UK Money News
28th May 2008
Small businesses shunning business bank accounts
Small businesses are increasingly opting for standard retail bank accounts rather than specialist business accounts, a new study has shown.
In a study conducted by moneysupermarket.com, it was found that one million small businesses in the UK currently do not use a business account.
The site attributed the trend to the fact that retail bank accounts "typically offer better rates on balances and overdrafts and don't have transaction fees", all of which makes them more attractive to entrepreneurs.
To back up its assertion, the price comparison site highlighted the disparity between a retail account and business account offered by Alliance & Leicester.
Customers opting for the former can enjoy a return of 8.5 per cent on balances of up to £2,500, compared with a rate of 5.73 per cent offered by the same lender on business balances of up to £999.
Kevin Mountford, head of current accounts at moneysupermarket.com, said: "It's not a surprise that so many home-based small businesses are looking to the retail current account market for the best options, especially as they tend to have a better offering."
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