Standard Life brings back business bonus savings account

Standard Life Bank has today (29 May) announced its new Business Bonus Savings Account, with a market-leading rate of 5.60% gross, for the first six months.

Following its research, which found that British SMEs are missing out on more than £1billion every year by keeping their finances in low-paying business current accounts, Standard Life Bank is encouraging small businesses, local charities and clubs to make the most of their money.

This is a limited offer and allows new customers to Standard Life Bank to benefit from both a market-leading rate for the first six months and a highly competitive revert-to-rate of 4.65% (interest rate variable), gross from 30 November 2007. The Business Bonus Savings Account requires a minimum opening deposit of £1,000, with a maximum investment of £10million, the opportunity to add more funds to the account at any time and no charges. Customers can benefit from full flexibility of a direct savings access account (DASA), and manage their money through e-based transactions.

Allison Crawford, Sales and Marketing Director for Standard Life Bank, said: “We are urging SMEs to make the most of the cash they have sitting in low-paying business current accounts. Our research shows that just one in 10 SMEs actively use their business savings accounts while 26 per cent admit they hadn’t even set one up. Yet 60 per cent aren’t happy with the level of interest they are paid on their business current account. By switching to a higher paying business savings account, small businesses, charities and clubs could get significantly better returns on their money.”