Small and medium-sized businesses in the UK are missing out on approximately £1 billion worth of savings each year, it has emerged.
By keeping their finances in low-paying business current accounts, SMEs are missing out on millions of pounds worth of interest which could be derived from switching to a higher paying business savings account, according to research from Standard Life Bank.
The study also found that some 60 per cent of SMEs were not happy with the level of interest they were being paid.
Allison Crawford, sales and marketing director for Standard Life Bank, said: "We are urging SMEs to make the most of the cash they have sitting in low-paying business current accounts.
"Our research shows that just one in ten SMEs actively use their business savings accounts while 26 per cent admit they hadn't even set one up."
