Virgin Money has launched a new instant access savings account for small and medium-sized enterprises (SMEs) after research showed SMEs avoid savings accounts due to the interest rates available.

A poll, conducted by Opinium surveyed 500 SME decisions makers in the UK on behalf of Virgin Money between 8 and 13 December 2017.

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The results revealed that SME senior decision-makers are choosing to avoid savings accounts due to the poor rates on offer (42%) and not wanting to tie up their cash (29%).

A third (33%) said managing their business finances is a necessary evil. As a result, more than one in four of those with any type of business account said that they never check the interest rates.

Hugh Chater, chief commercial officer at Virgin Money, said: “We know SME business leaders often have to juggle their many business priorities while ensuring their finances are in order. For too long, these businesses have been short-changed with the savings accounts on offer.

“With lots of SMEs not having enough time to shop around for the best deals, many are getting a rough deal and that is why we are entering the market. We look forward to welcoming business customers on board ahead of our plans to launch a Business Current Account by the end of 2018.”

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Virgin Money will now offer an instant access savings account paying 0.60%. Applications can be made online, by post, or through any Virgin Money store.

All Virgin Money business customers will have access to Virgin Money Lounges. The Lounges offer free WiFi, complimentary refreshments and many other exclusive offers.