Virgin Money launches small business account amid concerns about poor rates

Opinium carried out research on small business banking for the Newcastle bank; Virgin Money. In December 2017 we surveyed 500 SME decision-makers to look into how banking is carried out in small businesses.

We found that one third say managing their business finances is a necessary evil, while 24% of those who took part said they prioritise it when they would rather be working on something else within the business. As a result of this, 28% of those with any type of business account say that they never check the interest rates.

Almost a third of SMEs said they want instant access to money to cover everyday business expenses, but the survey showed that 42% avoid savings accounts because of low rates on offer, with a further 29% put off because they don’t want to tie up their cash.

After the findings of this research, Virgin Money has announced it is entering a new market with its first instant access savings account for small businesses.

Read more here.