This morning’s figures put the economy firmly in the spotlight. UK inflation rose to 3.5% in September, up from 3.1% in August, and ahead of the 3.4% economists expected. Public sector borrowing in September was £24.5 billion, the highest for a year. With the Autumn Budget due next week and the Bank of England’s next rate decision on 5 November, finance leaders have plenty to weigh up.
What the numbers say
When inflation rises, money held in an account paying a low rate can lose purchasing power over time.
For businesses holding cash for tax, payroll, future investment or unexpected costs, keeping money accessible is important. But that doesn't mean all of it needs to sit in the same account.
Savings rates vary between banks and products and they don't always move in line with changes to the Bank of England's base rate. Reviewing what's available can help businesses make more of their surplus cash while keeping enough readily accessible. Why
Why this matters for SME cash
Rate expectations tend to move quickly around events like this, and banks can adjust their savings rates in response, sometimes ahead of any official decision. For businesses holding surplus cash for tax, payroll, working capital or growth, that makes now a sensible moment to check a few basics:
How Akoni can help
Comparing business savings accounts across different banks can take time, particularly if you want to spread your cash across more than one provider.
Akoni brings savings products from a panel of 25 partner banks together in one place. Businesses can compare rates and terms, place deposits and manage their savings through one platform, without having to open and maintain multiple banking relationships separately.
With low or no minimum deposit options available, Akoni gives businesses greater choice over how they manage their cash.
Ready to see what Akoni could offer your business?
Register with Akoni to explore the savings options available and see how they compare with your current arrangements.
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