Price Wars

In the current unstable economy it is no surprise to learn that SMEs have grievances. However, what is surprising is that their grievances do not extend to banks insofar as lending is concerned. Lack of finance to small businesses might well have dominated the headlines for some time now but the truth is that the vast majority of businesses are far more concerned about bank charges to service levels.

Gerald Irwin of Sutton Coldfield based Licensed Insolvency Practitioners and Business Advisers, Irwin Insolvency revealed that there was currently a price war in the business banking sector for those businesses willing to switch account providers as all the high street banks are offering free banking to new customers for an extended period as they seek to entice new business.

“Small businesses are not always quite in the zone when it comes to getting the best deals from their banks and there is still some reluctance for SMEs to actually switch service providers.

However, there are some good deals to be obtained and businesses should now be seeking to review their banking facilities as there are plenty of good options around at the moment,” added Mr. Irwin.