SMEs are set to receive support from Clydesdale and Yorkshire Banks, which have announced the creation of a free two-year day-to-day banking service for start-ups and small businesses.
The offer is available to all start-up businesses that have been trading for less than 12 months. The reward can also be claimed by small businesses with an annual turnover of less than £2m, if they switch to Clydesdale or Yorkshire from another bank.
“Successful small businesses are absolutely crucial to the health and vibrancy of our economy. They create jobs, provide vital services and drive innovation,” said Paul Shephard, director for Business and Private Banking at Clydesdale and Yorkshire Banks.
The banks’ research reveals that one in six small businesses are dissatisfied with their bank’s current account and that one in seven would switch to a different one.
Clydesdale and Yorkshire Banks have both joined the Government’s Current Account Switching Service that allows businesses to switch to another bank’s current account in just seven days.
“We also recognise that the early stages of a new venture can also be the toughest, as owners balance the day-to-day running of the business with looking to the future. By introducing this new offer we can reduce the cost of banking allowing owners to concentrate on growing their businesses,” continued Shephard.