Charities and small businesses in search of places to bank their cash for a return on their investment without sacrificing access to their funds will be happy to hear that a new easy access small business bank account has recently hit the market. State Bank of India.
India’s largest bank State Bank of India has announced the launch of a new instant access business account with a competitively-priced 1.5 per cent interest rate.
The new instant access saver is the only savings account made available to small businesses that does not limit the number of withdrawals from it. Moreover there is no attached penalty fee for any withdrawals as well.
The minimum balance on the account must be £10,000, while the maximum can be no more than £25,000 for organisations to take advantage of the interest rate.
Interest on the account, which can be managed either in-person, by post, or online, is paid monthly.
Moneyfacts.co.uk savings expert Rachel Thrussell stated that the new offering from State Bank of India is a breath of fresh air to the currently stagnating savings market in the UK.
Ms Thrussell stated that for charities and businesses in Britain, there is a current lack of top-paying savings accounts.
The instant access nature of the account, Ms Thrussell continued, is a useful tool for any charity or small business in the current economic climate due to the absence of any limitations on withdrawals such as penalties or waiting periods.
Small businesses have faced an uphill climb from the aftermath of the financial crisis and recession that trace its roots back to the 2008 banking collapse.
While Chancellor Osborne drops the axe on valuable business opportunities and contracts, many small business owners now harbour fears that cuts to public spending will make things worse for their businesses.