Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

TIME PRESSURES STOP BUSY SMES FROM SAVING

TIME PRESSURES STOP BUSY SMES FROM SAVING

Small and medium sized enterprises (SMEs) are delaying opening business savings accounts as they do not have time, according to research from Hampshire Trust Bank.

When asked what tasks they were most likely to put off, opening a business savings account was the second most popular answer with 19% of the vote. Completing tax forms and legislation materials came top with 29%, while marketing to new clients came third (18%). According to the findings, the top three reasons why SMEs tend to delay tasks are ‘I have better things to do with my time’ (36%), ‘I run out of time’ (31%) and ‘it never seems to be a priority’ (29%).

When those that do have a business savings account were asked how long it took them to open, the majority (30%) said up to an hour and 10% said up to two hours. According to our latest UK SME Savings Tracker research, UK SMES have £409,000 on average in their current accounts, meaning that a savings account paying 1% would generate an extra £4,000 a year.

Business savings are being overlooked altogether by some smaller firms, with 41% stating they do not have an SME savings account. According to the research, the percentage of those without a business savings account rises to 80% for sole traders, decreasing in percentage terms to 18% of medium sized firms (50 – 250 employees).

Stuart Hulme, Director of Savings and Marketing at Hampshire Trust Bank, said: “In today’s busy business world it can be difficult to find time to focus on tasks which may not seem business critical, such as identifying and opening a savings account. However, with savings accounts generally providing a higher rate of return than current accounts, taking time out of your working day can save you money in the long run.”

For more information download our report How SMEs spend their time.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post