Sandy Hutchens Ripoff Reporting» Sandy Hutchens Ripoff Reporting http://sandyhutchensripoffreporting.com Sandy Hutchens and his expert team of rip-off reporters expose frauds and scams found in our businesses in our communities and in our personal lives. Tue, 13 Apr 2010 18:04:16 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Sandy Hutchens says Business savings accounts are a rip-off http://sandyhutchensripoffreporting.com/2009/08/business-savings-accounts-a-rip-off/ http://sandyhutchensripoffreporting.com/2009/08/business-savings-accounts-a-rip-off/#comments Fri, 21 Aug 2009 16:48:11 +0000 Sandy Hutchens http://sandyhutchensripoffreporting.com/?p=3 Most business savings accounts (58 per cent) pay less than 0.5 per cent gross interest on balances of $50,000.

Where companies have $250,000 saved, 54 per cent of accounts pay less than 0.5 per cent, and only 11.3 per cent pay 2 per cent or above, according to a study from Investec Private Bank.

A spokesperson for Investec says, ‘Generally speaking, the level of interest offered to deposits belonging to UK companies is ridiculously low. Our research shows that for balances of $50,000, 17 per cent of business savings accounts pay 0.05 per cent gross or less, and there are three accounts paying no interest at all.’

Businesses with an annual turnover of between $1 million and $5 million have approximately $48 billion deposited with banks and building societies in the UK, claims the research.

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