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When it comes to business<br />
savings accounts, financial shifts,<br />
attractive interest rates, and<br />
expert advice drive decisions,<br />
while fresh features and rewards<br />
take a backseat.<br />
49%<br />
Factors that might encourage <strong>businesses</strong> to open a <strong>new</strong> business<br />
savings account<br />
47%<br />
38% 37%<br />
28% 28%<br />
18%<br />
16%<br />
We also asked <strong>GB</strong> <strong>businesses</strong> with a turnover of £0-1<br />
billion that haven’t opened a <strong>new</strong> savings account,<br />
what factors might encourage them to do so.<br />
A change to<br />
the<br />
business's<br />
financial<br />
situation<br />
A high or<br />
better<br />
interest rate<br />
Advice from<br />
an<br />
accountant<br />
or financial<br />
advisor<br />
Easy access<br />
to savings<br />
with no<br />
penalties<br />
A <strong>new</strong><br />
product<br />
offering with<br />
appealing<br />
features<br />
Reward<br />
scheme or<br />
account<br />
opening<br />
incentive<br />
Advice from<br />
bank<br />
Nothing<br />
savanta.com<br />
Overall, the key factors that may encourage them to open a <strong>new</strong> account include<br />
a change in the business’s financial situation (49%), a higher or more<br />
competitive interest rate (47%), advice from an accountant or financial advisor<br />
(38%) and easy access to savings with no penalties (37%).<br />
A <strong>new</strong> product offering with appealing features, or a reward scheme or account<br />
opening incentive are still important in motivating <strong>businesses</strong> to open a <strong>new</strong><br />
savings account, but at lower levels (28%) and just under 1 in 5 say advice from<br />
their bank would encourage them. Interestingly, 16% of <strong>businesses</strong> say there is<br />
nothing to persuade them.<br />
MVBB: Q4 2023 (S U EST £0-1bn <strong>GB</strong>). Base: 1978<br />
6
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