Savanta - Business deposits, a new opportunity for GB businesses?

GB businesses show
caution: few open or boost
savings, while many steer
clear or even pull back.
37%
Effect of interest rate increases to businesses’
savings accounts
In Q4 2023, we asked GB businesses with a turnover of £0-1 billion
about the effect recent increases in interest rates have had on their
usage of business savings accounts over the past year.
21%
18%
Only 5% of GB businesses have opened a new business savings
account, and just 8% have increased their savings account deposits.
The majority, almost 4 in 10 (37%), have continued saving roughly the
same amount as before.
10%
8%
5%
Notably, over 1 in 5 (21%) of businesses have not used a savings
account as not currently interested in doing so and one in ten (10%)
have even reduced the amount of money they deposit into their savings
accounts.
Continued to
save roughly
the same
amount as
before
Not used a
savings
account as not
currently
interested in
doing so
Done nothing
as you don't
have funds
available to
save
Reduced the
amount of
money paid into
savings
accounts for
other reasons
Increased the
amount of
money paid into
savings
accounts
Opened a new
business
savings
account
Just under 1 in 5 (18%) of businesses have done nothing as they don't
have available funds to save, hinting at potential financial constraints or
other priorities, particularly in a period of rising costs.
savanta.com
MVBB: Q4 2023 (SU EST £0-1bn GB). Base: 2585
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