Small biz urged to seek higher rates
07/01/2010
Thirty per cent of small businesses have $10,000 to $100,000 in cash stored in low-interest accounts despite the introduction over the last few years of high interest at call online savings accounts says Westpac's business banking general manager Alistair Welsh.
“There are a number of businesses leaving cash in working capital accounts for quick access," they should regularly ask themselves, 'Do we have any excess cash and are we making it work for the businesses?”
Welsh suggested that high interest returns up to eight per cent could be achieved in six month term deposits with money available for withdrawal early, if an emergency arises, after break fees are paid.
Source: Adelaide Advertiser
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