Banking for SMEs these days? It’s a bit of a mess, isn’t it?
The big banks are stumbling over themselves trying to offer “support” that’s anything but supportive. This is a problem because SMEs with between 5 and 50 employees make up a really important part of UK plc! A HUGE proportion of private sector employees work in this SME band and these businesses account for an equally important part of GDP. Their success is important to the economic life of the UK, so why are they getting the short end of the stick?
Here’s the thing, you don’t have to stick around – that’s most likely costing you. Switch your bank to one that pays better interest and values your business!
Is it time to switch your bank? (Spoiler: Probably!)
In 2023 alone, 142,000 businesses were de-banked – and that’s not a typo! Outdated systems and unpredictable service left many small and medium enterprises (SMEs) scrambling without any backup.
If your bank’s idea of “support” is shuffling you between call centres and throwing automated menus your way, it’s probably time to switch your bank and find one that treats your business like the MVP it is.
What should your bank actually be doing? Supporting your financial growth, offering competitive returns, and giving you easy access to real advisers, not bots.
| While it might sound like a pipe dream – it doesn’t have to be! At JVCA, we specialise in making the process smooth and stress-free. We’ll help review your current bank’s offerings, identify the right options, and guide you through each step of the switch. |
What about the money? (AKA, what’s in it for you?)
Here’s a shocker, there’s a jaw-dropping £9 billion in unpaid interest on balances sitting idle in UK Banks. Why? Because big banks prioritise their larger clients and leave SMEs in the dust. Smaller businesses often end up with shockingly low interest rates, if any, on their accounts. So, if you’re stuck earning pennies, it’s time to switch your bank for one that helps you cash in on what you deserve.
Imagine what an extra few thousand pounds each year could do for your business, whether it’s reinvested in growth, new products, or even a well-deserved team bonus. Your business bank should be a partner in your success, not a roadblock.
The real cost of staying put
Think sticking with your current bank is just a minor inconvenience? Think again! Here’s what staying put could really cost your business:
- Missed interest: your money should be growing, not gathering dust.
- Sneaky fees: those hidden charges can chip away at your hard-earned profits.
- Poor support: automated systems don’t care about business’s unique needs.
| So why settle for a bank that isn’t serving your best interests? Get in touch if you need help finding the right bank. You need to switch your bank to one that offers competitive interest, meaningful support, and a genuine interest in seeing your business succeed. |
What should you look for when switching your bank?
When it comes to choosing a new bank, it’s not just about grabbing a better rate, look for a bank that:
- Understands your business needs: do they know your industry and its unique challenges?
- Offers dedicated business support: do you have a real person to call when things go wrong?
- Pays fair interest: is your money working as hard as you are?
- Provides tech tools to streamline finances: can they help you manage payments, cash flow, and other essentials easily?
Ready to switch? We’re here to make it easy
Switching banks might seem like a hassle, but it doesn’t have to be! Firstly, JVCA the friendly accountants, can step in and provide business advice to help make the difference. So let us know if you would like to arrange an advisory session.Secondly, not all banks are the same and you do have a choice! Get in touch at [email protected] and we can help you review some of the alternatives.
