A campaign to support SMEs money which launches today is being backed by the British Independent Retailers Association.
The Great British Savings Squeeze is a campaign initiated by Allica Bank and aims to address the alarming issue of SMEs missing out on £7 billion in interest annually due to the unequal rates offered by banks which give different rates to larger businesses.
Research carried out by the bank found that reform was needed in the SME savings market and the campaign is to level the playing field so these smaller businesses know how to shop around and get paid fairly on their hard earned cash.
The main campaign, which launched today with a new website, savingssqueeze.com, is a central hub for information and advocacy.
The Great British Savings Squeeze campaign has gained widespread support, with over half a million UK SMEs now backed by influential groups such as Bira, the Independent Retail Consortium (IRC), the Federation of Small Businesses, and the Institute of Directors. This united front demonstrates the urgency and importance of rectifying the disparities in the SME savings market.
The campaign highlights the need to:
- End the SME savings penalty – get banks to start offering small businesses the same savings rates as big firms.
- Notify SMEs of better rates – banks should actively notify their SME customers of what the top 3 rates in the market are.
- Increase protections for SME deposits – give small firms confidence to save large amounts with all banks, by raising limits for the small business Financial Services Compensation Scheme.
The website offers SMEs the chance to sign a petition to show support and Allica Bank has also written to the Treasury Select Committee to ask them to review business savings as part of their ongoing SME finance inquiry.
Visit the campagn website and sign the petition today