An investigation into the state of the British business banking market by CashFlows, the provider of innovative business-to-business financial services, has revealed that small businesses are collectively spending more than £2.3 billion per year on transaction charges and fees to run their business banking, while simultaneously not being offered the ability to earn interest on their business accounts. The study exemplifies why changes in the services available to small businesses are in need of urgent review to help British business in their efforts to rebuild the economy.

 

According to the study, which was conducted by YouGov for CashFlows, 24 per cent of small businesses surveyed (over 1 million in Great Britain), pay an average of £1,792 http://www.bis.gov.uk/analysis/statistics/business-population-estimates [1])

 

Amount paid on average each month by GB businesses (Taking the mid-point value from each band)

£0 - nothing

21.87%

959,000

£0

£1 to £25

23.66%

1,037,491

£18,156,093

£26 to £50

15.11%

662,574

£25,177,793

£51 to £100

10.54%

462,179

£34,894,515

£101 to £250

7.55%

331,068

£58,102,346

More than £250

5.77%

253,015

£63,253,625

Don't know

15.51%

680,114

---

http://www.bis.gov.uk/analysis/statistics/business-population-estimates [2])

 

Amount paid on average each month by GB businesses (Taking the mid-point value from each band)

CashFlows [3]® delivers a range of business to business financial services that are provided from a single account, designed to help businesses manage and maximise their cash flow.