Dublin, Ireland (openPR) 10 August 2008 p> RaboDirect increased their savings rate

Most companies

savings – SME interest less than 1%. Irish SMEs continue to be disappointed by their corporate banking, with seven out of ten citing current account charges for overdrafts and evaluated the lack of rewards for positive balances as key factors in a sector study RaboDirect, economies AAA and online investment bank.

RaboDirect published the survey as it announced an increase in their speed instant access to Business Saver 4.30% interest from the fifth August. SMEs can also benefit from higher rates on term deposits of one month.

independent research conducted on behalf of RaboDirect found that earn a significant number of SMEs, less than 1% interest on their surplus funds, while only 22% have been offered special savings rate, according to survey RaboDirect.

The survey also revealed that nearly half of SMEs have reserves that have 3, the result of 10 interest rate of less than 1%. A high proportion of SMEs, 68% of the overdraft facility for 28-31 days per month with an average balance of one? ¬ 220,000.

More than half of respondents in the service sector and the rest is in the manufacturing, construction and sales. Six out of ten companies spend less than ten persons. The survey was conducted by Amarach Research on behalf of RaboDirect.


Greg commented

McAweeney said: “The big banks continue to dominate banking, seven out of ten respondents indicated that their primary relationship is to them. In spite of various measures to encourage transparency and competitiveness in the banking business, it seems that SMEs a gentle are touch to traditional banks when it comes to business deposits comes. Whether you are an independent service provider in the professions or a small business, the chances are you have reserves languish in an account at a paltry rate of interest. with the SMEs, the more current pressure than ever for their business to deposits RaboDirect move is an fast and easy on the bottom row to add. The alternative is for your money inaccessible to banks that have already benefited substantially have through overdraft and current account charges. This is particularly> relevant at a time when the average time of payment of creditors is 67 days. “

earlier this year RaboDirect, part of the Rabobank Group and Ireland bank with AAA rating, the company has a market economy with the launch of its first savings account company penetrated. This account offers instant access rate of 4.0% AER also of interest to all business customers regardless of size or amount of the deposit and for sole proprietors, partnerships, lawyers and companies with limited liability as well. From 5 August 2008, their activities RaboDirect instant access savings rate to 4.3%.

all RaboDirect demand savings products, no minimum deposits or applies and there are no complex pricing structures that lack transparency. The account is not the subject of bank charges, interest calculated daily and there are no penalties for early withdrawals or delays. RaboDirect.ie championed the introduction of competition from savings when it launched in Ireland in 2005 provides a new level of transparency and a high degree of safety. The bank plans to new competition in the SME market where banks have taken advantage of the inertia and SMEs need to inject in order to have easy access to savings.


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Business Savings