In a time of high interest rates business owners need to take a step back from the day to day activities of running their business and review what sort of interest rate they are earning on credit balances in the bank.
It has been many years since this has been something worth looking at but, following the latest increase to the base rate, taking it up to 5.25%, now is definitely the time.
It is fair to say that taking no action may see you missing out on some potentially good returns on any money you currently hold within the business.
One misconception we sometimes come across as accountants, is a company thinking they can only have accounts open with the bank that they have their current account with.
Truth is, they are actually free to open as many bank accounts as they choose, with whichever bank suits your circumstances best.
Whilst you may not feel inclined to move your existing current account, reviewing your options for setting up or transferring the business deposit account should be on the agenda.
It is relatively quick and simple to research which banks are paying the best rates these days, and to get a new account set up.
Finding the time to do this would be a very good investment in the current climate….
How can George Hay help?
With a proactive approach to your business’s money, you will be better equipped to face economic challenges, and to succeed despite them.
We can advise on strategies to make the most of your profits, and to improve the overall financial stability of your business.
To talk to us about your requirements in more detail, or to arrange a free initial consultation, contact us today.