Since December 2021, the Bank of England has been steadily increasing interest rates, elevating the base rate from 0.25% to 5.25% in August 2023. With rates at their highest since 2007, banks have responded by offering new savings products and/or higher interest rates to businesses. In this new report, we use our MarketVue Business Banking tracker to uncover how businesses use savings accounts and what opportunities are available to capitalise on.
“Overall, rising interest rates represent a massive opportunity for those banks who can act swiftly and offer products that appeal to an audience who have limited experience in this area.” – Philippa Whitham: Senior Director, Financial Services at Savanta
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