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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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