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ORGANISING YOUR FINANCES
By keeping operating funds separate from savings, a business could gain a clearer picture of its financial health over time. This may make it easier to track income, expenses and savings progress, which could help to support budgeting and forecasting.
Katy Leach, head of savings at Marsden Building Society BUSINESS SAVINGS
THAT GIVE SOMETHING BACK TO LANCASHIRE
Celebrating 165 years in business, as the largest Lancashire-based building society, we’re committed to the region and helping local businesses to make the most of their savings. Last year we launched a range of business deposit accounts that give something back to the community.
WHY ALL BUSINESSES NEED A SAVINGS ACCOUNT
As the business landscape continues to evolve, organisations are under increasing pressure to manage income, expenses, and the continuous need for growth. While a bank account is essential for day-to- day transactions, we believe a dedicated business deposit account is just as important for a company’s financial health.
A business deposit account is about more than just setting aside spare cash, it’s a strategic tool that could provide a number of benefits. From building a financial safety net to funding future expansion, here are just a few reasons why opening a business deposit account could support the long- term growth of your organisation.
BUILDING A SAFETY NET
Building a financial buffer is a key reason to open a business deposit account. The business landscape can be unpredictable and unexpected expenses, such as equipment repairs, legal fees, or sudden economic changes, can arise at any time. Without this safety net, these unforeseen circumstances could have a negative impact on a business, for example, accumulating debt.
A business deposit account acts as a cushion, enabling your business to weather potential storms and help ensure smooth operations during challenging times. Not to mention, the peace of mind that comes with having a pot of money set aside for emergencies.
REACHING LONG-TERM GOALS
Beyond emergency funds, a business deposit account could prove useful in helping a business achieve its long-term goals. Whether it’s equipment upgrades or product innovation, business initiatives require capital and saving over time could help organisations build the necessary funds, without resorting to loans or external investment. This proactive approach to financial planning could therefore help to ensure businesses are able to seize opportunities as they arise and help to ensure long-term, sustainable growth.
EARNING INTEREST ON SAVINGS
Another advantage of a business deposit account is the potential to earn interest on the funds saved. If you have money sitting in a bank account, then you’re potentially missing out on a significant return over time. Moving those funds over to a business deposit account could help generate additional income, with little effort.
This extra revenue could then be reinvested back into the business, supporting growth and profitability. However, it’s important to note that interest rates do fluctuate, and any interest earned in a business deposit account may be subject to tax.
PRACTICING FINANCIAL DISCIPLINE
Regularly contributing to a business deposit account helps to demonstrate a commitment to long-term planning and responsible financial management. Combining this disciplined approach with good internal communications could also influence spending habits throughout the organisation – for example, encouraging employees to be more mindful of expenses. This shared commitment to financial well- being may even contribute to the overall success and sustainability of the business.
INVESTING IN THE COMMUNITY
We wanted to create a business deposit account with a difference. Our business deposit affinity accounts support Lancashire’s Red Rose Responding Fund, making an annual donation equal to 0.25 per cent of the total average balance of all business affinity accounts.
The Red Rose Responding Fund, managed by the Community Foundation for Lancashire, was set up to support local charities that focus on the mental health and well-being of the region’s most vulnerable residents. So, not only are you supporting the growth of your business through savings, but you’re also supporting growth within the community.
If you’re a small-to-medium-sized business, Limited Company, Limited Liability Partnership or Partnership, you can open a Business Deposit Account with the Marsden. To qualify, your organisation must have fewer than 250 employees, an annual turnover of no more than £42.5m and/or an annual balance sheet totalling no more than £36.5m.
When you’re ready to start your business savings journey, the application process is quick and simple. You can download an application form via our website
www.themarsden.co.uk, or if you have any questions, contact the business savings team on businesscustomers@
themarsden.co.uk.
01282 440500 |
businesscustomers@themarsden.co.uk |
www.themarsden.co.uk
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