The UK business savings market reached £385bn in June, up £41bn in the past 12 months, as UK SMEs show renewed focus on building financial buffers, based on analysis from Aldermore on the Bank of England Money and Credit data.
The latest figures for June are:
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- Business avings market grew to £385bn in June, up £4.9bn (+1.3%) on May
- Easy Access market grew +£3,686m (+1.2%) month-on-month
- Fixed rate market grew +£1,180m (+1.5%) month-on-month
Ewan Edwards, director of savings at Aldermore, said: “An enormous amount of money is lying dormant in business current accounts earning next to nothing in interest, so it is very encouraging to see more businesses putting their hard-earned cash to better use.
“Easy Access products can be the perfect savings vehicle for businesses as they offer decent returns, especially compared to current accounts, and allow for flexibility and choice of having access to the cash for when it is needed.
“Aldermore research last year showed half of SMEs have changed their savings habits due to the Covid-19 impact on their business, with a growing number taking it as a priority.
“Last year was a wake-up call to many of just how useful business savings can be as a buffer against the current uncertain situation, so it is encouraging to see many are acting on this to add security and provide a financial buffer against any future shocks.”
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