Shawbrook Bank launches new business savings products
Shawbrook Bank has launched two new business savings products and enhanced a third as it strengthens its portfolio in a bid to become the specialist bank for UK SMEs.
The bank will now offer a ’45 Day Notice Business Account’ and a ‘Two Year Fixed Rate Business Bond’ to provide businesses across the UK with a greater range of savings options.
A third product – Shawbrook’s existing ‘One Year Fixed Rate Business Bond’ – has also been enhanced, with the addition of monthly and annual interest options.
Alun Williams, Shawbrook’s Commercial Director for Savings, said the Bank’s latest announcement marked the next stage of its support for SMEs.
He said: “This is another exciting announcement for our business customers as we further strengthen our SME savings portfolio.
“Our customers wanted more innovation and choice, and to be sure that they’re benefitting from a savings product that fits their business needs.
“By bringing both the ‘45 Day Notice Business Account’ and ‘Two Year Fixed Business Bond’ products to market, and at the same time enhancing our existing ‘One Year Fixed Rate Business Bond’ option, we believe we’ve met a real market need, not just for our current business clients, but for the wider business community across the UK.”
Mr. Williams added: “It’s crucial that businesses and consumers choose carefully when selecting a savings product to achieve the maximum return for their money.
“We believe our new business savings options will cater to the saving needs of the UK’s SMEs and remove the headaches and frustrations that businesses can feel when managing their money allowing them to instead focus on what is important to them – running their business.”
The launch of Shawbrook’s new savings products comes just weeks after the Bank commissioned and published its SME Savings Monitor report into the UK SME savings market.
The report – carried out by the Centre for Economic and Business Research (CEBR) – found that SMEs had stockpiled £86bn of ‘dormant cash’ in low or zero-interest accounts, with 35% blaming a lack of products and deposit terms on offer as the reason for being discouraged from moving to an appropriate savings account.
In November, Shawbrook launched its brand new ‘easy access’ business savings account and revamped savings proposition. At the same time, it unveiled a new and improved, digital customer journey to make it easier for businesses to manage their money on a regular basis.