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For start-ups, a change in finances<br />
would encourage them to open a savings<br />
account. For large <strong>businesses</strong>, interest<br />
rates would have a bigger influence.<br />
Almost 6 in 10 start-ups (57%) said a change in their financial<br />
situation would encourage them to open a <strong>new</strong> business savings<br />
account, followed by a higher or better interest rate (46%), and advice<br />
from an accountant or financial advisor (43%).<br />
For <strong>businesses</strong> with turnover of £0-2m, a change in their financial<br />
situation and a higher or better interest rate were the joint top factors<br />
(both at 47%).<br />
22%<br />
18%<br />
17%<br />
Factors that might encourage <strong>businesses</strong> to open a <strong>new</strong><br />
business savings account<br />
43%<br />
37%<br />
32%<br />
57%<br />
49%<br />
47% 47%<br />
46%<br />
53%<br />
41%<br />
37%<br />
40%<br />
32%<br />
28%<br />
32%<br />
34%<br />
27%<br />
25%<br />
16% 16% 16%<br />
Over half of £2m-1bn <strong>businesses</strong> (53%) said a higher or better<br />
interest rate would encourage them, with a change in their financial<br />
situation (49%), and easy access to savings with no penalties (40%)<br />
as the next two key factors.<br />
Advice from<br />
bank<br />
Advice from<br />
an accountant<br />
or financial<br />
advisor<br />
A change to<br />
the business's<br />
financial<br />
situation<br />
A high or<br />
better interest<br />
rate<br />
Easy access<br />
to savings<br />
with no<br />
penalties<br />
A <strong>new</strong> product<br />
offering with<br />
appealing<br />
features<br />
Reward<br />
scheme or<br />
account<br />
opening<br />
incentive<br />
Nothing<br />
SU £0-2m £2m-1bn<br />
(62) (1438) (478)<br />
savanta.com<br />
MVBB: Q4 2023 (SU EST £0-1bn <strong>GB</strong>)<br />
7
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