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Uncertain trading conditions cause a rise in SME savings

It seems that saving in deposit accounts (being one of the most convenient ways to save money) is becoming vastly more popular. Businesses need a safe place to keep money in order to counter any financial issues in the future. With Brexit looming and the political race in full flow, it seems that now is a better time than any to find a secure place to keep your savings.

According to UK Finance, ‘A rising trend in business deposits has been very evident for SMEs, who have been building up cash…as a hedge against uncertain trading conditions and retaining the option to use those reserves quickly if needed.’ See the graph below that shows the steady rise in deposits since October 2017:

SME savings deposits graph 2017-2019

We feel that this is also a trend within the retail industry, with more retailers looking for savings options in order to prepare for the uncertain times ahead. It seems that no matter who you are thinking of voting for, it’s always best to be prepared for change.

Deposit accounts you can rely on

If you are looking for somewhere safe for your money, Bira Bank offers deposit accounts with competitive interest rates for a range of time scales including instant access. Our latest rates of interest can be found here.

Our deposit accounts are covered by the Financial Services Compensation Scheme (FSCA) so that you have peace of mind that your money is safe with us. Your money earns interest on a daily basis with variable/fixed interest rates. For more information regarding Bira Bank’s deposit accounts, click here.

Save for the future with Bira Bank

Setting up an account couldn’t be easier. Just call 03330 048 048 and speak to David, Dave or Frank or email and they can help you through the application process. Not sure which deposit account to choose? Our team can discuss your requirements and help you choose which option is best for your business.