility when it comes to savings. We have therefore created a proposition that tries to cater to those needs and removes the headaches or frustrations that businesses feel when it comes to managing their money. We hope customers find these enhancements not only make their lives easier but give them more time to focus on running and growing their business.”
*AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.