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Standard Bank aims for small companies

Standard Life Bank is usingIFAs to target small business accounts after

claiming firms are losing more than £1bn a year because of poor

interest rates.

The bank is offering a 10-day notice phone business savings account after

its research found poor deposit account rates were the main cause of loss

in savings for businesses.

The research showed the average business savings account, which offers 30

days or less notice, pays 3.04 per cent gross on a balance of

£15,000. Standard Life Bank&#39s account will offer 5.46 per cent gross

on the same sum.

The new account has a minimum deposit of £1, there are no day-to-day

charges, no limit on withdrawals andinterest can be paid monthly or yearly.

IFAs will receive 0.5 per cent of the opening bal-ance for all new

accounts that they set up.

Director of sales and marketing David Macmillan says: “Business savings

rate in the UK are shockingly low and more often than not the fault lies at

the doors of high street banks. I don&#39t see why people would go back to


“We deal with small businesses and charities and our pension fund trustee

custom in particular is growing – it is a huge market which has not really

been addressed by the big banks.”


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