According to research from Hampshire Trust Bank, accountancy firms hold an average of over £1 million in business saving accounts, followed closely by IT and communication businesses, which have around £804,000 tucked away in savings.
The national average savings for a business is £556,000, around 57 per cent of an SMEs total funds. Within current accounts, small to medium enterprises in the IT and communication sector have the most with an average deposit of £690,000. Following the Brexit result it has been reported that almost half of the businesses within the telecoms industry said that they were looking to increase the amount of cash in their firms to protect themselves against uncertainty.
Director of Savings at Hampshire Trust Bank, Stuart Hulme said “Our study demonstrates the sector differences when it comes to the amounts that businesses and organisations are holding in current and savings accounts.”