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Tuesday, November 20, 2018

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86% of SMEs open to switching their business current account

Martin Greenland | 16:59 Wednesday 7th November 2018

Most SMEs (86%) have claimed that they would be open to switching their business current account, according to new figures.

Research carried out by the Co-operative Bank has revealed that almost a third of SMEs stated that they would definitely consider switching their business current account.

Almost half of respondents (46%) said that they had previously switched to a different business current account, while just one in 10 has switched their business current account in the last two years.

High account charges remained the biggest barrier to switching (56%).

The research also found that businesses with a turnover of over £1m were twice as likely to switch in the future compared to those with a turnover under £1m.

The Co-operative Bank confirmed that it would be applying to the incentivised switching scheme which will offer over 200,000 SMEs an alternative way of banking. 

“The Co-operative Bank has a heritage in providing banking services to small- and medium-sized businesses and we are recognised for our strong service culture,” said Andrew Bester, CEO at the Co-operative Bank (pictured above).

“We want to build on that moving forward using the strength of our brand and distinct ethical positioning and believe we can be a part of helping deliver greater competition in the market as a whole.”

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