Alliance & Leicester: SMEs should consider switching banks

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Alliance & Leicester: SMEs should consider switching banks

Small and medium-sized enterprises (SMEs) should give thought to switching banks if they want to save money, according to Alliance & Leicester.

The bank suggests that total savings of £500 million could be made if these firms shopped around and found a better financial deal.

Research from Alliance & Leicester has found that one in fourteen SMEs has switched banking providers in the past year, although 23 per cent of those who did not do so said they believe that there is "no point in changing".

Steve Jennings, director of Business Banking at Alliance & Leicester Commercial Bank, commented: "Our latest research shows that savings made on bank charges and credit interest could make a real difference to a business.

"It's vital that businesses review their banking regularly to ensure they are getting the value they deserve."

Alliance & Leicester Commercial Bank was recently nominated for a Business Moneyfacts award for Best Business Banking.
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