Business Deposits:

Do NI Businesses behave differently to their GB Counterparts

In Q4 2023, we asked NI businesses with a turnover of up to £1billion: ‘what effect has recent increases in interest rates had on your usage of business savings accounts over the past year?’ We explore how businesses in Northern Ireland can leverage the emerging opportunities in business deposits. Drawing on Savanta's MarketVue Business Banking tracker, we delve into the usage of savings accounts and the potential for banks to capitalise in this new economic climate. Read and download the report below.

Philippa Whitham Senior Director 04/03/2024

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, many of whom did not exist last time rates were so high.

Savanta recently asked businesses in Northern Ireland whether they had taken any actions on their usage of business savings accounts with recent increases to interest rates.

Read the NI story here

Read the GB story here

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