Research from Alliance & Leicester has revealed that around £422m is being lost each year in interest because businesses are not shopping around for the best rate.
Alliance & Leicester's survey also revealed that almost half of business owners did not know the amount of interest their deposit account was earning. Over half of the businesses surveyed admitted to having their deposit account with the same provider as their current account.
Our View
Interest rates for businesses do vary widely and shopping around should produce a few more pounds interest. If businesses are prepared to do their banking over the internet (or at least some of it), even better interest rates can be obtained.