Standard Life: Business savings need to be more efficient

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Standard Life: Business savings need to be more efficient

Tue 21st Oct 2008

UK businesses need to learn how to work their savings better as the economic turmoil continues, Standard Life has said.

Research by the financial services provider found that businesses have an average of £12,630 in low-paying business current accounts, while 21 per cent have more than £20,000 in a business current account.

Almost a third do not know the balance of their current account.

In the poll of 500 financial directors, senior executives and managing directors, half were dissatisfied with the interest rate on their business current account.

Some were paying less than two per cent.

Garry Mullen of Standard Life said businesses need to take advantage of higher rates available with business savings accounts.

Meanwhile, insurance group RSA has said that energy performance certificates could help businesses to save thousands of pounds.

It said such papers help owners to see how to improve a building's energy efficiency and thus save money as well as helping the environment.

According to RSA's figures, a building measuring 3,500 square metres can make a £21,000 saving over five years with a £750 investment.

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