UK Money News
8th April 2008
Bank of Scotland targets small businesses
Entrepreneurs have been alerted to the launch of a new business banking account which is designed to "bring consumer pricing to business banking".
The Bank of Scotland Total Business Deposit account offers small businesses a return of 5.64 per cent AER for the first year.
This rate is the lender claims some 40 per cent higher than similar accounts offered by Barclays Bank, NatWest, HSBC and Lloyds.
Other features include the ability to make withdrawals with incurring penalties and a minimum opening balance of £1.
Ivan Matviak, head of bank of Scotland Business Banking, said: "With a leading rate of interest and no hidden terms and conditions, this deposit account is finally offering small businesses a deal that they deserve.
"If every small business owner who banks with the Big Four were to switch over their savings to us, we would see £585 million added to the bottom line of small business every year - a significant sum of additional cash."
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