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This followed a correction back in November when rates were brought back 0.50 % after a knee jerk cut to 0.25 % following the Brexit vote. For those with savings, this should be good news, as you would expect your savings interest to go up following the rise. Sadly, this is not the case.
You can almost guarantee that your borrowing costs will rise but you can no longer expect to see an automatic rise in your savings rates too. In fact, following the last base rate rise in November last year half of all personal savings accounts saw no rise in their savings rates at all. And the picture is even worse for businesses. 55 % of all business savings accounts on the
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market saw no rise in rates following the change back in November. Fast forward to today and the picture is looking much the same. Few providers have announced their plans following the bank rate rise and the majority that have increased, have been hugely disappointing. Lloyds, for example, is changing just one of its 28 personal accounts – and we’ ve heard very little about the business accounts, other than confirmation that a base rate tracker will be rising, as you would expect.
What is so shabby about this behaviour is that providers have been cutting rates for years, even though the base rate had remained static for a long time, so it’ s
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about time savers were rewarded for their patience. Sadly it doesn’ t look like that’ s going to happen anytime soon.
The good news is there is a plethora of new providers on the market that clearly want savers cash and are willing to pay a good return for it. In fact, best buy rates on offer from these fairly new providers have risen by as much as 50 % in recent years as competition is fierce. And the difference in interest you can make for your business can be quite significant.
Leaving money in a standard high street business account such as NatWest Business Reserve paying 0.05 % will leave you with just £ 125 over a year in interest on a balance of
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£ 250,000. Move that money to Virgin Money paying a rate of 1.01 % and on £ 250,0000 you’ ll boost your interest to £ 2,525!
Don’ t wait for your bank to be generous, especially if your business’ s cash is with a high street bank. Make the switch now.
For more info: www. savingschampion. co. uk
@ savingschampion
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Both are qualified Chartered Accountants.
Edd worked for another company in Bath for five years working on accounts, audits and tax with small businesses, charities, schools, international groups and government departments. He then worked with a Wiltshire-based charity helping them adapt to rapid growth and moved back in to practice when he joined Purple Lime.
“ I was attracted to the fact
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with my colleagues here, we can be much more than that.”
Hayley has worked as an accountant in various roles throughout her career.
She said:“ I’ ve been very lucky to work in some amazing businesses and meet with some incredible people along the way. These include Real World Studios( Peter Gabriel’ s) in Box, Swindon Town Football Club and Route One – Skateboarding & Surfing in Badminton.
“ I thrive off working in exciting
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efficiencies for both our clients and ourselves.”
Both Edd and Hayley support several charities outside of their work and Edd is a voluntary treasurer of a local organisation set up to counsel victims of abuse. Founders of Purple Lime Angela Ashworth and Oli Thomas are thrilled with their new team members.
Angela said:“ It’ s been wonderful to get to know Edd and Hayley over the last few weeks and welcome them to our team.
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They have fitted right in and are bringing their own new ideas and experience to the table.”
Oli said:“ We are extremely fortunate to be expanding our team in this way. It shows a real appetite in the SME community for smarter working when it comes to finances. In fact, we’ re always looking for enthusiastic and talented people who have a passion for helping ambitious businesses thrive. Right now, we are hiring an Assistant Management Accountant to join
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us. So, if that’ s you please get in touch!”
For more info: hello @ purplelime. co. uk
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