Corporate Savings Podcast
We're here today because Saffron has launched a savings account for businesses. Tell us about it!
Not everyone knows it, but as a long standing member of some close-knit communities, Saffron have a lot of positive business relationships which we've built up over the years.
We have some savings accounts for corporations, but with savings rates dropping so much over the last year, they're not giving the high level of return that we've all been used to. So we wanted a new way to give something back to the businesses that invest with us.
What did you come up with?
We felt that businesses should get a better rate on their savings, and saw that they were really losing out with some account providers. It is difficult to pay a big rate on savings at the moment, but by bringing the account online; it cuts our account operation costs and allows us to pass on a better rate.
What's the rate?
We're offering a rate of 1.5% and it's available to all limited companies who are happy to transact online with Saffron's new business e-saver.
The rate's pretty good then. Are there any other benefits?
We've extra support for our business account customers - you get me! Seriously; it's important that you can talk to someone to ascertain whether a business e-saver suits your needs, and also to discuss other areas of the business that we can help with such as protection. Business customers also find it helpful to have a point of contact throughout the life of the account, which is my area of expertise.
So if people call in, you'll talk to them?
Absolutely. If I'm not around I'll call them back, or I'm happy to drop by any local businesses in person.
Saffron offer a Solicitors' Reserve account as well, don't they?
Yes, and I'm also involved in supporting those customers. We've protected the Solicitors' Reserve account from some of the rate cuts over the last six months, so it's currently at 1.5%, which has generated a lot of interest.
Which is not bad. So why use the local connection?
I'd hope that local businesses would like to place their savings with a provider in their community. We're on the doorstep; local people know us and trust us. We always try and use local businesses and providers whenever we can to help give something back - we just feel that it's what a regional mutual should do. So if a local business comes to us, they always get the VIP treatment.
Good to know. And that's the end of this special business podcast.
