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

Start-ups are most likely to have done
nothing or not used a savings account.
Higher turnover businesses are more
likely to have opened a new business
savings account or increased the
amount paid in.
Businesses with higher turnover (£2m-1bn) are more likely to open
a new business savings account (13%) compared to start-ups and
smaller businesses (£0-2m) with only 9% and 4%, respectively.
These larger businesses also tend to have increased the amount paid
into savings accounts (15%) compared to 9% for start-ups and 8% for
£0-2m businesses.
All business types have a sizeable proportion who continued to save
roughly the same amount as before, highest for £2m-1bn (40%) and
£0-2m (39%).
The lack of funds available to save is high for start-ups (25%) as we
would expect. Lack of funds is less prevalent for £0-2m businesses
(17%) and larger businesses (12%). Also, a sizable proportion of startup
(25%) and £0-2m businesses (20%) are not currently interested in
using a savings account. This is less common among businesses
with £2m-1bn turnover (16%).
savanta.com
9% 9%
8%
4%
13%
Opened a new
business
savings account
15%
Increased the
amount of
money paid into
savings
accounts
24%
40%
39%
Continued to
save roughly the
same amount
as before
MVBB: Q4 2023 (SU EST £0-1bn GB)
Effect of interest rate increases to businesses’
savings accounts
8%
11%
7%
Reduced the
amount of
money paid into
savings
accounts for
other reasons
25% 25%
17%
12%
Done nothing as
you don't have
funds available
to save
Start-ups £0-2m £2m-1bn
(97) (1850) (638)
20%
16%
Not used a
savings account
as not currently
interested in
doing so
3%
2%
1%
Don't know
(DNRO)
5