Shawbrook Bank has revealed it is set to launch a new and improved business savings proposition this autumn as it looks to build on its presence in the market and boost support for UK SMEs.
The revamp of its existing business savings offering will include new product launches, increases to existing rates and an enhanced customer experience with a new end‐to‐end digital journey for its small business customers.
The first new products to be unveiled will be an easy‐access account and an additional notice account with Shawbrook’s customary competitive rates. Small business customers can already choose from a 100‐day notice account and a 1 year fixed‐rate bond.
Shawbrook has been serving the needs of small and medium‐sized business since 2011 offering a combination of savings accounts and lending products. During this time, the bank has lent more than £4.1 billion to UK SMEs and is continuing to increase its support by investing further in its business savings offering.
As with Shawbrook’s existing savings products, each new account will have Financial Services Compensation Scheme (FSCS) protection of up to £85,000. The minimum deposit to open an account will be £1,000. They will be made available to sole traders, partnerships and limited companies based in the UK.
As well as these new products, Shawbrook will enhance its customer journey by offering a digital end‐to‐end experience to business customers for the first time. The digital process will run from the application stage and continue throughout, offering excellent customer service and reducing time spent by business owners applying for, and managing, their savings day‐to‐day.
Small business customers can also benefit from access to Shawbrook’s new and existing partnership network with carefully selected providers. Access to new and exclusive products will give SME customers even greater choice and flexibility over where to deposit their money.
Julian Hynd, Chief Operating Officer at Shawbrook Banks comments: “The needs of small businesses are central to Shawbrook Bank. We have always prided ourselves on being the bank that supports and funds UK SMEs and these latest enhancements to our savings products and proposition are very much part of that overall commitment.
Hynd continues: “We will continuously build on and improve our products and services through direct customer feedback and our SME customers sharing their experiences with us. We will be launching the products to market in a matter of weeks. At that point we will reveal more details on the products as well as further information on the new aspects of the digital offering.
Hynd concludes: “We are in uncertain times for UK businesses. SMEs need more flexibility and support from their financial services providers and that is what we intend to give them with these new products and our improved digital capability.”